I am a victim of Fairbanks, Calmco, Olympus, SPS. I have several reports on the complaints. I bought this place, a real fixer upper for $20,000 and took out a loan for $28,500. My only mortage. My payments started at $330 / mo. After I missed two payments due to illness they refused my payments for 6 months they they put me into forebearance. I paid $780 / mo for 1 year, an amount that caused me to be unable to pay my other debts, but this house was the most important thing in my life so we went without everything to make their payment. After paying the amount they demanded I expected my payments to go back to normal they didn't and insisted I now owed almost the same amount as the origional forebearance. So I began fighting them.
I think the only thing you can do is sell in the first month after these people buy your note before they have time to ruin you. Once they get their clutches into you they may not even let you sell. They prevented me from selling my place by refusing to give a payoff, the buyer gave up.
I have fought these people for years and am in the lead position of one of MANY class action lawsuits. I have so much proof against them if I ever get to court I will win.
Now, however, I have given up, they can have the house. I don't even want it anymore. They have refused to accept my payments since August when my attorney sent proof I was not even late. I had to hire a CPA to go through all the records and reciepts. I filed BK in the hopes the court would get involved and straighten this out, they didn't.
They are now claiming I owe an additional $11,995. I paid on this loan 4 years. One year at $780 mo after which the principle went up not down and now they are demanding another $11,995! I rebuilt this house... New floors, walls, electricity, metal roof, kitchen, landscaping... I put heart and soul into it and they are going to steal it from me. Then our wonderful government lets them! So ok they can have it. But I am taking as much as I can out of the house. I financed a $20,000 mess and they are taking a home now worth $60,000. Nice profit. But the joke's on them. This town has nothing going for it. There are 15 houses for sale and NO BUYERS. I've had it on the market three years. The only buyer I found, three years ago, Fairbanks chased away. They will stop you from refinancing.
So to recap... They ruined my credit, stolen my home and destroyed my life for that they are getting a nice home that they are going to have a hard time selling.
After all this I am excited and relieved to be moving, I no longer love being a home owner and although I will miss my place I am young and stubbern enough to start over, at 48.
I found a house to buy, an owner carry, and will have it written into the contract that Fairbanks or any company associated with Fairbanks cannot buy the contract. It is the only way I know to protect myself from repeating the nightmare.
I doubt it is over because even after BK they are reporting I am missing payments. Funny, thought that was against the law. I am moving by the end of January, I have changed my name, have a BK on my record and a new life in my future.
The best I can say is if everyone they are doing this to can walk away from their homes we might be able to put them out of business. What will they do with 3-5,000 abandoned homes?
The government is not going to help us. Don't be fooled into thinking you can save your credit or your home. You can't. I tried and tried. All you can do is save years of frustration and a lot of money which you can use to start over.
Don't believe me... Read these reports.
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