Fairbanks Capital / Select Portfolio Servicing
Select Portfolio, Fairbanks Capital, AKA American World Financial Group Inc. Charged Me $55,527.70 Finance Charge For a $22,125.50 Loan!

In May, 1998 I sought a second mortgage to make repairs to my home. I requested $25,000. The entire transaction was conducted on the phone. They sent me a huge package of papers to sign and I read them, signed them and sent them back. Nowhere on these papers was there a Finance Charge of $55,257.70. Had there been I would not have signed them.

Eight years later I look over my statement and my balance has not gone down any. Being a creature of habit I simply wrote the check for $322.43 each month and never doubted that it should be paid in full by now. I called them and that's when I found out about the finance charge and that I would be paying a total of $77,383.20 for the $22,125.50 I received from them. I'm not a stupid person. I would never in my most desperate moment have signed such a document. Somehow the paperwork had to be altered after they received it back from me. The papers I received after I cashed the check were not signed, but contained this ludicrous, downright criminal, finance charge. Not to mention an interest rate that started at 16.875% and is now 14.990%.
In 2003 I filed chapter 7 bankruptcy. SPS added to my account a fee of over $500 that I was required to pay THEIR attorney for MY bankruptcy as well as other charges under "other fees". I have no idea what these are for.

During one conversation with one of their very rude customer service reps, I was told they had done a "drive by" inspection of my home and there was a charge on my invoice for this "inspection". I don't think they know where my home is as the original "contract" has my home located in a county 30 miles from where it actually is.
I have spoken to lawyers and they say "you signed it", but I did not sign a document saying I would pay over $77,000 for a $22,000 loan. My home is a 35 year old doublewide trailer home on less than. 5 acres valued at $45,000.

Again, I'm not stupid but someone at American World Financial Group, Inc. Out of Rancho Cucamonga, Ca. With whom I had the initial phone conversation found a way to make me feel that way. Fairbanks Capital was the next hostage taker of my life before they went bankrupt and SPS took over.

I've exhausted all efforts to speak with the people at SPS and I become physically ill when I think about this and especially when I have to write them another check. My daughter and two granddaughters live with me and I'm terrified I will lose my home to these vultures and the four of us will be left homeless. I bought this place in 1991 while serving in Desert Storm in Saudi as it had all I needed and it was within my budget as an enlisted airman in the USAF. It's all I can do to maintain it on my military retirement.

I've paid the criminals almost $40,000 and they expect me to pay them $322.43 each month for another 10 years.
If these people aren't predators I don't want to know who is. Is there any way out of this for me? Refinancing is virtually impossible and would serve no purpose as I still owe these predators almost $20,000 on my original loan of $22,125.50 after ten years, so it would just be starting over. If anyone has any advise for me I will be so grateful. I'm sixty years old and don't relish the thought of paying these vultures until I'm seventy. Regards

Company: Fairbanks Capital / Select Portfolio Servicing
Country: USA
State: Utah
City: Salt Lake City
Address: 3815 South West Temple
Phone: 18006359698

  <     >