EquiCredit sold our mortgage to Fairbanks Capital back in December, and by May we were in foreclosure because of late charges. When EquiCredit sold our mortgage, we sent the payment to Fairbanks, and EquiCredit was still charging us for some late fees too.
I called Fairbanks and they told me that we needed to send them $3,800. We did. By the time the next payment was due, we sent them the payment of $1,269. They took most of it for late charges and only $700 went to the mortgage. We were never able to catch up, so they started foreclosure. We went to file papers for more time and to get a court date. We took those to their attorney's office, and he never filed the papers, I guess, because we never got a court date.
We filed bankruptcy and sold our building. We got the building for $131,000. We had to sell it at $139,000 because of all their late charges and court and attorney fees. They wouldn't accept less. Then they sent us this friendly letter: "Congratulations. Our records indicate that your mortgage loan has been paid in full."
The good thing about it is they are out of our hair, thank God.
Vincent
Chicago, Illinois
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