This is my second report regarding the misapplication of my payments by this scam corporation.in addition to my regular payment each month, I send extra funds which are supposed to be applied to the principal balance. This is the fastest way to payoff a second mortgage and eliminate Fairbanks' outrageous interest rates. However, Fairbanks consistently enters these additional funds as a regular payment, including interest which does not reduce my principal, but fattens their pockets instead. I have followed every suggestion offered by their clueless employees, but nothing has helped.
The worst problem happened with my October payment. I called several times between Oct 10 and Dec 22 and was told the same story: "Your file has been sent to Research." On Dec 23, I was told by a supervisor that my file was not in Research and they were not aware of any problem because I did not submit my request in writing. Fairbanks took over my loan in May. I did not have to submit a written request to correct their screw-ups in May, June, July, Aug, or Sept, but now suddenly - and without notifying me - the request to correct October's payment had to be in writing.
I sent a written request in the form of a complaint to the Attorney Generals' Office in both Florida and Utah, with a copy to the CEO of Fairbanks. My letters have been forwarded to the Department of Financial Services in those states for review and hopefully investigagion.
My October payment was finally corrected in Feb. However, my intest statement for 2002 was not correct since it was prepared before February. I have been told my file is again in Research to discover what the problem is with my interst statement. RESPA allows 60 business days to complete an investigation of a problem. I don't know what calendar Fairbanks uses, but Oct 10 to February 5 is more than 60 business days in any calendar I've ever seen. Furthermore, I don't need a Research Dept to determine what the problem is - Fairbanks is a fraudulent, unethical, scam of a corporation that doesn't know basic mortgage terminology or procedures.
Since the time I spent each month trying to get Fairbanks to correct THEIR mistakes took me away from my other duties as well as my family, and my expenses for faxes, copies, etc., continued to mount, I prepared an invoice stating an hourly charge for my time as well as other costs incurred. This invoice was submitted to the CEO, and copies sent to the Financial Services Departments to be included in my files with them. I have informed them that I expect this invoice to be paid and I will turn it over to a collection agency if necessary.
I have not had a problem with late fees, but I am concerned that my payments are not posted for several days after they are received.in Feb my payments were delivered on Feb 10, but not posted until Feb 19. Prior to mailing my payments, I access the USPS website and prepare a Delivery Confirmation receipt. There is no charge for this online, and it enables me to prove when my payments were received. I suggest others try this also. If you do not have Internet access, the Post Office will prepare this receipt for you for a modest 45 cents. If you suspect Fairbanks is holding your payments in order to add late fees, this could save you lots of money.
I agree with several who have posted these reports. There is strength in unity. I am more than willing to become part of a class action suit against Fairbanks. If there is one being planned for Illinois residents, please contact me. I am willing to contact a lawyer and get the process started, but I do not want to duplicate efforts and possibly weaken our case.
It's time for action. LET'S ROLL!
Dee
Pocahontas, Illinois
U.S.A.
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