Fairbanks Capital Corporation
Rip-off dishonest unfair illegal immoral House stealing Mortgage Pirates

Hello,

I want to add my story and my parents story to the other horror stories about Fairbanks Capital Corporation and Aames Home Loan (A subsidiary of Fairbanks).

Because it can be a little confusing to follow I will give the dual stories in a chronological and simplified format. Additionally, due to the sheer volume of problems that we have had with BOTH of these companies and in the interest of time, I will just give a high level overview of our problems.

Aames Home Loan held the notes for both my parents primary home and their second home and continually and improperly assessed them for numerous miscellaneous fines, fees and unnecessary Lender Placed Insurance (LPI) on both loans. My parents always paid for these misc. Fines and fees and, being busy people, never had the time to call Aames and really questioned them or fight about why they were charged these fines and fees.

My husband and I moved into their unoccupied house and assumed the payments on that loan, with the final intention of buying the house from them.

While we paid the loans payments, my husband and I were also assessed improperly by Aames for LPI, fines and misc. Fees, those put us in foreclosure status since we couldnt afford to pay for these extra misc. Fees, fines and unnecessary LPI. We always questioned these fees but Aames employees would reference their incoherent Account Statements and convoluted account history as their justification and/or explanation for charging these fees. Even when a fee was undoubtedly incorrect and improper, like charging us for LPI when we provided proof of insurance, we couldnt get them to reverse it.

We ended up getting so deep in the red with Aames that we had to sign a Forbearance Agreement with them to get back to a current status. We tried very hard to get the loan current with them by making the new higher payments on time, but they kept coming at us with brand new misc. Fees and thus kept pulling us deeper and deeper into the red.

We attempted to refinance the loan into our own names with a new company and get away from Aames altogether but they thwarted our refinance attempts by delaying everything on their end and frustrating our mortgage broker and by overstating the late status of our account to the mortgage broker.

To keep from losing the house we had to refinance the loan with Aames who pulled our credit reports so many times that they dropped our scores considerably, charged us almost $6100 in loan origination fees and points, hit us for an outrageously high adjustable interest rate (in a time of historically low interest rates), tacked on a 3 year pre-payment penalty AND tried to refused to waive the original 5 year pre-payment penalty on the first loan in my parents name. Considering how many times Aames had already forced unnecessary LPI on us we thought we could avoid the confusion, cost and hassle and just get an escrow account on our new loan for both insurance and taxes. That way Aames KNEW that we had insurance because they were responsible for paying it.

We made all our new loan payments to Aames on time, but within 4 months Aames sold us to Fairbanks Capital Corporation who has already started the same servicing nightmare with us.

Fairbanks sent us a Notice of Default letter effective the day BEFORE they officially held our loan, it said that we were already over $1700 in default with them, but we were current with Aames the day our loan left them which was that SAME day referenced in Fairbanks default letter. When I called and asked Fairbanks about this I was told that Fairbanks accidentally charged us for LPI (they claim that is has already been reversed). This insurance was placed on us despite the fact that we have a current policy that we: #1 have an escrow account for and #2 have been paying for separately since Aames never made the premium payment from our escrow account when it was due 2 months prior.

Fairbanks has YET to send us an Account Statement on our loan despite being our loan servicer for almost 2 months. As of right this second, my loan is supposedly current with Fairbanks and my new payment is due on the 1st of next month. I still dont have a statement to mail them that upcoming payment

My parents continue to make their monthly payments on time to Aames and yet they continue to be assessed for misc. Fines and fees and unnecessary LPI. My parents are no longer paying Aames the amount they claim is due for their misc. Fines and fees and now Aames says that they are over $2000 in arrears for these misc. Fines and fees.

We just discovered that Aames Home Loan and Fairbanks Capital Corporation are one in the same and that Aames only paper-shuffled our loan to the more aggressive side of their company, Fairbanks. Also, we also discovered that Fairbanks is absolutely notorious for wrongfully foreclosing on properties with equity, then using a series of "sales" so that they can pretend they have losses on the resale of the property and can later get a deficiency judgment against the former homeowner. My husband and I have over $25000 in equity in our house, for which we owe my parents. We are now convinced that Fairbanks is maneuvering into place to try and illegally force us into foreclosure, with a bunch of misc. Fines and fees, and take the house very soon. We are now in the process of documenting everything, contacting anyone who can help our case and preparing for a legal battle with both Fairbanks and Aames.

The government needs to be investigating these crooked mortgage companies and loan servicers as their actions make what Enron did to its shareholders look like small potatoes by comparisonthis is Mortgage Piracy. Thanks for taking the time to listen.

Sincerely,
Anonymous

Anonymous
Somewhere, Arizona
U.S.A.

Company: Fairbanks Capital Corporation
Country: USA
State: Utah
City: Salt Lake City
Address: PO Box 65250
Phone: 8002588602

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