I have hesitated to add my complaint about Fairbanks because mine is so petty compared to those of you who have lost your homes or paid huge legal fees and so forth.
My complaint is that nearly every month they play hide the mortgage payment with me. They don't seem to be able to accept a mortgage payment with additional payment to principal without making a mistake.
They received my August payment on July 28 and credited it to my account. Oops they forgot the $1,000.00 check I sent for additonal principal. We play this game almost every month.
Where's my money going to be misapplied this month?
Where's my thousand dollars? In suspense. Why? They don't know. They held my check in their check que 10 days.
How much time did I spend trying to straighten this out? 3 phone calls and 3 letters.
Just for the record, I am sick and tired of hearing about how sub prime borrowers are deadbeats and don't pay their bills.
My loan matures 10/08. A 10 year loan. I will be paying it off in March or April.
They have tried to assess late fees twice. They make their case for late fees based on their own errors when they misapply funds.
I've been put on their autodialer for harrassing phone collections because they've made an error posting to my account.
Even after I explain the error, the caller has no authority to take me off. So, I get hassling phone calls everyday until they fix their own error.
Calling customer service is unproductive. Everybody is nice and agrees there has been an error in applying my payments but nobody I've ever spoken with has the authority to correct the problem. I have to keep calling and writing letters until they fix their own error. Until they fix their own error, I am considered a late pay. It usually takes several days.
I just want you all to know that it doesn't matter if you are able to make your payments on time and even pay ahead. You will still be hassled.
Mr. Ozanne promised a borrower's bill of rights back in June and it was to be mailed to each borrower. Where is it? I haven't received one.
What I would have appreciated was notice from Fairbanks when they bought my loan. Something like this,
Dear Borrower,
Fairbanks Capital Corporation, specializes in collecting loans from those who are considered to be sub prime borrowers.
Your loan is due on or before the 1st of the month. We will initiate the fast track to foreclosure process we have in place if we do not receive your payment on or before the 1st. We will start the process then even if your contract has a 14 day grace period.
We do not guarantee that your payment will be processed in a reasonable period of time.
We will assess late fee charges to your account based upon our own mistakes. You must check your account on line everyday to be sure your funds have been attributed to the category you designate or phone our office everyday to get the status of your loan if we have made a mistake.
We will put your funds in a suspense account instead of applying the funds to your mortgage balance. We will not notify you that funds have been placed in a suspense account. It will be your responsibility to find the money and what we have done with it yourself nearly every month.
You may call our customer service representatives who will agree there has been a mistake on your account but sadly they have no authority to correct our mistakes.
There will be no record of phone calls that you make. You must continue to write letters and phone our office until we correct our own mistakes or you will be considered late and a deadbeat.
We may assess your account and threaten you with forced placed insurance eventhough you provide proof of coverage, if we cannot find your FAX or letter in our office. We do not recognize proof of service as legitimate notice you have provided proof of coverage to us.
We will demand that you sign forbearance agreements wherein you agree to waive your rights to litigate now for past causes and in the future in case we make more mistakes in servicing your loan. (This hasn't happened to me but other borrowers complain about it)
We will include fees for services performed that we do not itemize or substantiate and unless you agree to pay these charges without complaint or demand for certification that these funds were expended, we will foreclose on your home. (This hasn't happend to me but other borrowers complain about it)
We will send you the forbearance agreement to sign and return within too short a period of time for you to have the opportunity to consult legal counsel to determine whether it is in your best interest to sign it. (This hasn't happened to me but other borrowers complain about it)
We will sell your house at auction without notifying you. (This hasn't happened to me but other borrowers complain about it)
Sadly, for you, we can do all these things because there are no regulations preventing us from doing so. We will exploit your loan to the fullest extent we can get away with and maybe a little further because we have found, you will not complain in writing, you will not write your elected officials and demand investigation and remedy for the borrower.
Thanks for becoming a part of the Faribanks family.
We love sub prime borrowers.
Respectfully,
whoever is in charge, signs it.
If I had received "notice" of Fairbanks rules of practice and procedure when they began servicing my loan, I would have known I was in a war. Let's see who can keep the best records for litigation. I'm down for that. Bring it on.
This whole thing stinks to high heaven but has certainly cured me of ever wanting a mortgage again until predatory lending practices and mortgage servicers get some regulation and there is some protection and remedy for the borrower.
I can't imagine having to do this dance nearly every month for 25 or 30 years. Re-financing has its risks too. You could end up right back with Fairbanks again.
Thank you Rip Off for sponsoring this site. Boy, have I had an education.
Delores
Niagara Falls, New York
U.S.A.
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