Fraud, Usury, Truth In Lending, Breach of Contract, Respa, Violations
Companies: (1) IMC Mortgage Co; (2) CitiFinancial Mortgage Co; (3) Fairbanks Capital Corp Orig Rate - (9.85%) Locked 1st (24) Months -Beg on 25th Month-Apply 1% Cap Up/Down Monthly Payment Accurately Stated Per Contract Wall Street Journal Libor 6 Month Index, plus Margin of 7.35% Per Contract WSJ Index - 45 Day Current Fannie Mae Libor 6 Month Index March & Sept Each Year Index Used By The (3) Companies Rounding by Adding the 1/8% to the end part of the time Plus 7.35% Margin Equal Result By Companies 1st Rate Change Date 05/01/1999 - See Rate Used 1st Payment Change Date 06/01/1999 Based Upon Rate Change Index INCREASING Company DID NOT Apply 1 % Cap Original Loan Amount $35000.00
May 01,1997 9.85 303.28 N/A
24 Months Later
May 01,1999 10.85 $328.61 Borrower Calculation - Below Co.
5.083 5.193 12.543 12.54 $372.67 No Cap 0%
Calc on Projected Bal
November 01,1999 11.85 $354.08 Borrower Calc - Below Co.
5.974 5.94125 13.29125 13.25 $391.48 No Cap 0% Calc on Projected Bal
May 01 12.85 $379.79 Borrower Calc - Below Co.
6.53 6.4 13.75 13.75 $404.77 No Cap 0%
Calc on Projected Bal
November 01 13.85 $405.66
6.761 6.77 14.12 14.125 $414.74 No Cap 0%
Calc on Projected Bal
May 01 12.85 $379.11 Borrower Calc - Below Company
4.711 4.72375 12.07375 13.125 $388.41 Cap 1% Calc on Projected Bal
November 01 11.85 $353.08 Borrower Calc - Below Co. 2.532 3.08 10.43 12.125 $362.69 Cap 1%
Calc on Projected Bal
May 01 10.85 $327.66 Borrower Calc - Below Co. 2.332 2.21875 9.56875 11.125 $337.67 Cap 1%
Calc on Projected Bal
November 01 9.85 $303.68 Borrower Calc - Below Co 1.751 10.125 $%._ Cap 1%
Calc on Projected Bal
May 01 9.85 $302.59 Borrower Calc - Below Co. 1.262 9.85 $%._ Cap 1%
Calc on Projected Bal
November 01 Not Available
The Pattern IS: Year 1999 IMC Mortgage Company Sold or Assigned Mtg to CitiFinancial Mtg Co.
May 16 CitiFinancial Mtg Co Sold or Assigned To Fairbanks Capital Corp
There are some missing pieces and adjustments here... To be updated.
Although, the picture is clear, on 1st change date the index and rates were increasing, cap was not applied, as soon as rates started decreasing the cap was applied.
CitiFinancial transferred to Fairbanks/PMI, plus, borrower was brought into court three times in year during the mtg index dive. (1) Take Title to Property, (2) Stop BcRuptcy from being confirmed, (3) Lift Automatic Stay 12/20.
Fairbanks loan activity shows $4,215.65 Property Taxes Paid, resulting in a negative balance in escrow, but sold at tax sale 05/24.
All money received by Fairbanks from trustee Yr 2002 was taken for fees or put in suspense, plus, they refused post-petition payments early Yr 2002 and returned the January & February Payments. Over $6,000 gone. Then attempted to take title to property over an illegal sale from June 1999.
Yr 2001 payments were taken for fees, suspense, etc. This accounting is so messed up just don't see how it can be straightened out. Have reported to government agencies, but they just keep on keeping on. This account would be over paid if all would get credited to the right places like Principal and Interest First, then take off the fees that are not applicable, and get pieces and whole payments out of suspense that never got applied to any thing except FB bank account and all would be on right track. Difficulty finding an attorney that will take case. Attorney of record wants to work it out with company, but nothing ever happens positive for borrowers. Borrower has done all the research and even prepared defense documents. Nothing is in court - Timing is of essence. Backed in a corner, there are so many discrepancies, don't know how to tell someone about all this. This is only a part of the scenario.
Please reference 06/09 complaint - Valrico Florida
C c
Valrico, Florida
U.S.A.
0 comments