I have complete Power of Attorney over all of my fathers affairs and in December his home was in foreclosure. We sold the home on contract and paid all the late, attorney and reinstatement fees.
We have been sending payments towards the principal only as we received them from the buyer. We sent a final payment of $18,500. The end of April.
When the May statement arrived we found they had mis-applied the payments and instead of applying towards the principal they paid the monthly amount up for the next 2 years and still had over $5,000. That was unapplied.
I immediately phoned them to correct the problem as the buyers had paid their contract in full and I was waiting for the lien on the deed to be released so I could transfer the deed.
Well it is now the end of August and after numerous phone calls from which I have to go thru the whole sorted affair over and over to a new person I get promised that they will personally handle it and call me back... They have yet to call me back once.
Now they are trying to say that there is still an outstanding amount owed on the loan and they have $17,281.27 in un-applied status. There is no way my pay-off should be greater now then it was in April unless they have continued to charge me interest for all these months they have been trying to figure out what they are doing.
They never seem to have an answer for my fathers, my husbands or my questions as we have all tried repeatedly to get some answers. Meanwhile the new homeowners are very upset that paid cash for a property that we cannot seem to convey a deed for.
I am at the point where I feel litigation is long overdue and that Fairbanks needs to learn what "time is of the essence" means in real estate and correct their mistake rapidly. I would really appreciate any type of help or advice on how to proceed with this pathetic company that has very poor business practices.
From the looks of all the complaints I have found online I do not see how they are still in business.
Kim
Indianapolis, Indiana
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