Here is my story for everyone out there who has been victimized by Fairbanks. Our loan was sold to Fairbanks in 1998. We had no idea about predatory lenders at that time. I only wish I'd known then what I know now. Long story short, my husband has been out of work and we got behind on the mortgage.in Sept we were approved for a forbearance plan. We have made every payment on schedule and have not missed any.
In December I found out about a company called NACA that fights predatory lenders from mortgage companies to credit card companies. They also offer low interest (1 % above the prime interest rate) mortgages to low income people that would ordinarily be taken advantage of by predatory companies. I went to a NACA workshop and signed up for a meeting with a loan counselor to discuss refinancing.
Because of the large volume of applicants, I was not able to get in til May, but did complete all the paperwork for a refinance. The only thing that I could not provide NACA was our original loan document disclosure. This document was destroyed in a hurricane from water damage. I contacted Fairbanks to get a copy of our documents for more than 6 weeks on a almost daily basis. This of course hel up our refinancing. After more than 30 phone calls, I was informed that our loan docs were "probably lost" and that Fairbanks wasn't responsible for keeping up with documents that I should have a copy of..." Imagine my frustration.
I kept NACA up to date on my frequent attempts to obtain the papers they needed and they even called to try to get them. They were told they needed something in writing from me which I faxed them. We never received the documents.
Our May payment was returned to us and we recieved a foreclosure notice. After many, many phone calls to Fairbanks which resulted in many hours of being on hold and never talking to anyone, we next got a notice of sale on June 10. I finally reached someone at Fairbanks: Mary Wallace, my loan representative. She assured me that our forbearance would be restored and not to worry. I ended up not going to the sale hearing because I felt comfortable that it would be called off. I called Fairbanks 12 times before someone could finally let me know that my house had "gone back to the bank". They were unable to give me details and advised me to call the sale attorneys. I did indeed call the sale attorneys late on the day after the sale of my house and left a message.
The lawyer called me back promptly the next day. I asked if I had any recourse and she told me that the sale was not officially finalized until June 23. Evidently, in NC there is a "upset bid" period of 10 days. This gave me some hope that I could get something done.
Before I hung up with the attorney, I asked her if she had copies of our original loan docs. She said "Sure, what do you need. She faxed me the long awaited papers within 15 minutes. So, tell me how the lawyers ended up with my "lost paperwork"? Anyway, I took the paperwork over to NACA and they immediately sent my paperwork in.
I began a research campaign to reverse the sale of my house. I searched on the internet and through this very site found a great deal of valuable information.
I wrote a 21 page chronological record of my account including dates and times of all of my phone calls to NACA. I got together all of the receipts of my allegedly late and/or missing payments. This information was faxed and or emailed to Borrowerhelp.com, the NC Attorney General, state senators, Legal Aid, the NC Justice center, etc. Just anyone that could possibly help me.
I have received faxes and emails from around the country. There is help out there folks. My best advice for anyone who is dealing with Fairbanks or any other predatory lender is to find the closest NACA office and call them. They will help you, and may be able to get you out of a bad loan. Next, call W. Craig Kenney @ Borrowerhelp.com. He got my emailed info and immediately sent it to the consumer help group at Fairbanks to be reviewed.
I got a email the same day that the sale of my house is rescinded and a review is currently being done. I also encourage you to call the new Chairman of the board at Fairbanks. His name is Brad Schuster.
His office number is 925-658-6134. His fax number is 925-658-6771. Write me for a email address. Knowledge is power. Find out what the lending laws are in your state. Understand the characteristics of predatory lenders and examine your loan carefully. Above all, keep good records.
Check your statements to be sure that payments are applied correctly and in a timely fashion. Document all phone calls and make sure you get names of the people you talk to. If you get put on perma-hold document the times. Keep all receipts for future reference.
Never give up. There are a ton of consumer advocate groups out there to help you. Many class action suits are going on and you can often get in on them. Research the company and keep up with any actions against them. This experience has really empowered me. I am no longer afraid of lenders. We all have rights and if companies
abuse you, you can take action. Sorry to be so longwinded, but after reading hundreds of stories from so many people, I just wanted everyone to know that they are not alone and that help is available.
If I can help anyone, please post your questionhs below and I will try to give you ALL the benefit of my experience.
POWER TO THE PEOPLE! Good luck everyone
Marie
Raleigh, North Carolina
U.S.A.
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