I cannot believe what I am reading! This company was just taken to court in Massachusetts and agreed to pay 41 million dollars to the customers that have been unfairly treated. I have been with Fairbanks for, I don't even know anymore, almost 4 or 5 years, and before that Conti Mortgage.
I thought with the news of the court's decision there would be fewer complaints, but from what I am reading, even this month this year they are still doing what they have been accused of and have been ordered not to do. Deceptive practices. These latest reports are recent, just this year.
From what I understand, the money they make from foreclosing on properties, forbearance agreements, and people filing Chapter 13 trying to keep their homes means Fairbanks is making millions of dollars. So I am thinking now that they got off the hook pretty cheap. 41 million dollars to customers from 1998 to 2003. What about the ones still having problems, since it is still continuing? They have promised to redo their company and help the customers rather than foreclosing right away, and they have fired their CEO. But it seems to me that they really don't care; they are going to continue their current practices and make their money, destroy people's lives and families, and if they go to court, pay the money just to shut some of the customers up for a while.
How can a family who had Fairbanks since 1998 still owe the same amount of money to them as they did the first day they took the loan out? I have paid thousands and thousands of dollars over the last 4 years, still holding onto my home through a Chapter 13, which is hard also, but I am trying. My loan balance is more than I loaned in the first place. Tell me why, I don't get it.
People, hang in there. The evil empire will have to pay. They are paying a small fortune now, the 41 million, but maybe in the future they are going to have to triple that or pay something that will bankrupt them. That would be so ironic, wouldn't it?
0 comments