Our experience with Fairbanks Capital has been nothing short of a nightmare. Fairbanks bought our loan from Ocwen in Flordia, we had not received a coupon book from Ocwen before my first payment was due. We called Ocwen asking for an address to send our payment to, they told us that they did not want us to send any money, that they had sold our loan to Fairbanks and that we should wait for a letter from them. They also told us that our first payment would not be due for 60 days. We asked them if that meant that they were pushing our loan back 2 months, they told me "YES".
When we finally got our letter from Fairbanks and called them they immediately told us that we were 60 days late on our payments. From the beginning they have been revising our oringinal contract. When questioned about our escrow account they couldn't tell us if there even was one. Finally they wrote to us after we complained enough and told us they were raising our monthly payment because our taxes had gone up so much. The amount they raised our monthly payment was the amount our taxes had gone up in a year.
They have been threatening to forclose on us for eight months now. The last trick they pulled was not paying our homeowners insurance so that was cancelled. We have been told by the Utah Banking Commissioner and many others in Utah that they are thankful that Fairbanks is not their mortgage holder. Fairbanks has made it impossible for us to get a home equity loan, we have approximately $30,000 of equity in our house, or to refinance the existing loan because they continually report us as being 60 days late on our payments. We am ready to jump on the band wagon and help see that they don't keep practicing their unethical business practices.
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