Around two years ago my husband and his ex-wife had to file for partial bankruptcy. After her not being able to keep the home he moved back to the home. The payments that were behind were then finally caught up and I, his fiance at the time was going to try to help him save the home. I knew that it was going to have to be refinanced through my name, because his credit was very poor.
I began by first calling Equicredit"this was fifteen months ago", and they literally laughed when I talked to them about refinancing. The interest rate was 9.6%and it had a balloon payment due of 90,000 due in six more years. It also had a second mortgage due.
After realizing that it was mortgaged for way more than it was worth, I began calling and writing letters to see what they could do to help us save the home. GMAC, the second mortgage compay seemed willing to help, but to no avail would Equicredit aka Fairbanks help.
Finally, I found someone that seemed to listen when I offered to purchase the home on a short sale.By now I have spoken to many people many different time. No one ever helped, but each time I ran through the whole story.
I faxed around 30 papers to them including an offer to purchase, good faith estimate, courthouse documents etc;. The bankruptcy court even agreed to the short sale. The second mortgaged company agreed to a small amount to get them out of the picture. It was up to Fairbanks to get in touch with them. Letters began to go to them, and again more phone calls. Then I'd go through the whole routine again.
I am hopeful that we are going to keep the home, so we begin making some minor improvements. I thought it needed to be kept, because of his sons. They had been through enough with the break-up of their parent's marriage.
Again, nothing was heard. I then begin more communication. Four times I faxed everything to Fairbanks. Each time no one seemed to understand or have record.
We contacted to Attorney for the bankruptcy court and he thougt that the SHORT SALE had already happened this is 12 months after we had first started the process. He advised us to sign the mortgage over to Fairbanks and they could sell the home and give part of the sale to GMAC.
We did just this and found another home, purchased it and moved into it. I sent Fairbanks the deed, and they signed for it.in the mean while, Elizabeth, from foreclosure called me, and I explained what we did. She YELLED at me. She said that why would we purchase another home when we owned one. I explained to her that I was not going to pay on a loan in my husband's ex-wife's name for the next "umpteen" years.
She said that she had no idea what I was talking about. Apparently, again there was no record... Ya. She said that she would get back with me that same evening. She did not...
Finally, we think that all is OK, but we begin getting letters that they were going to foreclose. I began calling, again...
And again. They like to hang up on me. Elizabeth's voice mail is always full.
They did... Someone... Really don't know who... Tell me however, that we just can't just send the deed back. Well...
I have a print from their company off of the computer that says what Fairbanks can do to help you... They really seem to care... Ya.By-the-way, I had been told many times that the company wasn't familiar with a short sale. It's on the page that I just wrote about.
I am still interested in purchasing the home, but the h... That I have been through, they should pay me to take the home. His boys have been the ones to really suffer from the whole thing. Afterall, it was all done in good faith to keep them in their home.
Elizabeth
Gallipolis, Ohio
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