Jim
  • Report: #46818

Complaint Review: Fairbanks Capital Corporation

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  • Submitted: Mon, February 24, 2003
  • Updated: Tue, February 19, 2008

  • Reported By:Nevis Island, West Indies Other
Fairbanks Capital Corporation
3815 South West Temple Salt Lake City, Utah United States of America
  • Phone: 801-293-2501 CEO #
  • Web:
  • Category: Banks

Fairbanks Capital Corp ripoff owned and operated by The PMI Group, publicly-traded corporation NYSE "Foreclosure Business" very profitable. over 400 victims on Rip-off Report Salt Lake City Utah

*Consumer Comment: Wrong Answer Bonnie

*Consumer Suggestion: This might help Valaria

*Consumer Comment: I need some more help

*Consumer Comment: TO BIG TO LEARN A LESSON

*Consumer Suggestion: Ever heard of an "accord and satisfaction"

*Consumer Comment: it can happen

*Consumer Comment: There is no hope

*Consumer Comment: James from Rockhill, SC

*Consumer Comment: i,m also a victum of fairbanks

*Consumer Suggestion: Details on Mikulski settlement for victims

*Consumer Comment: Now that CitiMortgage owns PMI...

*Consumer Comment: Now that CitiMortgage owns PMI...

*UPDATE EX-employee responds: Ex-employee and thank God for it.

*Consumer Suggestion: Seek help counting down the days till the insanity leaves my life.....

*Consumer Suggestion: try this

*REBUTTAL Individual responds: help me 2 ...How do i save my self

*REBUTTAL Individual responds: help me 2 ...How do i save my self

*REBUTTAL Individual responds: help me 2 ...How do i save my self

*REBUTTAL Individual responds: help me 2 ...How do i save my self

*Consumer Comment: I am not alone ..How can this company continue to do this to people

*Consumer Comment: I've contacted 60 minutes

*UPDATE EX-employee responds: It will be over soon, their day is finally coming!

*Consumer Suggestion: South Carolina Consumer Responding to Texas Victims

*REBUTTAL Individual responds: Texas Fairbanks Lawsuit

*REBUTTAL Individual responds: Texas Fairbanks Lawsuit

*REBUTTAL Individual responds: Texas Fairbanks Lawsuit

*Consumer Suggestion: Contact the politicians

*Consumer Suggestion: Pennies on the Dollar ..Class actions suits send a message, but do litle else to help individual victims.

*REBUTTAL Individual responds: Class action law suit response- None

*Consumer Comment: I am ready for another lawsuit, Count me in

*Consumer Suggestion: Jack -- Class Action Suit !! Count me as Member #2

*Consumer Suggestion: It's not the slow pays who need help

*Consumer Comment: Ex Unfairbanks Employees

*Consumer Comment: There is help! Please don't think you are stuck

*Consumer Comment: Another Class Action suit needed

*UPDATE EX-employee responds: Reaping what I sowed while working with Fairbanks???

*Consumer Suggestion: Former Fairbanks Employee's - Please Help!

*Consumer Suggestion: Get Your Home Back, I fought back and won a settlement against Fairbanks

*Consumer Comment: Fairbanks Changes It's Name

*Consumer Comment: was a customer of Conseco Finance until they sold my loan to Fairbanks Capital

*UPDATE EX-employee responds: I used to think it was just the customers.... I surrendered my position with the company

*UPDATE EX-employee responds: I used to think it was just the customers.... I surrendered my position with the company

*UPDATE EX-employee responds: I used to think it was just the customers.... I surrendered my position with the company

*UPDATE EX-employee responds: I used to think it was just the customers.... I surrendered my position with the company

*REBUTTAL Individual responds: fairbanks heartless cut-thoats

*REBUTTAL Individual responds: fairbanks heartless cut-thoats

*Consumer Comment: Borrowers are not the only victums!

*Consumer Comment: What are we to do ..destroyed me like thousands of others

*Author of original report: Fairbanks Capital Saga Continues

*Consumer Comment: Fairbanks Capital, criminal investigation spreading Nationwide

*Author of original report: Fairbanks Capital's CEO linked with notorious swindler John Peter Galanis

*Author of original report: U.S Senator Barbara Mikulski Demands Investigation of Fairbanks Capital

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Fairbanks Capital, based out of Salt Lake City, Utah is a Mortgage Loan Servicing Company that purchases mortgages from other Lending institutions across the Country.

They are the tenth largest Loan Servicing Company in the United States.

Rip-offReport.com has received over 3,000 emails and 440 reports from consumers in every state that have been victimized by Fairbanks Capital Corp.

Many of these victims claimed to have lost their homes to fraudulent foreclosure, others have been forced to file Bankruptcy in an attempt to save their homes from Foreclosure.

Fairbanks Capital has become notorious for one thing,
stealing homes.

We believe that Fairbanks Capital has developed a very keen scam of illegal and unethical Business practices to lead homeowners into Foreclosure.

Among the many accusations made by homeowners, these scams seem to be Fairbanks favorites:

Charging late fees when payments where received on time
Claiming "lost" payments
Demanding payments that have already been made
Improper use of escrow funds, or even "losing" escrow funds
Placing accounts in collections when they are current
"Forced -placed Insurance" when homeowners already have proper coverage
Placing payments into a suspense account instead of crediting as monthly payment
Taking unauthorized payments from consumers checking accounts
Demanding payment for "Corporate Advance fees" without written explanation
Foreclosure proceedings on accounts that are current

Sources tell Rip-off Reperot that (according to the national average) if Fairbanks Capital charges 30% of their customers a late fee 6 times per year, they will make an additional gross income of approximately $40,300,000. [continued below]....
.....00 annually.

If 25% of Fairbanks customers are charged $100.00/per month for "force-placed insurance" they would earn an additional $21,000,000.00 annually.

If 3% of loans have a Foreclosure Start, Fairbanks will earn approximately $ 288,000,000.00 annually.

As you can see, being in the "Foreclosure Business" is very profitable.


local news station KUTV2, in Salt Lake City, Utah attempted to talk to officials at Fairbanks Capitals main headquarters

Many homeowners are taking a stand to stop Fairbanks Capital from continuing fraudulent Foreclosures. There are now over 600 lawsuits filed against Fairbanks Capital across the Country, many of them are class action suits.

Fairbanks Capital is owned and operated by The PMI Group, a publicly-traded corporation (NYSE: PMI), that is a worldwide provider of Private Mortgage Insurance. They are also a major contributor to the highly respected Non-profit organization
Habitat for Humanity. This organization is dedicated to providing quality and affordable housing for the poor.

The PMI Group uses Habitat for Humanity to get unlimited Public-Relation points and to deflect criticism about its corrupt relationship with Fairbanks Capital.

The PMI Group helps build houses for the poor by financially supporting Habitat for Humanity, why would they want to be involved with Fairbanks Capital ?? The answer should be obvious. This is the PMI circle of profit and deceit.

We are going to continue our investigation on The PMI Group and its relationship With Fairbanks Capital. We will also provide updates and additional information to guide other Fairbanks Capital victims.

Rip-off Report Investigation

Click here to read other Rip Off Reports on Fairbanks Capital Corp

This report was posted on Ripoff Report on 02/24/2003 08:34 PM and is a permanent record located here: http://www.ripoffreport.com/r/Fairbanks-Capital-Corporation/Salt-Lake-City-Utah-84115/Fairbanks-Capital-Corp-ripoff-owned-and-operated-by-The-PMI-Group-publicly-traded-corpora-46818. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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Updates & Rebuttals

#1 Consumer Comment

Wrong Answer Bonnie

AUTHOR: Donbstubid - (U.S.A.)

I'm not sure how Bonne's incorrect formula for determining the equity in your home has been published without correction for so long. And can only hope it hasn't misled too many people.

The equity you have in your home is essentially the amount of cash you would walk away with if you were to sell the home and use the cash received from the sale to pay off any debt obligations with which the home was used as collateral. Simply stated
"Market Value" minus "Current Mortgage Balance" = "Equity"

The "Tax Assessed" value is the value of your home as estimated by the municipality with which it is located. The number is used by the city to determine the amount of property tax you should pay annually. For any other purpose, the number is for the most part useless. As a taxpayer you have influence over the "Tax Assessed Value" of your home. Cities usually update the number once a year. If they increase your property taxes by increasing the "Tax Assessed" value of your home you may appeal the increase and they may lower the number. This has no (direct) impact on the "Market Value".

The "Market Value" of your home is also an estimate. You can never really get the true market value unless you actually list and sell your home within a reasonable timeframe. Although, the real estate market consisting of both willing sellers and willing buyers dictates the price of your home your best estimate would come from purchasing an appraisal from a licensed real estate professional. A free appraisal from a real estate broker is likely to be inflated due to their desire in listing the home. So purchase one from an appraiser for $150 and use what they call the "quick sale" as your "Market Value." This is the number the mortgage company will use in calculating your equity.

Your "Current Mortgage Balance" is just that. How much do you owe the bank? This should be readily available from your mortgage servicer. Subtract this from the quick sale quoted from your appraisal and you have the amount of equity in your home. Hopefully the number is positive.
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#2 Consumer Suggestion

This might help Valaria

AUTHOR: Bonnie - (U.S.A.)

I can tell you how to find out how much equity has built in your home.

I just this week received through the mail a copy of my "Notice of Purposed Property Taxes". Maybe you have too. At the bottom it reads, the last & this years, Market Value, Assessed value, Exemption, and Taxable Value. The values seem to increase every year. This is known as appreciation of property value.

You can figure a ballpark value of your home by determining the value of your homes equity. You subtract the amount your home was originally bid on, or refinanced, for, then subtarct the old value of your home from the current amount Market, or Assesed Value(the amount you bid on your home.). The difference in the amount is the equity that your home is worth.

EXAMPLE: The assesed value of our home is $94,602 and the Market Value is $127,444. The difference is $32,842. That is the equity built up in our home.

I reccommend having your home appraised. We had our home appraised for $147,000. We were able to get a home equity loan for about $15,000 more than using the County Tax Assesers value. They normally charge a fee for the appraisal. If you decide to get a home equity loan, sometimes the fee is subtracted from any loan you may decide to get.

Sounds like you have 12 years of equity built up. You shoud be able to get an home equity or line of credit loan. You said you have all of the receipts. I hope you have he receipt or cancelled check for the $18,000 you paid down.

It really breaks my heart to learn about all of this. It's a pretty "Sad State of Affairs" when you have to background check EVERYBODY you HAVE to do business with.

There is no way these people will ever stop, there is no line they will not cross. My Sister and I was scammed by the DARN Funeral Director that directed my Father's funeral in 2000. I wrote every official from the Federal Trade Commission down. I made sure that funeral director and the President of the funeral home received a copy of that letter.

At the bottom of the letter was a list of Courtesy Copies, of about 6 addresses that I mailed copies to. I also included the Dept of Funeral Directors.

Would you belive that the President of that funeral home mailed me a letter apologizing for the Directors actions. He also discounted the entire cost of my Father's funeral. That saved my sister and I over $8,000. The Director eas investigated and suspended from his job. We didn't want him doing that to another greiving family.

Everyone should write a letter to the White House, their Senators, Congressman, Govenor, and Mayor. Not to mention the Board of Realtors or something like that. Doesn't he need a realtor's lisence? Don't you think maybe you could see about getting that lisence REVOKED!?

He diffently is giving the, Real Estate/Mortgage, business a bad name. Not to mention, these horrible experiences must be affecting the children of these families in a vey NEGATIVE way. They'll probably grow-up and never buy their own home.

I hope this response inspires and moves people to claim their lives back and ruin his group. As someone mention in a previous report, "The squeaky wheel gets the oil." PROTEST if you have to. ALERT THE POWERS THAT BE!

God Bless and the Best of Luck,
Bonnie
Orange Park, FL
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#3 Consumer Comment

I need some more help

AUTHOR: Valaria - (U.S.A.)

Does anyone know how I could find out how much equity is in my home? I know one way is to get it from the mortgage company, but if they're crooks, then they are not going to give it to me. I have my receipts where I paid for twelve years, but those receipts have faded because I started in 1991. So, any info. would help. Plus, I just realized that I paid off my home two months before they foreclosed it. And in the deed of trust, it has nowhere that I paid 18000dn on the 87,098 dollar home; which left a balance of 69,000 to be paid over 15yrs. I paid it out in August of 2003 and they foreclosed in Dec. of 2003. Can I please get some help.
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#4 Consumer Comment

TO BIG TO LEARN A LESSON

AUTHOR: Russell & Judith - (U.S.A.)

In June of 2005 West Virginia Attorney General charged them and Homecomings financial network with same kind of charges. They settled and both are still doing the same thing. When will they learn they arent bigger than our Goverment. They need to be stopped.
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#5 Consumer Suggestion

Ever heard of an "accord and satisfaction"

AUTHOR: Dan - (U.S.A.)

There is a legal "trick" you people might be able to use, but only if the home is on a rented lot, or the land is owned seperately. (Mobile homes seperate from land, not site-built)

do a search for rip-off reports about Conseco and look near the bottom for a post from Dan.

That is me, and I give a good basic outline of what and "accord and satisfaction" is.

Lets just say that you may be able to pay off your loan in full, with one small payment!

Dan
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#6 Consumer Comment

it can happen

AUTHOR: Marianne - (U.S.A.)

We had to give up our home in a bankruptcy in 2001 because of these leaches and then we bought one on contract for 2 years and when we had to finance got right back in with them with a different name and have sadly now had that one foreclosed on last year after years of money after money until we could do it no more! We have been caught up in a seemlessly endless nitemare with these people for over ten years! They not only took not one but two of our homes from us but our credit is now a complete shambles,everything else is behind because of all the money we should have been paying to them we paid to try and keep our house! Can't anyone help?
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#7 Consumer Comment

There is no hope

AUTHOR: Joanna - (U.S.A.)

I too, fought these people for over 4 years, I have had law firm after law firm give up saying they are too big and have too much money to fight them. The State of Idaho Dept of Finance also gave up saying they simply won't respond and there is nothing more they can do. My last attorney finally urged me to give them the house and file BK so I did. It is the besdt thing I could have done, although I loved my home and wanted to keep it they even ruined that for me.
I am now in the process of buying another home but I'm afraid to sign the papers because I could very well be sold right back to this company. I am terrified of having to go through this again.
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#8 Consumer Comment

James from Rockhill, SC

AUTHOR: Valaria - (U.S.A.)

I was wondering how long after you filed for the injunction did it take for you to get back your home? I was evicted Dec. 2005 after Fairbanks refused to take my payments. They kept telling me, "We're not trying to take your home, we want to help you". I was behind on two mortgage notes because of a house fire in 1999 that was not my fault. Their insurance didn't cover the damages, so I had to come out of my pocket and repair the home myself even though I was on a fixed income. They kicked my family and I out in 24 degree weather at 7:30am. It took 14 hours to get all of my household items moved to a storage. I am miserable. I have been dealing with Fairbanks ever since 2002 and I am worn out. Is there anybody out there who can help me. Every lawyer, state representative, whoever in TN that I talk to says they can't help me. If you can help me, help me please.
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#9 Consumer Comment

i,m also a victum of fairbanks

AUTHOR: Edwarda - (U.S.A.)

to robin-in newlemox,i also am going to a hell of a time with fairbanks for four years and now they forclosed on me for a 4th. time and i have a lawyer and he is going to go for a motion at court for this so called forclosture. we don,t know what to do either. and it,s been a long 4 years and i,m tired of it and we also went forbarence and they broke it. so it doesn,t matter what you do and they need to give us our homes back free and clear.and to jeff and stacy from piqua ohio yes they should give us our homes back for all the hell they,v given us and more i paid almost 13,ooo dollars in 12 months when they didn,t want to take our money any more our payment was 1,148.32 cents and listen to this , we were going to refinance and asked for our payoff and to our shocking experience the payoff was 91,000 when our home is worth 85,000. so they took all of what was left of our equity. now if that is not illegal then the f.t c. must be blind. i wrote to them in the net. and i complained to them and said that we the
people of america need there help right away and
that fairbanks is stealing peoples american dream
away from us and leaving us dry, bankrupt,credit
ruined, and homeless to go out and find other ways of servivell, the way the economy is the whole united states is in the verg of bankrupt lets be honest about the economy it,s not good. but yes i,m still holding on to my house so far, what well the progress of this hell hole? who knows, well i hope that whoever reads this and is going through this good luck we all need it we all need a miracle from the gov. if they lisen to us we should all go to the capital and line up our motor homes and sit there until they hear us,but we need to get together all of us victums. well love you all victums and i well keep you all in prayer at my church pastor knows what is going on with fairbanks there thiefs, liers, cheaters. they are going to get whats coming to them soon. good luck and god bless all.
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#10 Consumer Suggestion

Details on Mikulski settlement for victims

AUTHOR: Scott - (U.S.A.)

I am surprised that the details of Rep. Mikulski's resolution of the Fairbanks scam has not been posted, so I am including a link to it.

Not sure of the limits of the compensation, but there is apparently a fund set up for victims, as well as a way to get the clearing of bad cfredit.

At the very least, it is a way to contact Rep. Mikulski so she might follow up on this.

Here is the link, and good luck:
http://mikulski.senate.gov/record.cfm?id=214964
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#11 Consumer Comment

Now that CitiMortgage owns PMI...

AUTHOR: Stanford - (U.S.A.)

Since CitiMortgage purchased PMI, someone might contact Citi to find out how this has changed.

As a past employee of CitiMortgage, I know they are much better about tracking such issues and accountability. Also, the computer software they use would make it almost impossible--if not impossible--to do such a thing. I know because I had to do a lot of testing for the software.

PMI, however, was very lose about lending and reporting practices. They were not required to follow HMDA practices because they are not part of a bank. *Only lenders who are affiliated with a bank are under the jurisdiction of HMDA and are required to report their lending practices, statistics, demographics, etc.*

As much as Citi and CitiMortgage is audited both internally and externally, I imagine this situation has been taken care of.
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#12 Consumer Comment

Now that CitiMortgage owns PMI...

AUTHOR: Stanford - (U.S.A.)

Since CitiMortgage purchased PMI, someone might contact Citi to find out how this has changed.

As a past employee of CitiMortgage, I know they are much better about tracking such issues and accountability. Also, the computer software they use would make it almost impossible--if not impossible--to do such a thing. I know because I had to do a lot of testing for the software.

PMI, however, was very lose about lending and reporting practices. They were not required to follow HMDA practices because they are not part of a bank. *Only lenders who are affiliated with a bank are under the jurisdiction of HMDA and are required to report their lending practices, statistics, demographics, etc.*

As much as Citi and CitiMortgage is audited both internally and externally, I imagine this situation has been taken care of.
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#13 UPDATE EX-employee responds

Ex-employee and thank God for it.

AUTHOR: Lisa - (U.S.A.)

Unfornately, I worked at Fairbanks. I dealt directly with customers who were late and really deserved the imposed fees, but I also worked directly with those who were treated and billed unfairly. It was very disheartening to have to sugar-coat wrong-doings.

Fairbanks doesn't care about their customers or their employees. Alot of times we didn't even know what was going on. I spoke with elderly people who had scrimped and pawed for years to get their homes and it was taken from them. There are many laws that any loan servicer has to comply with, but there is also something called common-sense and compassion.

Who would want their family to lose their homes? It has happened and the name change to Select Portfolio Servicing has not stopped it. I am in contact with several people who still work there and it is really a pity to work under such unhappy circumstances.

The only thing that I can advise any potential victim with Fairbanks is to seek counsel. If in fact you get enough people to stand their grounds, stick it to them for a change. God be with you all and God forgive those crooks @ Fairbanks.

The word says, that we shall reapeth what we soweth. The ditches they dig for their customers will indeed be their own graves.. God bless and don't let them continue to ruin the lives of innocent people.
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#14 Consumer Suggestion

Seek help counting down the days till the insanity leaves my life.....

AUTHOR: Robin - (U.S.A.)

We have been a VICTIM of this company for 6 years.... We got a letter a few weeks ago from a company saying they could heip us get out of bankcruptcy.. we called my husband thought to call our first mortgage company to get a payoff... he then asked to talk to a loan officer
He asked if they could do anything and they told him that FHA doesn't want to lose money on their loans so they are trying to get companies to redo their loans and that is what we are doing, they agreed to do it because we have the equity that Fairbanks so desires.... We love our first mortgage company they never did horrible things to us like this "select" company did. Good luck to all... I know what a battle it has been for 6 years.. counting down the days till the insanity leaves my life.....
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#15 Consumer Suggestion

try this

AUTHOR: Willy - (U.S.A.)

I was aFairbanks victim, but was recently able to refinance through seabreeze financial in California. Try them.. they know about Fairbanks
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#16 REBUTTAL Individual responds

help me 2 ...How do i save my self

AUTHOR: Gabrielle Emerson - (U.S.A.)

Fairbanks destroyded me like thousands of others.,.,.. How do i save my self from Fairbanks Capitol? Please find me a company to pay off Fairbanks ak.,,.SPS.,.Select Portfolio SHrvicing,inc balance on my mortgage is,$20.000 PLEASE help clear my credit.,.,I need immedite action please help.,,.,.My interest is 13% intrest pay $240 every month principal only $ 87 every month..,,S., .Please help
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#17 REBUTTAL Individual responds

help me 2 ...How do i save my self

AUTHOR: Gabrielle Emerson - (U.S.A.)

Fairbanks destroyded me like thousands of others.,.,.. How do i save my self from Fairbanks Capitol? Please find me a company to pay off Fairbanks ak.,,.SPS.,.Select Portfolio SHrvicing,inc balance on my mortgage is,$20.000 PLEASE help clear my credit.,.,I need immedite action please help.,,.,.My interest is 13% intrest pay $240 every month principal only $ 87 every month..,,S., .Please help
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#18 REBUTTAL Individual responds

help me 2 ...How do i save my self

AUTHOR: Gabrielle Emerson - (U.S.A.)

Fairbanks destroyded me like thousands of others.,.,.. How do i save my self from Fairbanks Capitol? Please find me a company to pay off Fairbanks ak.,,.SPS.,.Select Portfolio SHrvicing,inc balance on my mortgage is,$20.000 PLEASE help clear my credit.,.,I need immedite action please help.,,.,.My interest is 13% intrest pay $240 every month principal only $ 87 every month..,,S., .Please help
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#19 REBUTTAL Individual responds

help me 2 ...How do i save my self

AUTHOR: Gabrielle Emerson - (U.S.A.)

Fairbanks destroyded me like thousands of others.,.,.. How do i save my self from Fairbanks Capitol? Please find me a company to pay off Fairbanks ak.,,.SPS.,.Select Portfolio SHrvicing,inc balance on my mortgage is,$20.000 PLEASE help clear my credit.,.,I need immedite action please help.,,.,.My interest is 13% intrest pay $240 every month principal only $ 87 every month..,,S., .Please help
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#20 Consumer Comment

I am not alone ..How can this company continue to do this to people

AUTHOR: Jeff And Stacy - (U.S.A.)

I can not beleive this is continuing to happen. Last year Fairbanks which is our mortgage company forced us into a forbearance agreement stating that we were behind on payments, after we had tried to refinance and they would not give a payoff to the company we were working with. We had to pay over $3000 to keep our house and then make monthly payments of our payment plus fees and late payments which added another 450.00 to our payment. For a term of 12 months.

After being in this agreement for 6 months and not missing a payment we recieved a letter and three months checks back. The letter stated that they had not recieved them in a timely fashion and we broke the agreement. Which at that time we owed more fees and payment. So we had to send a certified check to them in the amount of $3500. and start the forbearance agreement all over again, Finally we may all the extra payments and recieved a dismissal from the foreclosure.

Earlier this year we recieved a letter from the FTC, stating that the were investigating Fairbanks for improper practices. and to include ourselfs in the law suit we needed to sign the form they sent and return by a centain time. Which we did, on the top of the form it stated that we would recieve apprx, $3000. which was not at all what we had paid but we thought it was better than nothing. We recently recieved the check and because of the settlement and the amount of people in it the check amounted to not even $200. What a joke for everything we went though and what we paid that we should not of had to. We refuse to cash it.

Now here is the best part. Two weeks ago we recieved a call from them and they refuse to cash Sept payment because now get this, We are behind on payments, We can't even believe this. We have made every payment and on time. But yet they state that we are heading into Forclosure again.

We are at our wits ends because they have ruined our credit forced us to file bankruptcy to keep our house the first time, and after the FTC settlement we thought they were suppose to staighten up. We don't know what to do, we refuse to enter into any forbearence agreement again, and we are fed up and unable to get away from them, because now they are showing us 90 days late on our credit report. Which has new been fixed from the first go around. We would like to know how we got so damn lucky for them to pick us twice to tornment, and the lottery can't even pick us once.Fairbanks told use the check numbers they said they have not recieved and I have them and they are cashed and they were paid. this company should not beable to even be in business anymore, and for the penalty of what they have pulled on us the consumer their fine should be they have to give every one there homes and close up shop!!!!!!!!!!!!!

On 7/23/2004 Jasmine from Burnsville, Minnesota Stated she worked for a company that was a good company and worked for thier customers, and she said There is help please don't think your stuck, well if there is any way for her to get ahold of us we could use her company's help right now because we have to find away to get away from Fairbanks.
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#21 Consumer Comment

I've contacted 60 minutes

AUTHOR: Chris - (U.S.A.)

I hope my contacting 60 minutes and sending this thread to them will start a nation wide investigation into fairbanks(or the companies new name). When they see you owners being bilked for hard monies you work for and former employees coming forward to confirm these stories...maybe you'll put the nail in the coffin.

Best wishes to my fellow homeowners!!
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#22 UPDATE EX-employee responds

It will be over soon, their day is finally coming!

AUTHOR: I Think This Is Helpful To People, But Giving This Info My Mess Up My Lawsuit - (U.S.A.)

I am an ex employee of Fairbanks nka Select serviving. They just laid off the whole PA site, which was quite a relief, because the same way they treat you guys is the way that they treated us. It was like being a slave, knowing that all of the tactics were wrong, but also knowing that times are hard out here, and it is either this job, or no job at all, the job economy in Pennsylvania is horrible. And when ever we tried to help a customer or give them options we were either fired, or threatend with being fired and prosecuted. I got fired a few weeks before the layoff notice, because of this and I am in the process of filing my on suit against them. Anyway, the buzz is that the company is on the market, Fidelity, Countr Wide and a few others are in negotiatios with them, all of the class action lawsuits have bled them dry, they are laying off employees left and right, they will not be around long. When I started with them the office we worked in had roughly 1000 people, the day I got fired we were down to about 150, in this whole big office park type building hat held at least 2000 employees. Keep doing what you are doing because they are running scared, and they can't afford it too much longer, they will all get judgment for what they did to you guys, because trust me, it was not us the employees, we were always threated with getting fired, if we did not act like hawks in order to get the money of people, collect criminal late fees, force insurance, even though we had their proof of insurance. A big problem was that they changed our proceedures from month to month, managment changed too often, there was always some new policy put in place, and in the midst of all of this we didn't get proper training, so basically you did what you thought was right. A lot of the BS they tell you guys is lies, they are all about revenue, and money, Please start another class action suit and take them down once and for all. and look up the Fair Debt Collection Protection Act, learn it, when those reps call you from cutomer service make sure that what they are saying is legal, because if it is not, for instance threats on your home,if you are in default, that can be an automatic lawsuit. They tape you, tape them, I bet all of the nasty calls will stop then. Flood the Salt Lake City site with phone calls, ask for Patrick Coon and Diane Mitchell, they are about the worse two people in the whole company. get your politicians involved, like Maryland did. get your law enforcement officials involved, like the county sheriff's, they usually hold the Foreclosure sales, we did it in Philadelphia, and they held of on all of the Fairbanks sales for months, while the company was being investgated, and a lot of homes were saved. I hope some of this helps, and good luck. remember even though they are now Select Servicing, Fairbanks stil has to answer to any and all lawsuits.
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#23 Consumer Suggestion

South Carolina Consumer Responding to Texas Victims

AUTHOR: J - (U.S.A.)

I'm responding to the citizen of Texas and all others who ingage (Fairbanks) in court. I won a settlement against (Fairbanks) in South Carolina. Although laws differ state to state I think it is important for people to no that some states and the federal government have certain laws of process and procedure, ironically some of the same legal technicalities that are used by (Fairbanks) to foreclose on it's unknowing customers homes can also be used by the customer to protect their homes.

A few ideas that I hope will be of help to those who are in despair

1. First; even if every lawyer persuades you that there is nothing you can do. Go to your local librairys legal section and look up local county process and procedure rules, note: as I stated earlier laws very state to state but many states and counties have there on legal process and procedure rules (laws). In my research and in my case I have found that most big companys use narrow legal terms (technicalities) for relief or for the right to foreclose on a customers home.

2. In some cases the contract adopted by the company is only legal in the state in which the company operates but as the company expands into other states or is picked up by another company most likely from another state they continue to use the same contract agreements or in some instances unlawfully change the agreement. The kicker is in my experience lawyers and customers never question the pressential legalitie of the mortgagers right to foreclose in there state.

(Example) The city of Rock Hill, hired a few policemen from up north (yankees) they were not aclamated to the Rock Hill city or state of South Carolina ordinances and laws, thus when on patrol they were found to be making charges against local citizens which were not even applicable in our state. Charges were dismissed.

3. I found that all of the lawyers I spoke with stated that they usually represent the mortgage company in foreclosures and it is pretty much a done deal, that once they start the proceedings it was impossible to get your home back after it has been sold.
With about three hours of research at my local library I found what in the legal proffesion is refered to as a (technicality) and with a $300.dollar fee I was able to file a motion to reverse the earlier sale of my home.

4. Swallow your pride and file for protection, so that in the future not (fairbanks) but the government will affirm your payments. eventually you might want to sale your home and when it comes time for the pay off amount I wouldnt trust (fairbanks) and you can take that to the bank.

5. I retained a bankruptcy attorney to file for protection, note: bankruptcy laws all thow they are federal, for some reason vary state to state which I find to be a contradiction to federal protection, however some states do have better bankruptcy and homeowner protection laws than others. See what protection your state offers.

It is my experience that (fairbanks) wants their customer's homes, so they can resale the home and gain all the profit including every thing customers have already payed prior to foreclosure including deposits, mortgage payments, late fees, insurance, misc., market value and any equity the homeowner may have had. It is also my experience that the attorneys want this too. Only you can protect you, with a little help of course!
South Carolina
Confusion to your enemies
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#24 REBUTTAL Individual responds

Texas Fairbanks Lawsuit

AUTHOR: Rob - (U.S.A.)

Greetings, I too was ripped by Fairbanks but took action. In Aug.2003 after two years of dealing with forced placed insurance, bogus fees, and late payments even though I had to foresight to send certified with green card reciepts, finally gave up and payed off our loan for cash. Was I ever wrong that that would solve it. After recieving over a quarter million dollars, Fairbanks waited two months and posted our home for foreclosure with no notice. I found out about it by accident and stopped it judicially. They made a huge mistake, we have the means to survive this and to get them in court. They hired one of the biggest law firms, a partner even sits in the White House as counsel. We'll just see who wins this time! To all who are suffering, don't just sit this out. Take action now! We would love to hear from Julie (ex-Fairbanks employee) directly. She can do something in her own backyard to rectify the situation. We would also love to here from any other Texas victims. Reply to this forum.
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#25 REBUTTAL Individual responds

Texas Fairbanks Lawsuit

AUTHOR: Rob - (U.S.A.)

Greetings, I too was ripped by Fairbanks but took action. In Aug.2003 after two years of dealing with forced placed insurance, bogus fees, and late payments even though I had to foresight to send certified with green card reciepts, finally gave up and payed off our loan for cash. Was I ever wrong that that would solve it. After recieving over a quarter million dollars, Fairbanks waited two months and posted our home for foreclosure with no notice. I found out about it by accident and stopped it judicially. They made a huge mistake, we have the means to survive this and to get them in court. They hired one of the biggest law firms, a partner even sits in the White House as counsel. We'll just see who wins this time! To all who are suffering, don't just sit this out. Take action now! We would love to hear from Julie (ex-Fairbanks employee) directly. She can do something in her own backyard to rectify the situation. We would also love to here from any other Texas victims. Reply to this forum.
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#26 REBUTTAL Individual responds

Texas Fairbanks Lawsuit

AUTHOR: Rob - (U.S.A.)

Greetings, I too was ripped by Fairbanks but took action. In Aug.2003 after two years of dealing with forced placed insurance, bogus fees, and late payments even though I had to foresight to send certified with green card reciepts, finally gave up and payed off our loan for cash. Was I ever wrong that that would solve it. After recieving over a quarter million dollars, Fairbanks waited two months and posted our home for foreclosure with no notice. I found out about it by accident and stopped it judicially. They made a huge mistake, we have the means to survive this and to get them in court. They hired one of the biggest law firms, a partner even sits in the White House as counsel. We'll just see who wins this time! To all who are suffering, don't just sit this out. Take action now! We would love to hear from Julie (ex-Fairbanks employee) directly. She can do something in her own backyard to rectify the situation. We would also love to here from any other Texas victims. Reply to this forum.
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#27 Consumer Suggestion

Contact the politicians

AUTHOR: Hubert - (U.S.A.)

It IS an election year! I suggest we contqct the original politicians who started the investigation in the first place. Let them know the HUD sold out the american people. Second, flood CBS with email about this. They had a small segment on the evening news about this. Going after CBS might get them to do a 48 hour special.

In an election year, let the press ask the poloticians why hey have failed to protect the american consumer.

You can also contact the Fanny May foundation and ask them why they aren't policing this like they should be.

Get ALL your friends, relatives and neighbors to go after the media and the elected officials. That's the only way!
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#28 Consumer Suggestion

Pennies on the Dollar ..Class actions suits send a message, but do litle else to help individual victims.

AUTHOR: Sam - (U.S.A.)

The settlement checks from Equicredit aka fairbanks aka select servicing or whatever they call themselves now, have been issued and those who chose to opt in were paid off with pennies on your dollar - literally. Class actions suits send a message, but do litle else to help individual victims. Let's step up to the plate and let everyone know what a con they run. Nothing was really started until people really started loudly complaining in every forum, agency or media. There are thousands of us victims. If you do some searches on the net you will find that some people who had built some anti-fairbanks websites have been legally silenced by fairbanks and their goons. The squeaky wheel gets the grease and if you want action. start talking. Also, it would be nice to refinance, but considering the way Fairbanks trashed our credit, it is unlikely or really difficult to get it done. Maybe there is some legit mortgage company who is aware of Fairbanks scheme and wants to refi a couple thousand or more loans. Ever wonder why they don't exactly want this business hmmmm
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#29 REBUTTAL Individual responds

Class action law suit response- None

AUTHOR: Anne - (U.S.A.)

My husband and I were with EquiCredit Corp. who sold us out to Fairbanks, in April 2001.

Our loan started out at $48,000 in 1998, when we finally got out from under Fairbanks in Jan. 2004 our loan payoff was at $56,000 and that is after paying on it for 5 years, I still have yet to figure that one out.

When we did get it refinanced it was at $63,000 with no cash back, because Fairbanks took everthing, but the normal fees for refinancing.
We refinanced anyway, because we had to get away from Fairbanks.

This company harrassed me, threatened us with foreclosure proceedings, or worse. They even went as far as to tell me that they just wanted the house, they didn't care about the money.

I was in tears every month, have been undergoing treatment for depression. They are ruthless, heartless, just don't give a darn company.

We submitted our request for the class actin lawsuit in the amount of around $7000. We recieved a letter in the mail saying that if we were going to apply that the cut off date was April 20, 2004. It said that our claim is $3800 and that the checks for the class action lawsuit would be issued May 21, 2004. I understand that it would be doubtful that we would recieve $7000, but I was suprised to find out that the amount we submittes was not the same as the amount in the letter.

We had the letter and all the paper work from Fairbanks and EquiCredit looked over by a lawyer. They said that it was a valid class action law suit so suggested we reply to the letter.

Well, we did reply and have heard nothing about it since. I don't know who to contact to find out about this lawsuit and it's results, if any.
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#30 Consumer Comment

I am ready for another lawsuit, Count me in

AUTHOR: Emma - (U.S.A.)

This is in response to the person who won the lawsuit agaist fairbanks capital. could you share the information on how to go about this. fairbanks or select folio or who wver they want to call themselves is the same person. they are still up the there old tricks and i am so tired ot them i am at my withs end, but i am not giving up. I contacted this gu craig kenney who is suppose to help solve disputes with fair banks. so person wrote me a letter called phillip pay and they sent me this bogus payment sheet that they made up them selves and still i owe them 23,000 for other fees that no one can explain what other fees are just other fees. they sent me a letter where money every month is out in supense and you never know where it is being put.it anyone is considering another lawsuit against them please dont hesitate to let me know. in the mean time i am still fighting and struggling with fairbanks and i dont know when this night mare is going to end but soon I pray.
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#31 Consumer Suggestion

Jack -- Class Action Suit !! Count me as Member #2

AUTHOR: Edgar - (U.S.A.)

Hi Jack of Solsata, Florida

Please treat this letter as an expression of interest to your cause and show of support in your efforts in finding people with similar cases and have plans of filing a class action suit against Fairbanks.

I fell prey to the bank's unfair and deceptive business practice when they signed me up to a more restrictive forebearance agreement which eventually lead to the foreclosure of our property in 2002.

I can relate to your views that only a class action lawsuit will compel this bank to face their victims in court who were seeking indemnifications for the the damages they sustained while dealing with Fairbanks.

Please count me as a member of your group and would be happy to assist you in dessiminating information to encourage more participants.

Good Luck.
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#32 Consumer Suggestion

It's not the slow pays who need help

AUTHOR: Robin - (U.S.A.)

It's the ones who are in Bankruptcy right now who need the help...who were force into it because these companies stoled lied made up files nobody and understan took our payments held them to post them late so they could steal more money placed insurance when we already had it... which they covered their a>>es while we thought we were making our payments on time and had no worrie.... until a few months down the line.... so if there is some magical place where over the rainbow dreams really do come true please let us know we will all be glad to bring suckers from the lollipop tree to share with all.... but I want to be the one wearing the ruby slippers and hearing the new mortgage company saying"be gone now before a house falls on you too" get my drift .....nobody will touch those in bankcruptcy right now... paying off 24.000 because of daily intrest late fees and outragous imposed lawyer fees... oh antie emmmmm where are you .... there's no place like home! and I want to keep mine....
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#33 Consumer Comment

Ex Unfairbanks Employees

AUTHOR: Robin - (U.S.A.)

Julie It's nice to hear you got paid time and a half.... Not being sarcastic but it was our monie being sucked from us for thier employees to have to sit and listen to all of us complain when we were being harrased before we could get in the shower..serve breakfast if we could afford anyhing more then a bowl of oatmeal because every dime went to this company ...

I finally had to tell them if they called my home again I would consider them in default of my loan....they stopped calling but when I called them boy did I hear the "your going to lose your house...."if you paid your bills you wouldn't have these problems"..."your Lazy" Send us our money"...and so on....

Yes if I were you I would make sure your loan never ends up in the hands of these horrible people who have no morals then to go to work on a daily basis and harras people over thier own curroupt business dealings.... I'm still waiting to see what happened with the readress fund because my letter said they owe me 7,300 which i want every penny.....
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#34 Consumer Comment

There is help! Please don't think you are stuck

AUTHOR: Jasmine - (U.S.A.)

I am a loan officer at a large coorporate company. And I was sad to read these articles and to think that people feel that they have no options. I wanted to let customers know that there could be help out there! I have helped many people who have had lates and bankruptcies, and placed them in a much better situation. That is why we keep most of our loans is because of the customer service. Please don't think you are stuck and try your other options!
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#35 Consumer Comment

Another Class Action suit needed

AUTHOR: Jack - (U.S.A.)

My loan was sold to Fairbanks Capital in 2001 on my home in San Diego, California. For peace of mind I always paid my mortgage 3 to 6 months ahead of time. I work as a Contractor (read that Temp. employee) and worried about getting stuck without a new assignment. So, I was at least 3 months ahead on payments when FC took over the loan. They did to me their usual tactics. Charged me late fees, misapplied payments to Misc., mis-applied principal and interest. They threatened to put insurance on my home when I had a valid policy. Usual nightmare. I was on the phone with them every month for some reason or another. When I would ask for an Account Activity Statement, they would tell me that I had to pay them $15.00 for one.

When I paid the loan off in August of 2003 I moved to Jacksonville, Florida. That is where they have the Call Center that deals with customers. This Call Center in Jacksonville is HUGE! I estimate that the main building is 500,000 square feet. Must employ 3,000 or more people there. Imagine how many people they screw. Must be blood money working there as each Customer Service Rep (CSR) must deal with irate loan customers on each call each day!! They are one of the largest employers in Jacksonville. (Florida typically pays very low wages compared with the rest of the country and Jacksonville, Fla. kind of specializes in Call Centers for finance companies, insurance companies, etc. I drove to that address and went up to the front door. Locked. Guard points to speaker on wall. I ask to see a manager to discuss my "issues". First they tell me no one is available. I told them that they will have to physically remove me unless I speak to management. They send someone down and let me in the lobby. In the middle of the lobby, I discussed my "issues". The guy took copies of my Account Activity Statements and said he would get back to me. Never did. I called and left messages for him and emailed him (he gave me his card) and he finaly emailed me that he DID investigate and found no problems. I emailed him back and his account was deleted (fired or quit).

Went on the internet and did a search. Found a class action suit against them for the identical issues in New York State. I emailed the lawyers for the class action suit and asked to be included. 6 months went by and they emailed me back saying that they did get a large settlement but that I had contacted them too late to be included. I'm sure that there are other individuals out there like me who still need to be compensated. Question is, how do we get another class action suit going? Especially considering that the first one was a huge success, a new suit would be much easier. There should be some hungry law firm that specializes in class action suit that could get this moving again. I'm sure that the name change (www.selectservicing.com) is their attempt at putting this behind them. But they still have liability even with the name change. We need lawyers help with this! Can anyone recommend law firms that specialize in Class Action work?
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#36 UPDATE EX-employee responds

Reaping what I sowed while working with Fairbanks???

AUTHOR: Julie - (U.S.A.)

I never imagined that I could have been part of a company that is so corrupt. I am so thankful that I left and finally now can see what they are responsible for.

Robin, I never considered any action against Fairbanks because it was a requirement of our position to commit to the 12-hour push period once a month. We were paid appropriately (time and a half) for any overtime that was earned while on these pushes, and so there was never any legal ground for me to consider action.

Now I am terrified though. My husband and I are purchasing our first-ever home, and the mortgage company we are having our loan originated through sells 100% of their loans immediately. My biggest fear is that karma will lead our note into Fairbanks' hands. It has scared me so much, especially after reading these and other reports, that I have nearly backed out twice. There is still time before our closing, and the nearer it gets, the more anxious I get about the possibility of being serviced by Fairbanks. And from what I hear, none of them are really up to par.

It's too bad. Buying and owning a home should be something that it exciting and rewarding and fulfilling. It is tragic that by the actions of large, greedy companies, a lot of people experience just the exact opposite of that and end up in misery.

Best of luck to all of you, and to me. :)
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#37 Consumer Suggestion

Former Fairbanks Employee's - Please Help!

AUTHOR: Robin - (U.S.A.)

This is finally getting interesting .... I'm wondering just how many employee's of this courupt company actually read these posts and If they have one ounce of simpathy. I hope they have courage to Stand up to the money sucking hipocrates who put us in chapter 13 because we weren't prior to this company lying about payments sending out history statements no one I have ran across can make heads or tails of... placing unneeded insurance Not applying payments made buy the trustee's of the courts system to our account.

Charging over inflated lawyers fee's to push your amount owed so high that it made it hard to get confirmed in a chapter 13 ...but that was thier plan form the get go... Hartland morg. comp is being sued for overtime not being paid...wonder if the person who posted they worked push days 12 hours with no lunch ever thought about going after Fairbanks... Seems they treat thier employee's as much as anyone else for the almighty buck... who cares that there are real honest pople out there with children they are raising ...

If we were such bad people then why would we fight to get into a chapter 13 ...we would have walked and filed a 7 and let them take our house but We will not bend over for them We will fight ... Please stand up and fight with us Unfairbanks employee's help us to be heard while helping yourselves.... we should all take back our monies they stole from us.... Take care and God Bless each and everyone of us stuck in this Fiarbanks mess.... It's time to take out the trash....Amen!!!!
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#38 Consumer Suggestion

Get Your Home Back, I fought back and won a settlement against Fairbanks

AUTHOR: James - (U.S.A.)

I saved my home, It wasn't easy when every attorney in the York County Phone book said there was nothing I could do, and then My Congressman, Senator, state representative, and all authorities listed and available to discuss the matter simply passed the buck.

Although Fairkanks, wrongfully initiated action which led to York County SC. ellegaly auctioning my home in where Fairbanks picked it up for a minimal fee. Fairbanks then filed for an eviction notice to have me removed by force. Fortunately for me I refused to give up I researched the law at the public library and although I couldn't find an attorney to fight to get my house back, I did find one who for $300.00 dollars was willing to file a simple motion to overturn the sale of my home. You can only imagine the relief I felt when the Honest judge upheld the motion, I immedeatly filed for federal protection to restructure my alleged debt. to Fairbanks.
Not long after my Chpt.13 plan was approved Fairbanks again elegally tried to foreclose on my home.

I fought back and won a settlement against Fairbanks, (Select Porfolio Servicing,inc.)I would be more than willing to share any unprotected information of this order to help others.

Please excuse the grammar no time for spell check.
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#39 Consumer Comment

Fairbanks Changes It's Name

AUTHOR: Anonymous - (U.S.A.)

I am a real estate agent and have worked with Fairbanks in selling their foreclosed property in the past. We have received notice that they have changed their name to Select Porfolio Servicing, Inc, www.selectservicing.com. Just wanted to make everyone aware. I have seen many things working this business, from the people who just don't want to pay, to the people who due to circumstances are unable to pay, to the ones who have just gotten ripped off. I just wanted to provide information to those that might need it.
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#40 Consumer Comment

was a customer of Conseco Finance until they sold my loan to Fairbanks Capital

AUTHOR: Gary - (U.S.A.)

I was a customer of Conseco Finance until they sold my loan to Fairbanks Capital Corporation. I thought "great I got away from Conseco" boy was I surprised when it turned out Fairbanks was worse.. They claimed they lost my first payment then wanted late charges for it even after I proved they had it on time. Only after a few months they sold my loan but I was hit with a late payment on my credit that they never removed even after disputes proved it was not late. Fairbanks sold my loan, "thank God you say" Oh no the nightmare continues now Ocwen has the loan. I would like to finance though a legitimate bank but I have a bankruptcy over my head. Hopefully soon I can get out from underneath these worst of criminals.
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#41 UPDATE EX-employee responds

I used to think it was just the customers.... I surrendered my position with the company

AUTHOR: Julie - (U.S.A.)

They always told us, "Of course we are going to have a bad reputation with customers. We are getting money, collecting for it, charging fees that they may disagree with. But that's business, and what bank doesn't have that?"

I worked, originally as a temporary employee, in phone customer service in Austin, TX, shortly after Fairbanks assumed Olympus Servicing Company, LLP. Not a single day would go by that I didn't have someone asking about escrow problems, or asking why their payment wasn't applied and instead sent to suspense, or asking why there was force-placed homeowners or flood insurance placed. Miscalculations with escrow as a result of false force-placed insurance would cause customers' payments to increase sometimes by a few hundred, or in some rarer cases, a couple of thousand dollars a month. And if it was definitely a mistake caused by the company or the transfer of their loan? They had to pay it anyway or their mortgage would go into default--that's what I had to tell them. If they couldn't pay, that was too bad--"That's all part of having a mortgage" we were told to say. "Expect the unexpected." We were constantly telling them about how their realtors would have been the shifty ones trying to make the sale of the home just to take the blame off our company.

I worked originally in collections, calling mortgagors the DAY AFTER their payment was due, regardless of whether or not they had a contract-mandated grace period or not. The first 15 days of the month SUCKED for collectors because we would call customers demanding payments, and they would be furious--stating they had grace periods (varying in time from 5-25 days in length). Then on the 30th of every month, that was our 'push period' and we worked 12 hour days with no lunches, collecting on those mortgages that were finally just then going into a 30-day delinquency.

I had to stop and catch my breath when I saw this report on the main page of badbusinessbureau.com because I always thought the lies Fairbanks/ Olympus had forced on me in their training was legitimate. I really had no reason to think otherwise, until I read this and realized all of the complaints about the same practices I used to find questionable. After 8 months with the company, I felt that I was lying to the countless number of customers--it seemed more than a coincidence that everyone would be calling with the same issues and concerns. I surrendered my position with the company, and I am thankful that I did.

I wish the best of luck to anyone who is currently in a legal struggle with this company. Eventually, Fairbanks will be exposed for the slime that they are.
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#42 UPDATE EX-employee responds

I used to think it was just the customers.... I surrendered my position with the company

AUTHOR: Julie - (U.S.A.)

They always told us, "Of course we are going to have a bad reputation with customers. We are getting money, collecting for it, charging fees that they may disagree with. But that's business, and what bank doesn't have that?"

I worked, originally as a temporary employee, in phone customer service in Austin, TX, shortly after Fairbanks assumed Olympus Servicing Company, LLP. Not a single day would go by that I didn't have someone asking about escrow problems, or asking why their payment wasn't applied and instead sent to suspense, or asking why there was force-placed homeowners or flood insurance placed. Miscalculations with escrow as a result of false force-placed insurance would cause customers' payments to increase sometimes by a few hundred, or in some rarer cases, a couple of thousand dollars a month. And if it was definitely a mistake caused by the company or the transfer of their loan? They had to pay it anyway or their mortgage would go into default--that's what I had to tell them. If they couldn't pay, that was too bad--"That's all part of having a mortgage" we were told to say. "Expect the unexpected." We were constantly telling them about how their realtors would have been the shifty ones trying to make the sale of the home just to take the blame off our company.

I worked originally in collections, calling mortgagors the DAY AFTER their payment was due, regardless of whether or not they had a contract-mandated grace period or not. The first 15 days of the month SUCKED for collectors because we would call customers demanding payments, and they would be furious--stating they had grace periods (varying in time from 5-25 days in length). Then on the 30th of every month, that was our 'push period' and we worked 12 hour days with no lunches, collecting on those mortgages that were finally just then going into a 30-day delinquency.

I had to stop and catch my breath when I saw this report on the main page of badbusinessbureau.com because I always thought the lies Fairbanks/ Olympus had forced on me in their training was legitimate. I really had no reason to think otherwise, until I read this and realized all of the complaints about the same practices I used to find questionable. After 8 months with the company, I felt that I was lying to the countless number of customers--it seemed more than a coincidence that everyone would be calling with the same issues and concerns. I surrendered my position with the company, and I am thankful that I did.

I wish the best of luck to anyone who is currently in a legal struggle with this company. Eventually, Fairbanks will be exposed for the slime that they are.
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#43 UPDATE EX-employee responds

I used to think it was just the customers.... I surrendered my position with the company

AUTHOR: Julie - (U.S.A.)

They always told us, "Of course we are going to have a bad reputation with customers. We are getting money, collecting for it, charging fees that they may disagree with. But that's business, and what bank doesn't have that?"

I worked, originally as a temporary employee, in phone customer service in Austin, TX, shortly after Fairbanks assumed Olympus Servicing Company, LLP. Not a single day would go by that I didn't have someone asking about escrow problems, or asking why their payment wasn't applied and instead sent to suspense, or asking why there was force-placed homeowners or flood insurance placed. Miscalculations with escrow as a result of false force-placed insurance would cause customers' payments to increase sometimes by a few hundred, or in some rarer cases, a couple of thousand dollars a month. And if it was definitely a mistake caused by the company or the transfer of their loan? They had to pay it anyway or their mortgage would go into default--that's what I had to tell them. If they couldn't pay, that was too bad--"That's all part of having a mortgage" we were told to say. "Expect the unexpected." We were constantly telling them about how their realtors would have been the shifty ones trying to make the sale of the home just to take the blame off our company.

I worked originally in collections, calling mortgagors the DAY AFTER their payment was due, regardless of whether or not they had a contract-mandated grace period or not. The first 15 days of the month SUCKED for collectors because we would call customers demanding payments, and they would be furious--stating they had grace periods (varying in time from 5-25 days in length). Then on the 30th of every month, that was our 'push period' and we worked 12 hour days with no lunches, collecting on those mortgages that were finally just then going into a 30-day delinquency.

I had to stop and catch my breath when I saw this report on the main page of badbusinessbureau.com because I always thought the lies Fairbanks/ Olympus had forced on me in their training was legitimate. I really had no reason to think otherwise, until I read this and realized all of the complaints about the same practices I used to find questionable. After 8 months with the company, I felt that I was lying to the countless number of customers--it seemed more than a coincidence that everyone would be calling with the same issues and concerns. I surrendered my position with the company, and I am thankful that I did.

I wish the best of luck to anyone who is currently in a legal struggle with this company. Eventually, Fairbanks will be exposed for the slime that they are.
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#44 UPDATE EX-employee responds

I used to think it was just the customers.... I surrendered my position with the company

AUTHOR: Julie - (U.S.A.)

They always told us, "Of course we are going to have a bad reputation with customers. We are getting money, collecting for it, charging fees that they may disagree with. But that's business, and what bank doesn't have that?"

I worked, originally as a temporary employee, in phone customer service in Austin, TX, shortly after Fairbanks assumed Olympus Servicing Company, LLP. Not a single day would go by that I didn't have someone asking about escrow problems, or asking why their payment wasn't applied and instead sent to suspense, or asking why there was force-placed homeowners or flood insurance placed. Miscalculations with escrow as a result of false force-placed insurance would cause customers' payments to increase sometimes by a few hundred, or in some rarer cases, a couple of thousand dollars a month. And if it was definitely a mistake caused by the company or the transfer of their loan? They had to pay it anyway or their mortgage would go into default--that's what I had to tell them. If they couldn't pay, that was too bad--"That's all part of having a mortgage" we were told to say. "Expect the unexpected." We were constantly telling them about how their realtors would have been the shifty ones trying to make the sale of the home just to take the blame off our company.

I worked originally in collections, calling mortgagors the DAY AFTER their payment was due, regardless of whether or not they had a contract-mandated grace period or not. The first 15 days of the month SUCKED for collectors because we would call customers demanding payments, and they would be furious--stating they had grace periods (varying in time from 5-25 days in length). Then on the 30th of every month, that was our 'push period' and we worked 12 hour days with no lunches, collecting on those mortgages that were finally just then going into a 30-day delinquency.

I had to stop and catch my breath when I saw this report on the main page of badbusinessbureau.com because I always thought the lies Fairbanks/ Olympus had forced on me in their training was legitimate. I really had no reason to think otherwise, until I read this and realized all of the complaints about the same practices I used to find questionable. After 8 months with the company, I felt that I was lying to the countless number of customers--it seemed more than a coincidence that everyone would be calling with the same issues and concerns. I surrendered my position with the company, and I am thankful that I did.

I wish the best of luck to anyone who is currently in a legal struggle with this company. Eventually, Fairbanks will be exposed for the slime that they are.
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#45 REBUTTAL Individual responds

fairbanks heartless cut-thoats

AUTHOR: Arlie - (U.S.A.)

I do have a mortage thru Fairbanks. What can Artists. Late fee. NO record of payments ,even thou we have copies of payment checks Front/Back.
They are the biggest crooks .Liars Low-lifes in the world.

HOW CAN THEY LOOK AT THEIRS IN THE MIRROR IN THE MORNING? SOME WILL LAUGH AND SAY" I GOING TO SCREW SOMEONE TODAY AND SMILE.

f'EM a.CUNNINGHAM
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#46 REBUTTAL Individual responds

fairbanks heartless cut-thoats

AUTHOR: Arlie - (U.S.A.)

I do have a mortage thru Fairbanks. What can Artists. Late fee. NO record of payments ,even thou we have copies of payment checks Front/Back.
They are the biggest crooks .Liars Low-lifes in the world.

HOW CAN THEY LOOK AT THEIRS IN THE MIRROR IN THE MORNING? SOME WILL LAUGH AND SAY" I GOING TO SCREW SOMEONE TODAY AND SMILE.

f'EM a.CUNNINGHAM
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#47 Consumer Comment

Borrowers are not the only victums!

AUTHOR: Patrick - (U.S.A.)

Have you ever wondered WHERE some of the borrowed funds came from? In the early 1990's Aames Home Loan ran ads throughout California offering investors ( actually IDIOTS ) a chance to earn 13% or more on their money by investing in Aames trust deeds.



Although I lived in Northern California most of the trust deeds they offered me were located in Southern California. I invested in numerous trust deeds and lost a HUGE amount of money when I had to foreclose on several of those trust deed and found that the properties had NO PROTECTIVE EQUITY!



When I read the reports from the borrowers I realized that the only ones who made out okay on these loans was AAMES AKA FAIRBANKS! BOTH BORROWERS AND PRIVATE LENDERS WERE BEING SCREWED!
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#48 Consumer Comment

What are we to do ..destroyed me like thousands of others

AUTHOR: Hubert - (U.S.A.)

There are complaints filed against Fairbanks Capitol in every state where they are licensed. Fairbanks has destroyed me like thousands of others. How do we stop this white-collar mafia and save our homes. Most of us cannot even refinance because Fairbanks had destroyed our credit rating before we knew what was happening. I understand about all the government investigations, but that take time. What are we supposed to do, loose our homes and hope that someone realizes we were right twenty years from now? We need immediate action. We need a federal judge to; first, shut them down and second, clear our credit reports of all the invalid negative data. Then transfer our mortgages to a reputable company at a market interest rate, not this 9% and higher that most of us are stuck with because Fairbanks has destroyed our credit. I would appreciate any feed back direct or otherwise as to how I save my home and clear my credit report from all of Fairbanks' false accusations.
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#49 Author of original report

Fairbanks Capital Saga Continues

AUTHOR: Victim Turned Consumer Advocate - (U.S.A.)

Over the last 60 days, there have been many new developments in the on-going saga of Fairbanks Capital Corporation.



The beginning of April brought yet another examination into the business practices of Fairbanks Capital, this time it was Fannie Mae and Freddie Mac. Both companies agreed to conduct their own investigation in response to a request by U.S. Sen. Paul Sarbanes, (D- Maryland).



On April 17th Fairbanks Capital agreed to suspend any pending foreclosure Proceeding while reviewing a borrower's formal complaint made to regulators or Fairbanks Capital itself. They also agreed not to require a homeowner to sign a forbearance agreement to avoid foreclosure.

Fairbanks also agreed to respond to all formal complaints within two weeks.



The first week of May brought the well overdue downgrade by Standard & Poor, one of the world's most reputable rating service companies.

Fairbanks was once rated as strong by Standard & Poor, but they now hold the well deserved rank of below average, which is a four step drop.



PMI, Fairbanks' largest shareholder was also downgraded by Standard & Poor just 2 days after Fairbanks received their new lowered rating.



The rating downgrades continued for Fairbanks Capital on May 5th , when Moody followed S&P's 4 step drop from strong to below average.

Just days later Fitch finally made the move and reported their own 4 step downgrade for Fairbanks Capital.



The downgrade by Fitch Rating Company, came after the replacement of Fairbanks Capital's CEO Thomas Basmajian. The announcement of Basmajians farewell from his CEO position was announced on May 7th.



Basmajian is all to familiar with criminal investigations by the Feds, he was found to have close business ties to the notorious John Peter Galanis, the Charles Manson of white collar criminals. Galanis was sentenced to 27 years in prison in the late 80's for defrauding investors, banks, mutual funds, shareholders, and the U.S. Government out of $400,000,000.00.



Basmajian managed to avoid any criminal charges and went on to form Fairbanks Capital just one year later in 1989. We believe Basmajian filed deceiving documents with the state of Texas, he failed to mention Churchill oil and gas, along with a false description of Churchill Investment and its reason of closing. Both of these Companies where linked in with the Galanis multi million dollar fraud scheme.



Former Fairbanks CEO, has not left the building, he is still on the board, and is a consultant to the new top management at Fairbanks Capital.



Last month, investigative reporter Jayne Miller with the WBAL Channel in Maryland, brought us the interview we have all been waiting for, an ex-employee of Fairbanks Capital. Sharon confirmed that it was part of Fairbank's business practices to deceive customers, ignore written disputes, charge mystery fees, charge for force-placed insurance, avoid timely postings

Of payments, etc. They force people into foreclosure that I knew should not be in foreclosure Sharon said.



Sharon also admitted to certain daily spiffs for employees that collected the most western union payments in a given time frame.



On May 20th the new chairman of the Fairbanks board, Bradley Shuster spoke publicly for the first time.



Shuster stated that the company has been ordered to do a top to bottom review of every fee that borrowers are charged.



The overriding goal of this review is to ensure all fees charged are fair to all constituents involved, Shuster said.

Bradley Shuster is an executive with PMI, which holds 57% ownership of Fairbanks Capital.

PMI had also held 3 seats of the 8 member board of directors of Fairbanks before the start of the federal investigations , although PMI executive have denied having anything to do with Fairbanks operations in the past, we believe that PMI will prove to be just as involved in Fairbanks long time fraudulent scheme by their lack of concern or investigation into the matters brought to their attention over 2 years ago.



On May 27th, the President of Fairbanks Capital, William Garland was fired.He held the number 2 position in the company.



The beginning of June brought the completion of the review by Fannie Mae.



Like many others who have examined Fairbanks, Fannie Mae found several problems that included; improper assessment of certain fees and charges, Inadequate dispute resolution, Inadequate internal controls, etc.



Fannie Mae will put its employees inside Fairbanks to closely monitor the company's practices.



Fannie Mae also stated that Fairbanks has agreed to make corrections and to fairly compensate any borrowers charged inappropriate fees.



Last week, we were also informed that Fairbanks Capital is currently seeking advice from the former head of the FTC, Christine Varney. Ms. Varney, is said to be provideing advise to Fairbanks on their dealings with the agency. The FTC joined the investigation launched by HUD in early March.



Just this week, Sen. Mikulski (D-Maryland) asked Attorney General John Ashcroft for the Justice Department to get involved to root out what the senator characterizes as the fraud that has affected hundreds of homeowners.



Mikulski wrote: "I request that you commit the resources and expertise of the Justice Department to the ongoing HUD investigation into the business practices of Fairbanks Capital Corporation. I believe that the Justice Department, working with the HUD Inspector General, can achieve justice for the victims of Fairbanks and root out the fraud that is currently destroying lives and communities."



If you are a victim of Fairbanks Capital please file your Rip-offReport here.



Also, contact the HUD OIG office at: 1-800-347-3735 or email your complaint directly to hotline@hudoig.gov



You can file a complaint with the FTC by calling- 1-877-382-4357



Florida victims are asked to also contact the Fla. Dpt. Of Banking at: 1-800-848-3792
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#50 Consumer Comment

Fairbanks Capital, criminal investigation spreading Nationwide

AUTHOR: Victim turned Consumer Advocate - (U.S.A.)

Just over a month ago Senator Barbara Mikulski of Maryland asked for an investigation into the business practices of Fairbanks Capital while at a HUD budget meeting.



The investigation was granted by the HUD inspector general and since then, many other agencies have joined the fight for homeowners across the Country. Currently, agencies involved in the investigation include, HUD, FTC, Freddie Mac, Freddie Mae, and many other State officials.



The investigation regarding Fairbanks business practices has now evolved into a "criminal investigation" even though Fairbanks, PMI, and FITCH continue to call it a "review".

The question here, is Fairbanks and PMI dealing with the same HUD and FTC that are doing the investigating ???
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#51 Author of original report

Fairbanks Capital's CEO linked with notorious swindler John Peter Galanis

AUTHOR: Victim turned Consumer Advocate - (U.S.A.)

WBAL-TV 11 NEWS turns their Fairbanks Capital investigation to the man behind the company,

Thomas Basmajian, CEO.



11 NEWS uncovered startling information about Basmajian's background buried in six boxes of a federal case now housed in the National Archives.

It is a case that centers on John Peter Galanis, a notorious white collar criminal who made headlines in the late 80's when his organization was put on trial for bilking hundreds of millions of dollars from investors and the U.S. Government in tax shelter schemes.



Basmajian was not charged in the Galanis case, but the review of documents from the case and 9000 pages of court testimony reveal Basmajian's connection to Galanis' deals.



It started with a company called Churchill Oil and Gas, formed in 1981 by Doug Adams and Thomas Basmajian.



According to Adams' testimony in court: he and Basmajian formed Churchill in 1981 specifically to work with John Galanis in the Transpac drilling ventures." Transpac was the name of the tax shelters that the government later declared a total sham.



Court testimony reveals Basmajian was at the table with Galanis when the Transpac deals were launched. Testimony also reveals Basmajian was an apparent insider in the deals, close enough to the inner circle that he was able to get a piece of the tax shelters pie without having to pay.



In 1983, Basmajian was involved in starting a new company, called Churchill Investment Corporation. It was a licenced securities dealer. According to testimony in court, it was intended to make the tax shelter program more attractive to investors.



Doug Adams, Basmajian's partner says he was also involved in Churchill Investment but got out by the end of 1984 when it had apparently drawn attention from the SEC.



In Sept, 1987 Galanis and seven of his associates were indicted by a federal grand jury in New York.



By that time, Galanis schemes were linked to the failure of several banks and the raiding of a mutual fund.



As the case went to trial, the federal prosecutor desribed it this way: "This is an organization who's M.O. is fraud, whose very activities were corrupt, whose appetite for money was voracious, whenever more money was needed, more victims were sought. All of the defendants, as well as others were members of a thoroughly corrupt, criminal organization which defrauded investors, banks, mutual funds, shareholders and the U.S Government."



Galanis was convicted and sentenced to 27 years in prison- one of the toughest white-collar criminal sentences ever in the Country.



Doug Adams, Tom Basmajian's partner, was among a dozen other men in the case who pleaded guilty or was convicted on related charges.



Untouched by the prosecution of Galanis and Adams, Basmajian himself went on to form Fairbanks Capital a year later in 1989. In these documents, filed in the state of Texas, Basmajian makes no mention of Churchill Oil and Gas and describes Churchill Investment as a licenced brokerage that closed in 1987 due to a decline in real estate partnerships.



Basmajian refused to speak with 11 NEWS regarding this story, but an unnamed spokesperson issued a statement on his behalf:

"Tom Basmajian, like many others, was a victim of the fraudulent investment scheme perpetrated by John Galanis in the early 1980's. It is pointless today to rehash the events that occurred 20 years ago."
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#52 Author of original report

U.S Senator Barbara Mikulski Demands Investigation of Fairbanks Capital

AUTHOR: Rip-off Report Investigation - (U.S.A.)

Federal authorities are responding to the complaints of more than 100 Maryland homeowners.

The inspector general for the HUD department is launching an investigation of Utah-based mortgage servicing company, Fairbanks Capital Corp.



WBAL-TV 11 NEWS lead investigative reporter Jayne Miller reported that Senator Barbara Mikulski,(D-Maryland), asked for the investigation during a Senate subcommittee meeting on the HUD's budget.

"We want to know who this company is and what they are doing," Mikulski said in the meeting.

As a result, HUD's inspector general agreed to open the Fairbanks investigation before the budget hearing was over.



Homeowners who have a complaint can contact an additional resource, the HUD inspector general's

hotline by dialing (800) 347-3735.



Rip-offReport.com strongly suggests that everyone contact their State Senators also. Now is the time to take action and ask your state senators to

get involved with this already launched investigation.



You can find your state senators by visiting:

www.senate.gov
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