I was with a different mortgage company and was on a repayment plan approx 1 year ago when I received notice that Fairbanks had taken over my mortgage. Within a month I received a letter telling me they were going to forclose on my home.
After many phone calls, several times being hung up on, I told them I was on a repayment plan. I had made payments faithfully for months and they told me no payments had been received for 5 months. I got copies of canceled checks and although they finally admitted they saw the payments, they concluded I owed numerous amounts of late charges, assessment fees, and other fees.
They told me I had to pay $2000 (my mortgage payments are only $260/mon) or I would lose my home. I let everything else go and I paid the $2000 within a couple months. Since then I have made my payments electronically thru Yahoo Bill Pay service. My payments are due on the 22nd of the month. My BillPay Service would have the payment in their office on the 14th, but they would hold the payment and not let it post until after the due date.
I received a call a couple months ago from a very rude individual on the 23rd of the month asking me when I planned on paying my bill. I explained to him that my payments always were on time and arrived via an electronic billpay service. He accused me of not making them in time and maybe I didn't have funds available and the payment was returned.
Insinuating that I must do this type thing. I explained to him that they always were posted the same day I wanted it to be. From that day on, the payments always would post 5-8 days later than the billpay service paid it. So in other words, they don't bother posting it until it goes past the 30 days then it accumulates more interest. It states on my statement that approx $7 goes to my principal and the other $250 goes to interest.
They said this is now a DSI loan, meaning it accumulates daily interest and if it isn't paid exactly every 30 days anything over that extra interest is charged. They really like to rip people off. My original loan amount was $21000, That was almost 5 years ago. My balance now is $20,400. $600 over 5 years has went to principal. Does that tell you how they're ripping me off. I don't have extra money to go to a lawyer like many of people with this company has. All I can say is if you can stay away from these crooks then do so.
Chris
Newberry, Florida
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