After reading many of the other complaints, I realize that a very sad and horrifying day has come. My story began much the same as everyone else's. The previous lending company sold our loan to Fairbanks in a state of default. This seems to be attractive to Fairbanks and makes us wonder if we can read between the lines. All of this seems to have been premeditated and planned before our loans are purchased. Why else purchase loans that look like they may be in trouble?
In my case, my loan was in default when Fairbanks made plans to purchase it. I was sick in the months of August and September and was not able to work. I had to turn to government agencies (Social Services) to pay the default of those two months and a late fee, which totaled $1,996.96. As my loan was being paid, I was able to go back to work, and when I made enough money to pay October's mortgage (since Social Services paid the delinquent payments), I was told by Countrywide that my loan was being sold and that they did not receive $1,000 of the $1,996.96. This kept my loan in default as far as Countrywide was concerned.
I then contacted Social Services, which within 2 days let me know that the two checks that totaled the $1,000 Countrywide claimed they did not receive went through the bank no later than October 3rd. I then notified Countrywide that they did receive the full amount of $1,996.96 and had my social worker fax a copy of the check for $250.00 issued by Montgomery County. I also let Countrywide know that the cancelled check for $750 would take at least 2 or 3 weeks for me to get, since it was issued by the State of Maryland.
After faxing over the copy of the $250 check, I asked Countrywide please not to send my account to the new loan holder in a state of default, since my account was not in default and I had also made my October payment, which meant my next due payment should have been November 1, the day my account was transferred.
I did not think this was too much to ask of Countrywide, since I had been with them a total of 3 and 1/2 years and this was the first time my account had been in trouble, which was due to my illness. The social worker had to prove my illness prevented me from working in order to pay Countrywide.
Well, as the story goes, Countrywide sent my loan over to Fairbanks in a state of default, and the payment I made for October was posted to September, which was already paid. From conversations with Countrywide, they seemed determined not to correct my account, and even when they finally admitted the error in the beginning of December, it took them until January 14th to have this error corrected. My account was still short on monies due, and they sent only $850.00 of what was owed. (I have proof: a letter from Countrywide and a statement from Fairbanks.)
Ironically, because Countrywide had not sent all of the monies due on the account at the time of sale, my account appeared to be in arrears enough for Fairbanks to issue a default letter to me for the months of November and December's payments, when at that time I only owed December. Although Fairbanks realized that $850.00 of the monies owed came from Countrywide to help satisfy the default, they would not drop the default. I received the default letter dated January 16 on January 17. When I went to make the payment on the part I owed to satisfy the default, the loan counselor refused payment unless I preauthorized them to go to my checking account within a week to take out another $967.00 plus a $15.00 fee for the month of January, trying to add January to the default.
I explained that Countrywide was the reason the default was issued since they had held back funds, which made my account appear to be 2 months in arrears. They noted that Countrywide did make the $850.00 payment part of the default and that I was not the one who owed 2 months of mortgage, but still would not drop the default.
I was upset and got off the phone and called some local agencies, who let me know that Fairbanks could not refuse payment. I then called Fairbanks back and was greeted by a loan counselor who understood what I had been through and was glad to take the payment and assure me that my account finally was current.
As stated in my original report, I received my statement on February 15 claiming that the December payment was due. This gets real cute: I looked at my statement after talking to a representative who let me know the account was in suspense.
My February statement shows $1,015.00 in unapplied funds (this included the payment made on January 24 to satisfy the default) that was put in suspense. Yet my December payment required $1,009.08 to be fully paid. They intentionally did not apply the $1,015.00 to my account because if they kept it out until February 16, they could file for foreclosure, as my account shows the default as not paid.
I think both the companies who sold the loans and Fairbanks need to be investigated. This is too well planned to be circumstantial. I bet this goes even deeper than we think.
Thank you,
Twyla
Germantown, Maryland
U.S.A.
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