Fairbanks Capital Corp began "servicing" my first and second mortgage loans in May. Since the second mortgage has an outrageous interest rate, I have been paying additional principal each month in order to get this loan paid off as quickly as possible. Paying additional principal was no problem during the three years my loan was with a reputable company, then Fairbanks entered the picture and my life has been a nightmare ever since.
Apparently no one at Fairbanks understands the concept of paying additional principal in order to reduce a loan balance. Each month I complete the payment coupon - indicating the regular payment amount and the additional amount that should be applied to the principal. However, Fairbanks consistently enters my funds as two regular monthly payments (including interest) and only the pittance remaining is applied to the principal.
I have followed every useless suggestion the Customer-NO-Service reps have made, even mailing my payments to the Cashiering Dept for manual entry, but as of today, Dec 24, only ONE month's payment has been applied as I indicated. I am forced to spend hours on the phone each month trying to get this mess straightened out. Since I have never talked to the same person twice, I am forced to re-explain the situation every time I call. The only answer I ever receive is "It will be sent to Research to find out what's the problem."
FAIRBANKS is the problem! If the next month's payment has been made, I'm told my account is current and there is no problem. I have to convince them to check the previous month to see if the payment has been reversed and applied correctly. One person even told me that she didn't understand why I was complaining, it was July and my next payment wasn't due until Sept, that didn't seem like a problem to her. When I tried to explain that the loan balance would be several hundred dollars more if I waited until September, she replied that I had no balance. I asked if she meant my loan was paid in full, and she replied "No, you will have a balance in Sept., but you don't owe anything until then."
In addition to the time spent on phone calls, I have written numerous letters asking - no begging - for help in resolving this issue. Not one person with Fairbanks has contacted me. The only response I have gotten has been two meaningless form letters which state (1) they have received my inquiry, and (2) RESPA allows them 60 days to research the problem. That's 60 days for EACH problem.
The ultimate frustration is trying to get to a person who actually understands mortgage terminology and has the authority to correct the misapplication. It is impossible to get a supervisor's name, there is no way to reach the person I previously spoke to and who assured me THEY would take care of my problem, it isn't possible to transfer a call to another dept, the Cashiers don't take incoming calls, of course there is no incentive to actually help the customer - they will never speak to that person again, so tell them anything to get rid of them. I don't see why Fairbanks goes to the expense of hiring employees and leasing office space, just set a few phones on the sidewalk and let whoever passes by answer them, the results will be the same.
The frustration of dealing with this incompetent company has taken years off my life. I believe the only way justice will be served is for Fairbanks to close its doors, cease to operate, and all consumer loans be considered Satisified-IN FULL!!! That is the least they can do for all the pain and torment they have caused the unfortunate people who have had to deal with this company and who did not have a choice in the matter.
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