Fairbanks Capital, based out of Salt Lake City, Utah is a Mortgage Loan Servicing Company that purchases mortgages from other Lending institutions across the Country.
They are the tenth largest Loan Servicing Company in the United States.
Usa Consumer Complaints.com has received over 3,000 emails and 440 reports from consumers in every state that have been victimized by Fairbanks Capital Corp.
Many of these victims claimed to have lost their homes to fraudulent foreclosure, others have been forced to file Bankruptcy in an attempt to save their homes from Foreclosure.
Fairbanks Capital has become notorious for one thing,
stealing homes.
We believe that Fairbanks Capital has developed a very keen scam of illegal and unethical Business practices to lead homeowners into Foreclosure.
Among the many accusations made by homeowners, these scams seem to be Fairbanks favorites:
Charging late fees when payments where received on time
Claiming "lost" payments
Demanding payments that have already been made
Improper use of escrow funds, or even "losing" escrow funds
Placing accounts in collections when they are current
"Forced -placed Insurance" when homeowners already have proper coverage
Placing payments into a suspense account instead of crediting as monthly payment
Taking unauthorized payments from consumers checking accounts
Demanding payment for "Corporate Advance fees" without written explanation
Foreclosure proceedings on accounts that are current
Sources tell Rip-off Reperot that (according to the national average) if Fairbanks Capital charges 30% of their customers a late fee 6 times per year, they will make an additional gross income of approximately $40,300, 000.
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