Get This! On or around 11/01/02 my mortgage was transfered to Fairbanks, funny how they are named fairbanks but are really unfair. Of course I was never notified. I actually called my old mortgage co 11/18. They informed me of the change. I immediately contacted Fairbanks. They told me I was late with my 11/02 payment and how I should have sent it in before 11/01/02. Of course I expalined on how I just found out and had already sent my payment to the old company. I got transfered to different people. No satisifaction.
I called back today 11/21/02. I talked to 4 different people. ALL 4 told me I was late. I expalined that I have nothing from Fairbaks in writing exalining who Fairbanks is. No letter, no payment slip, no nothing. I was told that this is "MY PROBLEM". I was threatened with collection on a loan that they just aquired and had sent no notice to me. I finally got ahold of the "Customer Service" vice president (after 5 phione calls) he expalined that I would be given a 60 day grace period and any and all late fees would be removed. With that I hung up satisified.
This was my morning.
I called the refinance company and my attorney. They faxed over a "Request for Payoff" they were told it would take 5 days to get. I called again at my attorneys bequest, informed them that I need all previous payment requests sent to me. They didn't have any because I was a new customer. I asked for a payment slip and it was ordered. My attorney now has the information and will be seeking any legal action.
Be Aware of this company. This is how THEY make money. They charge constant fees to make your loan un-assumable by other companies. They are transfered these loans from other companies because you have a history of late payments, missed payments, have iniated refinance (my case) or have a special credit loan due to past credit problems. Your ability to pay is not their primary business. Foreclosure is. Thses "Bad" loans look bad for mortgage companies ability to borrow from Uncle Sam at less than prime. Therefore comapines like Fairbanks act as the sharks and you are the bait. If you are a customer call your attorney asap. I have been a "customer" for less than a month and I can see the writing on the wall. I will keep you posted on my battle.
Brent
La Habra, Delaware
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