We received documentation on April 8 that our 2nd mortgage loan, which we originally had with EquiCredit, would now be serviced by Fairbanks Capital Corp. This letter also stated that we would be receiving payment coupons on a monthly basis to make our payments in a timely fashion. However, it has not been that way at all.
My husband made the first two payments by writing the loan number on the check and sending them. He was extremely uncomfortable doing this.
The next couple of months, they did send coupons but they would arrive around the 9th of the month and the payment is considered late on the 16th of the month. He tried using the first one that came and we received a letter stating that we now owed a late payment fee of $10.00. The next month came and the same thing happened again. He then called the company and spoke with a lady who pretty much convinced him that he should make this payment by what they call "Check by Phone", and includes a fee of $15.00. If we had just let it be the late pay charge, we would have saved $5.00. They should call this service "Cheat by Phone"!
We then stopped getting coupons all together. He once again called the company and they informed him that they had stopped sending the payment coupons due to our having to file Chapter 7 Bankruptcy in 1998. He asked what did our Bankruptcy case that had been discharged on February 11,1999 have to do with this loan. We never received an answer that made any sense what so ever.
We did receive a coupon to make our monthly payment for September which is dated September 11 and which we received on Sept. 15. Does this sound like an honest company to you? It gave us no time at all to make our payment on time if we had waited on it. I believe this company purposely does this to be able to charge additional fees so that they will make more money.
I am now in the process of writing this company and letting them know that they are not playing with fools here.
I worked for a company for a long time that seriviced mortgage loans and have a lot of experience in mitigation and in foreclosure. I also worked for a bank for many years, at which I worked in the Loan Department.
This loan has no business being in their Bankruptcy Department what so ever since it has been discharged for more than 3 years now and almost 4. It has absolutely nothing to do with Fairbanks Capital.
Our first mortgage is an FHA loan and Fairbanks will find that a loan that is basically backed by the United States Government isn't one that they want to play tricks with! If you read this, please find some comfort if you have an FHA or VA loan. Even a conventional loan has some rules that this dishonest company cannot override. Most banks and other institutions that make mortgage loans will not stand by and let a second mortgage that is usually a much smaller amount compared to the first, foreclose on a property.
They are in this to make money and if they were to stand by and let this lousy, cheating, dishonest and nasty company foreclose on a property that they hold a first mortgage on, they would surely lose a lot of money. This is not good, sound business practice! You want to make money if your are in business but in a honest and honorable way.
I have personally seen many Institutions which make mortgage loans, buy out a second mortgage that has fallen behind and then work with the homeowners and come to a reasonable agreement as to how they can make the necessary payments on their loan to bring it current.
I know for a fact that the Federal Government which makes the FHA loans and the VA loans DO NOT want to foreclose on anything.
They lose a great deal of money if they are forced to do so.
They do not retain the personnal it would take to upkeep these properties which are all over this country. They will try to sell these properties as fast as possible and usually at a very small percentage of what the original loan was for. Plus they end up having to pay the legal fees as well.
The FHA and the VA will both work diligently with a homeowner to help them bring their loans current. So have Faith because sometimes the Good Guys do WIN!
We are and have always been hard working and honest people. We were forced into taking out a second mortgage to avoid bankruptcy if possible. We had gotten into this financial situation due to my major health problems and also due to another company and it's owner screwing us, for lack of a better term!
I became permanently disabled in 1995 which caused our income to drop to almost half of what we had formly brought in. To add to this my husbands former employer, which had employed him for over 15 years, was pocketing our monthly health insurance payments for our Cobra coverage. This thief ended up with over $3,000 of our saved and earned money. And by his greed and lack of morals, let our health insurance lapse. During this period I had to undergo 3 major surgeries, having no clue that we had no health insurance at all.
Even if we had known it, I still would have had to have the surgeries but at least we could have tried to make him pay up front.
By the time we learned of his thieving and of our lack of insurance coverage, we had medical bills that were astronomical coming in and demands from collection agencies and were receiving very nasty calls and letters. We had to have our phone number changed and unpublished just to give me some peace so I could heal from all of the surgeries. We tried calling the Insurance Commissioner of the state we live in as well as everyone we knew to call involved in the government or in the law enforcement area.
Each and every one told us exactly the same thing. You will have to hire a lawyer. I would always say this to them: You are telling me that this piece of slime has not only stolen our money, ruined our credit, we longer have insurance and because of this I am unable to afford many of the medications I am supposed to take and he has broken several Federal Laws and also several State laws but no one has the authority to enforce them? And each and every time they informed me they could not do anything but advise me to hire a lawyer. Which I obviously had no money to do so.
We did however hire one and he did make this garbage pay for my medications. He called my pharmacy and gave them his Master Card Credit Number to use for all my medications. This in itself validated the fact that he was responsible for our health insurance. The lawyer wrote him several letters demanding he repay us all the money he had stolen as well as pay my huge medical bills and also arrange for me to be able to get insurance without a pre-existing clause. Because by letting my insurance lapse as he did, no insurance company will even touch me for an amount that a millionaire could afford. All thanks to a greedy little man who wanted to have it all and was willing to use or to step on anyone to get what he wanted.
This however has no bearing on the fact that Fairbanks Capital has put our loan into their Bankruptcy Department to be serviced. We have called and explained to them at least twice of the dates of the discharge and that this had nothing to do with them and actually was none of their business! They however keep insisting they need a copy of our bankruptcy discharge to take our laon out of the bankruptcy dept. And once again start sending our payment coupons.
In my humble opinion this has no bearing on this loan and we have never been over a week late on any payment for the last six years with EquiCredit or this scum bag company. This is none of their business and they can keep their payment coupons! We do not have to send them to make a payment. We also have started sending our payments through the mail as Certified so we can prove it was received, by whom and on what date. They cannot lie against the United States Postal Service!
In the interim, I am working to refinance our home and consolidate the two loans. It was not something I wanted to do since it will have to be a 30 year loan and we are not young anymore. Our first mortgage is half paid for and this second mortgage was a fifteen year loan and we have about 8 years left on it.
But we will do what we must to insure that no one is able to take our home away from us and pray that God will guide us and give us the strength to basically start over at an age where we should be enjoying the fruits of our labor! The only thing I can say is that I am certainly glad that I will not have to stand in front of God Almighty as this one man whom stole our money, or the owners of this crooked company will and be judged on their actions during their lifetimes. That is one thing that keeps us going. We know that sooner or later, we all must stand before God and be judged and at least we can say that we have tried to be honest to a fault, and to conduct our business honestly and fairly.
We have tried very hard to be good people who love others and have reached out several times to help others when we ourselves really couldn't afford to do so. But God will always bless you for helping another and one way or another that money always returned to us tenfold.
Keep the Faith and know that God is still God and is still Almighty and sees all! God Bless!
Since seeing all the negative things I have read on this site, we are in the process of refinancing our home by consolidating the two loans into one at a lower interest rate. My husband is extremely upset after reading just a couple of these reports. He is afraid that this dishonest and corrupt company will try to take our home that we have worked so very hard and sacrificed so much for. We are not rich and are right on the poverty line now, due to my disability.
We did not even file any of the medical expenses in our Bankruptcy because we felt we had to pay them to be able to hold our heads up, even if it takes the rest of our lives. We are both getting on in years now and it very hard to look at another long mortgage after our first mortgage if half paid off. But to get away from this unscrupulous company, we will do so.
The meaning of scupulous in the Wesbsters New World Dictionary is:
1-extremely careful to do the prcisely right, proper or correct thing in every last detail. 2-showing extreme care, precison and punctiliousness. 3-extremely conscientious. 4-full of scuples:
Which is defined as hesitant, doubtful or uneasy constantly in deciding what is morally right or wrong.
Fairbanks Capital Corp. Is the most unscruplous company I have dealt with as far as a mortagage servicing company goes.
I worked for a company that serviced all the Savings and Loans mortgages that were given to almost anyone and caused the collapse of so many of these companies. I questioned why a lot of the loans I personally worked on were ever made and it became clear that it had a lot to do with what we call "the good ole boys club" and nothing to do with the facts concerning whether the loan could be repaid. I saw time and time again where additional loans were made to bring the first loan current. It took the company whom I was employed by, over five years just to try and straighten the mess out that this became.
This company was paid by the United States Government and so dear people, you and I ended up footing the bill for all the unscruplous companies and men who headed them. Many of our tax dollars went toward paying for the mess that was made. The money that was lost and also the amounts that it took to straighten this whole mess out was astronomical and the fees that had been agreed upon were absolutely ridiculous!
So according to Webster's Dictionary's definition of the word scrupulous and considering that Fairbanks Capital is very much "unscrupulous", this means that they are not concerned with what is right or wrong, they do not care about punctuality, they have no conscience, they are not restrained by what is right or wrong and absolutely not caring morally what is right or wrong!
Jean
Archdale, North Carolina
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