My now ex-husband and I took on a second mortgage with a subprime lender Equicredit, almost ten years ago. Equicredit was bought out as you probably know by Fairbanks Capital Corporation. They were apparently disolved after a nationwide class action lawsuit (I obtained a copy from a link I found somewhere) of which my then ex and I were notified.
I have been doing battle with these @&! Reconciling, arguing, adding legal challenge as a subsequent action to a petition for Chapter 13 which I undertook in 2002 to reorganize a delinquency on the first mortgage, which as a single mom of two kids, was very difficult to maintain, and no one would refinance me at the time. These (*&^ (attempted to enter in a claim for bogus "property preservation fees" "advances" on the loan (huh?), payments held in "suspense" account due to the negligence of their staff.
I called these guys throughout the Chapter 13, asking why the hell I was always considered one month behind, even though I was making the damn payments. I was advised that this is customary for an account in bankruptcy, although they were advised they were to be paid outside of the plan. The Chapter 13 was completed in August of this year, however, before discharge, they attempted to step back in and file for almost 1000.00 they stated they could prove was attached to their processes, totally legal etc. They were politely declined by the Chapter 13 Trustee.
I made almost weekly contact with these guys since August to reconcile their unbelievable charges. I made my last contact on 10/16, stating that I wanted to refinance my mortage, and I needed to know what the hell status they had me at. I was advised by a loan counselor that all that I was due for was the 11/1/06 payment. I just got a letter from these #$%^~!!! @! Stating that "Our records indicate this loan (this is a fifteen year frickin' mortgage) has matured and is now due." It continues, "If there is a balance under Expenses Paid By Servicer, it means that wse have paid certain expenses on your behalf due to the delinquent status of you5r account. You are responsible to reimburse us for these amounts plus interest, which may be billed at the note rate." It continues, "DUE TO THE DELINQUENT STATUS OF YOUR LOAN, A PROPERTY INSPECFTION AND OR VALUATION REPORT WAS ORDERED AND YOU ARE RESPONSIBLE TO REIMBURSE US FOR THE AMOUNTS PLUS INTERST, WHICH MAY BE BILLEDR AT THE NOTE RATE".instead of the 367.63 that I was advised was due as my regular payment for November 1, I now how them a total of 1,207.88, of which 840.25 is listed as "balance"
no explanation, NOTHING, and 84.72 which is listed as a late fee.
If this sounds familiar to anyone, IT IS TIME FOR A CLASS ACTION LAWSUIT. The original class action lawsuit brought against Fairbanks, I believe filed through the State of Massachusetts, has some very strong and pointed language regarding the exact practices that Select Portfolio Servicing is now attempting to victimize it's customers with.
I THINK A GREAT START WOULD BE TO CONTACT THE ATTORNEY GENERALS OFFICE IN BOTH FLORIDA AND UTAH, where they seem to have their main operations. I am writing this at 4:23am PDT, while I'm waiting for their offices to open. I feel very helpless right now. Can someone out there help us?
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