Narative History of My Mortgage Since Fairbanks Purchase
I have in my records a statement from Nations Credit (the original company that Fairbanks/Select Portfolio Servicing bought my loan from) dated 12/19/2001 that states that my next payment is due in February, 2002 (This means that the loan was two months ahead at the time Fairbanks/Select Portfolio Servicing received it). I also have a letter from Fairbanks/Select Portfolio Servicing that they were taking over the servicing of my loan, effective April, 2002.
I printed out a payment history of my account from Fairbanks/Select Portfolio Servicing?s website and I am unable to understand the actions taken by them concerning payments made to them on the aforementioned loan. Payments made March, April, May, and July of 2002 were credited to February, March, April, and May of 2002. The first problem is that the February and March payments were not owed to Fairbanks/Select Portfolio Servicing but were owed and paid to NationsCredit.
Fairbanks/Select Portfolio Servicing miscredited these payments since they did not begin servicing my loan until April, 2002. Then they jump back and start saying the payments that they received were for October, November, and December of 2001. None of these payments were ever owed to them and they had been paid to NationsCredit, as per their December 19, 2001 statement. This miscrediting of payments, and the subsequent fees and late charges associated with the mistake, is probably the cause of this entire fiasco.
They have also been charging other unnecessary charges such as $85.00 for drive by of the property to be sure that I was still residing in the property, when they have been accepting my payments for every month up to and including November, 2004. Also, they have been charging between $ 1.81 and $2.05 per week for interest on advances, whatever that means.
Fairbanks/Select Portfolio Servicing?s payment history shows that they did indeed receive twelve payments in calendar year 2003 and another eleven payments through November, 2004. I mailed a twelfth payment of $600.00 December 19, 2004. Using Fairbanks/Select Portfolio Servicing?s own payment history, anyone can see that the account is not past due as they say, but is current, as I state. I had repeatedly requested that I be sent monthly statements, but after six months of requests, all I received were severely censured (blocked out) statements which could not be used to track the account status.
Fairbanks/Select Portfolio Servicing earlier, in February, 2003, attempted to get permission to foreclose from the bankruptcy court (I was under Chapter 13 Bankruptcy until February, 2004) and I had to appear in Bankruptcy Court (I still do not know why). When we first were informed of Fairbanks/Select Portfolio Servicing?s filing, the amount of their claimed arrearages was six months. At this time, in the petition, they were showing almost $3,000 in unapplied funds.
The day we went to court, the amount had almost tripled to seventeen months. The case was continued so that we had time to collect information about the different time frame. The next time I appeared in court, the judge told me the request had been withdrawn. My attorney told me that Fairbanks/Select Portfolio Servicing had discovered their error and that all that was necessary was to keep making my payments on time.
I have a copy of Fairbanks/Select Portfolio Servicing?s ?Withdrawal of Motion? dated April 28, 2003 that states that all matters of controversy had been resolved (I assumed that they realized that they had been receiving payments and had been misapplying the payments, and this was the resolution). Apparently, they were only resolved until Fairbanks/Select Portfolio Servicing made the same erroneous assumptions again. Now approximately 20 months later, they are doing the same thing, and threatening to foreclose in January, 2005.
I do not understand Fairbanks/Select Portfolio Servicing?s accounting system nor do I know how they have been crediting the payments that they acknowledge receiving to both principal and interest, if as they claim, I am $10,000+ behind.
Attempts to obtain new mortgage to get out from under Fairbanks/Select Portfolio Servicing have been met with turn downs due to their negative reporting to the Credit Reporting Agencies. Fairbanks/Select Portfolio Servicing is unwilling to provide any information concerning how/when the loan became past due and to discuss ways in which this matter could be settled to our mutual benefit, ie. assisting me in my refinance strategy. I believe that all they want to do is foreclose on a loan with a total amount due of $21,000 on a property valued at $85,000 to $100,000.
Gastonia, North Carolina
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