Fairbanks Capital Corp
Late fees, missing statements and foreclosure on two mortgages

1-2-03

The following is my experience with Fairbanks Capital Corp. (should be called UnFair Banks Capital Corp.)

We, like a lot of others, were with another mortgage company; ours was Nations Credit, a division of Bank of America. Our first mortgage was originally with Town & Country Credit and our second mortgage was with Nations Credit.

One day I was informed that our first mortgage had been assumed, or something, and was now with Nations Credit. They were OK, though they would occasionally mess up. Then we got the news that our loan was being transferred to a company called Fairbanks Capital Corp. (never heard of them). That was a sorry day.

We had had some financial problems with a previous private real estate investor (name withheld; stay away from him). We were doing a lease purchase and, even with a lawyer (supposedly) on our side, lost on a legal issue with a house here in Colorado Springs, CO. We even had a signed contract for specific performance and we lost. Our loss was about $25,000 including legal fees. We even got evicted from that house when we did what our lawyer told us to do. Of course with our lawyer missing the eviction hearing we didn't have much of a chance.

We were lucky to find a new place to live on very short notice and did another lease purchase, and this time we were able to complete the transaction and buy the house we now live in (for the moment, anyway). Our loan company, Town & Country, sold our loan to Nations Credit and then to Fairbanks Capital Corp. (the company from Hell).

We never got any statements from this new company; at least Nations Credit would send statements.

Almost from the first payment, this company was bad. They said we had not made a payment at least a year earlier to Nations and that we must pay it right now or else.

In the past year or so it seemed very fishy that I had at least 2-3 payments not clear my bank, and I had to pay them electronically to make up for the checks that had not been received by them but were mailed by me.

I have been paying late fees for some time. They didn't even tell me I was supposedly behind on a payment (no statement, of course). I have requested statements 3-4 times.

The latest scam (they were not getting enough on late fees) is a foreclosure scam. They conveniently do not receive my September and October payments on both the first and second mortgage. I did not know about the second mortgage problem until today. I found out in December 2002 that I was going into foreclosure on my first loan. They said that if I paid them the $1,700 in fees plus late fees, I could make up the difference over the next 3 months at 1 times my regular payment. I made a payment of $3,800.00 plus another $1,600 just before Christmas.

As you can guess we had a great Christmas thanks to Fairbanks Capital Corp. My regular monthly payment is $1,077. I paid out $5,200 in December. I just contacted them today and, as I might have guessed, my second mortgage is in foreclosure; I was not notified until a day ago. For some reason they never got my last 3 payments of $198, for a total of $594. I admit I didn't make the December payment; I paid them $5,200 on the first mortgage but was going to make it up in January's payment.

This one is really interesting. They tell me (of course you can never get anything in writing from them) that I owe them something like $3,000 on the $198/month payment: a $900 collection fee, a $594 payment, and a $1,600 foreclosure fee. I only owe $14,000 on this loan, or did. I can pay $2,100 now and the balance next month.

As with most other people who contact this company, they are rude, unprofessional, insulting, always right, and I could go on for some time.

To make things worse, this year I was laid off because of WorldCom and was out of work for a couple of months. The new job I have now pays $20,000/year, less about the amount of the first and second mortgage plus taxes and insurance. So we are, at best, struggling to make ends meet. I have been sending my checks for the first and second out every month.

I might be negligent in one area: I don't check every day to see if my checks have cleared the bank. Of course, you never know when they will clear, as I have had them take over 3 weeks from the time I sent them to clear my bank. Many other people have had similar experiences, I am finding out.

The usacomplaints.com reports page has over 280 reports on this ripoff company, Fairbanks Capital Corp.

More to come.

Charles
Colorado Springs, Colorado
U.S.A.

Company: Fairbanks Capital Corp
Country: USA
State: Florida
City: Jacksonville

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