I had purchased a home for my brother to live in. This was in the Fall of 1998. January 1-1999 my brother had a massive stroke. He ended up in a nursing home and just passed away May4.
It was a small loan $15,000 with a payment of $220. Within 2 years the mortgage was sold 3 times. I never missed a payment. July I mailed the payment to the current lender not realizing it had been sold again. The check was returned to me with the address and lender to mail the payments to.
I then mailed two payments to the new lender Fairbanks Capital. June and July.in late August I was mailed a foreclosure notice demanding over $5000.00. I called knowing this was a mistake but to my disbelief it was true. The balance at that time was around $11,000. We had homeowners insurance, they put in place forced placed insurance.
Lucky for me I was able to sell the property in October. Two months after the sale and the loan had been paid off people from Fairbanks Capital went to the house demanding the keys. The new owners had to show the closing documents as proof that they now owned this home.
I am still trying to get back what is owed to me late fees, attorney fees, insurance refund we just remailed proof of homeowners insurance. Not to mention our credit has taken a very bad hit. I've been in the banking industry 30 years. People that I talk to can't believe this situation. This home was in the Cleveland Ohio area.
0 comments