Our loan agreement was for an adjustment loan at 4.25% until August. Twice the terms got changed to a higher interest rate with higher payments. Fairbanks first changed the interest and payments on us—then we fought it and they agreed that we were right. Next ASC got the loan from Fairbanks and after two years of payments, the rate changed and keeps getting higher.
It seems like Fairbanks went under when they were sued for bad business practices and lost $40 million. Guess who now owns them —ASC! (Same fraudulent business practices but different name.) I have a letter from Fairbanks that states our original loan amount was correct but ASC will not honor it. Talk about a den of theives. We are trying to work with an attorney now as we've spent over 10 hours on the phone with ASC and have not gotten anywhere. Our copies of the original loan documents show one thing but they won't honor it. THought changing the agreed-upon mortgage rate was illegal. How do they get away with this???
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