Fairbanks Capital Corporation
Ripoff Websters Description for MORON, They have to charge extra fees to compensate for their stupidity

My mortgage was sold to good ol' Fairbanks and fortunately for me I was able to refi prior to experiencing what many of you have. Another ploy they use is failure to pay taxes, insurance, etc. From escrow accounts. I sent the following letters.

Dear Sir or Madame:

I am sending this research request concerning the amount of escrow being charged for my current loan. Prior to my loan being sold to Fairbanks Capital Corporation, the previous provider Countrywide had researched the taxes and insurance amounts for my loan and found the taxes were being escrowed based on a yearly real estate tax of over $1200.00 per year, while the actual taxes were just under $700.00 per year. If you look at the 2002 taxes just recently paid, you will find the same.

As of this writing, my current escrow balance is $1289.92. From my records, real estate taxes for 2002 were approximately $700.00 and home owners insurance was approximately $900.00. Both homeowners and taxes are due in December of the calendar year. The current amount in my escrow balance almost has the required amounts for calendar year 2003 and this is just the first month of the year.

I would like the excess escrow amounts to be applied as an additional principal payment dating to the second month that Fairbanks was the holder of my mortgage.

The monthly mortgage payment to reflect the proper escrow amounts, principal and interest.

A new amortization table showing additional principle from the escrow overcharge posted from the second month Fairbanks was the holder of the mortgage note.

In closing, I have talked with customer service on several occasions to resolve this problem and am confident that faxing this letter to the research department will finally resolve any future questions regarding the escrow amounts charged to my mortgage loan. I appreciate your prompt resolution. Thank you for your assistance.

Dear Sir or Madame:

This is a follow up to my original letter dated 1/13/03 concerning my escrow account. Since that time I have refinanced my property and Fairbanks is no longer the holder of the mortgage.

As stated in my previous letter and prior to my loan being sold to Fairbanks Capital Corporation, the previous provider Countrywide had researched the taxes and insurance amounts for my loan and found the taxes were being escrowed based on a yearly real estate tax of over $1200.00 per year, while the actual taxes were just under $700.00 per year. If you look at the 2002 taxes just recently paid, you will find the same. (see attached document from Countrywide)

In my previous letter, when I spoke with customer service representatives, I was told my real estate taxes had been paid for 2002. At my closing on 2/10/03, the company that handled the closing had to pay for my 2002 real estate taxes. I also received a delinquent tax statement from my county collector. (see attached)

Please reference my letter dated January 13. I do want each to be addressed in a prompt and timely manner. If I feel like my requests are being ignored, I will pursue all legal means available to me to correct the manner in which my loan has been handled by Fairbanks Capital Corporation. I thank you for your prompt response.

Although I did not get all that I asked, and I know I was screwed out of probably a thousand dollars because I had one of those prepay clauses in my loan. They finally did release my escrow balance with a letter stating how wonderful I was for paying off my loan in full. I now have Wells Fargo, and believe it or not, look at some of the things on the Rip off report for them, almost as bad. They all like to charge bogus unjustified fees because most people will not stand up for there rights and may not have the financial means to hire an attorney or even the FIGHT to stand up for what is right. Fairbanks does take the cake, the customer service reps I had the pleasure of dealing with would have a tough time winning a debate with a rock, much less a breathing human being.

John
Arnold, Missouri
U.S.A.

Company: Fairbanks Capital Corporation
Country: USA
State: Florida
City: Jacksonville
Address: P.O. Box 551170
Phone: 8002588602

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