AKA Nations Credit Home Equity Forcing foreclosure - won't accept monthly payments - they want it ALL ripoff thieves...
My original mortgage loan with Nations Credit Home Equity was turned over to Fairbanks Capital Corporation in November. Previous to that time, I had an agreement with Nations Credit to 'tack on' some past due payments and legal fees to the end of my mortgage (this totaled about $2000). When I got the letter from Fairbanks stating they had taken over my mortgage from Nations Credit they also asked me if I wanted to pay through direct debit from my checking account. That seemed ok with me because I had been doing that with Nations Credit also.
So they started debiting my checking account each month. I noticed on my payment stub that they were charging me a late fee and past-due payment amount each month. When I called about it, they told me that I owed $2300. I told them that had been taken care of by Nations Credit. They said "they didn't know anything about that, and I better send the payment." Well, I didn't have the money, so they just kept adding up the late fees and past-due amounts until they wanted to foreclose. To avoid this, I entered into a 'forebearance' agreement that meant I agree to pay my monthly payment and the past-due amount for one year. After that time I could refinance and hopefully get a lower interest rate. I agreed and my monthly payment skyrocked to over $1100 (previously it had been only $520.24).
I told them I couldn't afford it, but I tried to keep up for several months, but then I got behind again. After I got behind about 3 months, they proceeded with fore closure again. Now, they want over $7,000 to bring the loan current (includes their attorney's fees) and I still will have a whopping high interest rate (9.9%). I tried to refinance, I got an appraisal and it turns out that my home is worth ($90,000). That is good because my loan balance is only $58,000. Now Fairbanks does not want to let me refinance, they want to purchase the home theirselves. (I guess so - if they can get a $90,000 home for $58,000, I don't blame them!) I have a good job, I got a raise in January and I have lived in my home for 12 years.
My children were raised there most of their lives and I don't want to loose it. I admit I have made some poor decisions, but so does everyone. Do I have to loose all I worked for all my life? Why is it that the people who have the most difficult time paying have to get the highest interest rate? And why isn't more of your monthly payment applied to the principal and not all to the interest?
Can anybody out there help me? My mortgage auction sale is scheduled for february 24 - help - help - help!
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