My mortgage was acquired by Fairbanks Capital is April. I had no knowledge of this company nor any say so in there servicing of my loan. I immediately update my on-line bill payment system with FBC mailing address so that payments would be received timely. Like all my creditors, payments leave my account on average 10 days prior to the due date. The bank suggests that 5 days is usually sufficient.
Despite this electronic processing, FBC would call my home daily to report that my payments had not been received. It appeared that they would take anywhere from 5-17 days to process my payment. They of course would charge late fees.
In June, FBC requested that I provide proof of insurance on my property. They said that if I did not, they would purchase insurance at $170 per month. (Standard coverage can be had for under $600 per year?) I asked if this information could be faxed and did so within 3 days.
I was assured that upon receipt, duplicate coverage would be received and any charges removed. A few weeks later, I received a letter from FBC says that they would cancel the coverage but were still showing a 7 week period with no coverage. I phoned three times and was given three different periods in which they claimed no coverage.
I phoned my insurer to fax the information they needed. This was done numerous times. A short time later, I began getting letters saysing that my payment had not been received. Each phone call to FBC was a challenge, on hold for up to 17 minutes, cut off, unassigned phone numbers, transferred to other units who whould ultimately transfer you back to where you started.
When you finally reach a human being, there leval of knowledge or concern varied greatly. I was told at times that the documentation had been received and they would take care of it or my payments were in suspense? Or were credited to corporate advance? Never the same story.
As of Feb. 6, despite have made every payment ON TIME and provided insurance information, my mortgage is in foreclosure. I have called and written to FBC and have not received a response.
This is truley like a bad dream. I can not believe that a company like this continues to exist!
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