On May 25, I contacted Fairbanks Capital Corp, Salt Lake City, Utah, 1 888 818 6032. I spoke w / Ms Tony Fraser. Our mortage was $1,007.04. This amount included $659.04 per payment for escrow, annualized amounted to $7,908.48. Our taxes are $1,200.00 per year, property insurance $200.00. I questioned the reasoning to take out such a large amount for escrow?
I was told by Ms Fraser that effective with the June
mortage payment I would only have to pay $648.04, under the insurance. Ms Fraser said that it was authorzied and for me to mail a copy of a letter stating these facts.
Now we get a threatening letter saying that we owe $3193.73 in back escrow, as our $648.04 payments do not include escrow payments, and that we have until December 31st to pay up, or our property will be foreclosed!
Our loan is now with SPS, We spoke with them
regarding this irregularity, and they said the letter was correct, pay up or else face foreclosure.
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