After reading many of the other complaints, I realize that a very sad and horrifying day has come. My Story began much the same as everyone elses. The previous lending company sold our loan to Fairbanks in a state of default. This seems to be attractive to Fairbanks and make us wonder if we can read between the lines. All of this seems to have been pre-meditated and planed before our loans are purchased. Why else purchase loans that look like they may be in trouble.
In my case, My loan was in default when Fairbanks made plans to purchase it. I was sick in the months of August and September and was not able to work. I had to turn to govenment agencies (Social Services) to pay the default of those two months and a late fee which totled $1,996.96. As my loand was being paid, I was able to go back to work and when I made enough money to pay Octobers mortage, since Social Services paid the delinquent payments, I was told by Countrywide that my loand was being sold and they did not receive $1,000. Of 1,996.96. Which kept my loan in default as far as Countrywide was concerned.
I then contacted Social Services, which with in 2 days let me know that the two checks that totled the $1,000. Countrywide claimed they did not receive went through the bank not later that October 3rd. I then notified Countrywide of the fact they did receive the full amount of $1,996.96 and had my social worker fax a copy of the check for $250.00 issued by Montgomery County. I also let Countrywide know that the cancelled check for $750. Would take at least 2 or 3 weeks for me to get since it was issued by the State of Maryland.
Once faxing over the copy of the $250. Check I as Countrywide please do not send my account to the new loan holder in a state of default since My account was not in default and I also made my October payment wich ment my next due payment should have been Nov 1, the day my account was transfered.
I did not think this was too much to as of Countrywide since I had been with them a total of 3 and 1/2 years and this was the first time my account had been in trouble which was due to my illness. The social worker had to prove my illness prevented me from working in order to pay Countrywide.
Well as the story goes, Countrywide sent my loan over to Fairbanks in a state of default and the payment I made for October was posted to September, which was already paid. From conversations with Countrywide they seem determined not to correct my account and even when the admitted to to error in the begining of December finally. It took them until January 14th to have this error corrected and my account was still short monies due and they sent only $850.00 of what was owed. (proof of letter from Countrywide and statement from Fairbanks.
Ironically, because Countrywide had not sent all of the monies due on the account at the time of sale of account, this made my account appear to be in the rears enough for Fairbanks to issue a default letter to me for the months of November and Decembers payment, when at that time I only owed December. Although Fairbanks realized that $850.00 of the monies owed came from Countrywide to help statify the default, they would not drop the default. I received the default letter dated January 16 on January 17. When I went to make the payment on the part I owed to satisfy the default, the loan counselor refused payment unless I preauthorized them to go to my checking account with in a week to take out another 967.00 plus $15.00 fee for the month of January trying to add January to the default.
I explained that Contrywide was the reason the default was issued since they had held back funds which made my accont appear to be 2 months in the rears. They noted that countywide did make the $850.00 payment part of the default and I was not the one that owed 2 months mortgage and still would not drop the default.
I was upset and got off the phone and called some local agencies who let me know that Fairbanks could not refuse payment. I then call Fairbanks back and was greeted by a loan conselor who understood what I had been through and was glad to take the payment and assure me that my account finally was current.
As stated in my original report, I received by statement on February 15 claiming that December Payment was due. This gets real cute, I looked at my statement after talking to a representative who let me know the account was in Suspense.
On my February statement it shows $1,015.00 is unapplied funds (this included payment made on January 24 to statisfy default) that was put in suspense. Yet my December payment required $1,009.08 to be fully paid. The intentionally did not apply the $1,015.00 to my account because if they kept it out until February 16, they could file for foreclosure as my account shows default not paid.
I think both, the companies who sold the loans along with Fairbanks need to be investigated. This is too well planned to be cirumstantial. I bet this goes even deeper than we think.
Thank you,
Twyla
Germantown, Maryland
U.S.A.
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