No contact until mortgage was 3 months past due.
Our home in Tennessee was financed with a lender in 1996 that sold the mortgage to EquiCredit within a month of closing. EquiCredit would call on a routine basis before the grace period ended to collect their payment. This got to the point of harrassment. I repeatedly told them to quit calling me because they were receiving their payments each month and did not need to remind me of my obligations.
My husband took a job in Texas in 2000 and we had an investor take over the responsibility of the mortgage in an attempt to sell the house. I wrote letters to EquiCredit authorizing them to contact her with regards to the mortgage. I was told the files were updated with this information.
In February I somehow managed to get a call from EquiCredit in Texas that they were in the process of foreclosing on our property in Tennessee due to non-payment. This was not the case, but it created a major headache and was finally resolved. The investor sent in additional checks to get EquiCredit to pull the mortgage back from the attorney they hired to foreclose.
Everything seems to be fine until the day before Christmas, 12/24. I get a call from Fairbanks Capital that the mortgage is now 3 months behind. I questioned why 3 months had elapsed before I was contacted and the Fairbanks representative said she had just received the file and couldn't provide an answer.
She gave me the name of the person that was handling my account and her email address for me to contact. I have tried several time to sent emails, but I get error messages due to the Fairbanks server not responding. The investor advised me that it's been taking at least 8 weeks for payments to post to her bank statements. She can't get phone calls returned and hasn't received a statement since April.
EquiCredit before them, and now Fairbanks are ruining people's and it seems like they do this intentionally in order to collect late fees and start foreclosure proceeding on loans that are paid. They have ruined my credit without any hesitation.
I have tons of documentation from years gone by to substantiate my allegations. I will be happy to lend my name and time to any attorney and class action lawsuit if it means these predatory lenders are stopped once and for all.
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