My mortgage loan was purchased by Fairbanks Capital Corp. AKA / The Loan Servicing Center. They have been servicing my mortgage for about a year now.
They are supposed to send monthly payment coupons to us. We regularly receive our payment coupon 15 - 20 days after the payment is past due.
For example, I received my payment coupon that I am supposed to use to pay my February payment on February 18th.18 days after the payment is due.
I have called their customer service dept. To tell them that I have not received a payment coupon for the current month and they urged me to use either a payment by phone option or to pay the payment on their website. Each option has an additional charge.
This is their scam. They will purposely send payment coupons to their customers late so the customer will be lead to another payment option for which Fairbanks Capital receives a fee.
Also, so they can pocket the late fee. It is very easy to fall into a trap with these people.
If you make the payment late and do not pay the late fee, they will apply part of your next payment to past due late fees and not apply your regular payment, getting you behind. This is how they come in for the kill.
They will serve you with a Notice of Foreclosre if they determine that your account is 60 days or further behind.
They will make it VERY DIFFICULT to enable you to catch up.
I have not had personal experience with this but I have seen it happen to dozens of people here in my area.
I am a mortgage broker and fortunately, I have been educated in this business. I was able to recognize their scam.
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