Fairbanks Capital Corp
Foreclosed Home, Then $10,000 IRS Tax Bill From Reported Write-off

I purchased my home in 1991 when I was 19 years old. I operated a small hair salon in my home for 10 years. I also raised 3 children in this home.

In 2003 Fairbanks took my home through foreclosure proceedings. Prior to foreclosure the company attached unwarranted fees, and penalties. The more I provided documents in support of my disagreement, the more often it happened.

There came points in 2003 when I wired them significant amounts of money that they claimed would make us square. However, when I did this they returned the money claiming a new sum of satisfaction. With this new sum there were additional fees attached.

I tried to refinance, no such luck with Fairbanks reporting to the credit bureau. Then I found a buyer for my home to end the mess with Fairbanks. Fairbanks delayed the sale of the home. I am not real sure how that happened. After that we were in foreclosure.

I agreed to be part of the class action suit against capitol corps. That settled in 2004. I was given a few hundred dollars for my home that I paid on for 12 years.

Today, May 3 I received from the IRS an examination report that claimed an additional income to the amount that was on my tax return. The IRS stated that due to this additional income I owed $10,000 in taxes plus interest.

I called immediately to the number on the letter. Fairbanks capitol corp. Reported to the IRS that I received a $41,056 tax write off when they took my home. The IRS claims this as income.

In summary I think that Fairbanks stole my home, sold it, for $49,000 more than I owed them. I am not a genius but I think they did very well in regard to my home. 1st they got their money back plus the money I could have received if I sold the home.

Can someone please explain to me why I have to pay $10,000 for their capitol gain? I am spitting mad, and I feel like I have been violated again. Is this happening to others in this situation? Our life has been so devastated the last few years by our loss. I still not in the position to fight it.

Company: Fairbanks Capital Corp
Country: USA
State: Utah
City: Salt Lake City
Address: 3815 South West Temple
Phone: 8012932501

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