This is about Fairbanks but I must start from the beginning. We purchased our home on 1/97. After about four different mortgage companies buying our mortage we ended up with Ocwen. It was a living nightmare. We ended up in foreclosure and had to file for bankruptcy just to save our home. We paid countless costs to Ocwen.
We had our bankruptcy discharged after paying all our back payments & legal fees to them but they still weren't satisfied (late payments they caused, escrow they said we owed cause they paid for insurance for our house even though our mortgage had us paying for it - which we did every year and sent them a copy, they paid our taxes, even though we had it set up to pay and did and faxed them receipt of these payments) so finally on 11/01 we entered into a forbearance plan with them to save us the nightmare happening again with forclosure.
Our mortgage payments went from $502.00 a month to $900.00. (Please note that we had already had our bankruptcy discharged by this time as we had paid off all payments to Ocwen.) By the way, our original loan was for $62K back on 1/97.
On 1/02 our mortgage was taken over by Fairbanks. We received the notice in January from Ocwen after we had already sent our Jan 02 payment to Ocwen. We received a call in Feb from Fairbanks looking for Jan's payment. We advised them that we had sent our Jan payment to Ocwen and they should contact Ocwen for the Jan payment. We ALWAYS paid using money orders or western union as sending Ocwen checks was useless since they deposited them when they wanted to - even if it meant we were late with payments and incurred extra interest and late fees (we found out later).
Fairbanks told us that we would have to send them copies of the money order, which we did. We faxed them to the person who told us to send it. We called a week later and they said they never received it. That we had sent it to the CA office and that isn't who handles it. So we faxed it (again) to the FL office number they gave us. A week later, guess what. Yup, didn't get them. So we faxed again and again and again. Nothing.
We have been getting statements from them that says we owe them $844.00 in late fees because of this Jan payment! Our monthly payments are $900.00. This will NEVER be resolved because they simply refuse to acknowledge the fact that Ocwen has the Jan payment. Ocwen don't know who we are funny enough since we aren't in their records anymore. They can't give us any information. We traced the money order and it was cashed by Ocwen in Jan 02.
There is no one at Ocwent to talk to cause they simply refuse to acknowledge us. Now our forbearance agreement with Ocwen has that by 11/02 we will have satisfied the agreement (as long as we stayed in accordance with it - which we have). Fairbanks says NO. They say that we still owe $7K on the agreement. We told them that we have the agreement we signed with Ocwen and it states how much we owed them and according to our records of $900.00 x 12, its paid! Fairbanks says No.
They say there is outstanding legal fees. Fees from whom? From Fairbanks. When asked what for they said cause of the forbearance agreement. Does this make sense? No, course not. We didn't enter into the forbearance agreement with Fairbanks so how the heck could they have legal fees? They say, "we just do". When asked for a copy of their fees they say that they don't give that information out!
In five years we have made 42 months of $502.00 payments each, 18 months of trustee payments of $850.00 (Ocwens portion) and now 12 months of $900.00. Guess how much we still owe on our original $62K loan? $60,976.00. Unreal, huh?
We are at our wits end. This is the mortgage from hell. We figure that by the time we are dead and buried, our children will still be paying this mortgage off and probably have about $50K left on it.
We are going to get an attorney to deal with this for us since we do not understand how almost six years worth of payments has left us with less than $2K paid. Our interest rate has never changed and its still at 8% - even though we have have an adjustible rate loan and interest rates went down - ours NEVER did.
Ocwen and Fairbanks are swindlers. They aren't in the lending market they are in the real estate market. My friend who is a realtor told me to get rid of them fast. That would be fine but we tried to refinance and since Fairbanks has hit our credit report for eleven months so far, we can't! No one would touch us. My friend told me that in the realtor world, everyone knows what Fairbanks has done to people. Recently she was given a forclosure to handle, thanks to Fairbanks.
They were forclosing on a couple who were in their 50's and had two years left on their mortgage when Fairbanks took them over. Within three months of them taking them over they had forclosed on this couple and these people had lost their house. Unreal, huh? Well its true. I'm going to take legal action against them once and for all before I end up out on the street and these people have my home.
Please feel free to contact me [via this website]
(Email removed by MSP -RoR)
Ocean Co
New Jersey
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