• Report: #183776

Complaint Review: Fairbanks Capital - Select Portfolio Servicing

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  • Submitted: Tue, March 28, 2006
  • Updated: Thu, June 15, 2006

  • Reported By:Avondale Arizona
Fairbanks Capital - Select Portfolio Servicing
Salt Lake City, Utah U.S.A.

Fairbanks Capital - Select Portfolio Servicing Absolute horrible scum of the earth company ripoff Salt Lake City Utah

*Consumer Comment: They have already started on me again

*Consumer Comment: They have already started on me again

*Consumer Comment: They have already started on me again

*Consumer Comment: NOT AGAIN! Litton SOLD my contract back to SELECT PORTFOLIO.

*Consumer Suggestion: My loan was just sold to them as well

*Consumer Comment: Fairbank Select Portfolio services

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We'll start from the beginning.

I was 19 when I bought my first house with my husband. We lived in that house and made every payment on time. I was not once late. We had great credit and wanted to upgrade so we sold our first house and bought our second.

THAT WAS THE BIGGEST NIGHTMARE OF OUR LIVES.

We had to do two mortgages; both were originally with Household Mortgage Services. I can't say much for this company either. They sold our 1st mortgage to Fairbanks which later turned into Select Portfolio Servicing. When they bought our mortgage, we were automatically charged a late fee. We were not notified that our mortgage was sold to them until we received a letter 3 months later. We were still sending our payments to our other mortgage company.

That's when it all started. From the first month that I had my mortgage sold to them, they started calling me 15 times a month threatning me with forclosure. On every statement I had a new fee. They even said I owed them because they were sending people out to my house to make sure that I was still living there!

My husband and I were doing everything possible to survice, but we fell behind on our payments. By two and was calling trying to work something out. They wouldn't work with me at all and put my house up for forclosure. The fees were absolutely outrageous. I only owed them originally $2000.00 and borrowed money from my family to get it all squared away.

When calling them one day, it was $3000.00 and then the next it was $6000.00. We had no choice but to pay them to save our house. We ended up sending them a check for over $11,000.00. We had to sell our house to pay back my family which we did 5 months later. When paying off my loan to them, I owed them more money that what the original loan was for and I owned it for more than 3 years.

We are happy to be free and clear of Fairbanks/Portfolio Servicing!

I wish anyone and everyone who is dealing with them now luck. Get out as fast as possible.

Brandi
Avondale, Arizona
U.S.A.

This report was posted on Ripoff Report on 03/28/2006 04:05 PM and is a permanent record located here: http://www.ripoffreport.com/r/Fairbanks-Capital-Select-Portfolio-Servicing/Salt-Lake-City-Utah-84165-0450/Fairbanks-Capital-Select-Portfolio-Servicing-Absolute-horrible-scum-of-the-earth-company-183776. 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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REBUTTALS & REPLIES:
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Updates & Rebuttals

#1 Consumer Comment

They have already started on me again

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

As I have stated previously this is my second victimization with this company, seems like we, in the USA should have a say over who we do business with, already they tried the You don't have insurance scam...a month after closing where the insurance was prepaid for a year.

That didn;t work so now they are raising my payment from $630.75 to $697.73 their excuse is an escrow shortage which of course is fraudulant.

I have demanded they remove my escrow but am gearing up for yet another fight.

I can refinance but will be forced to pay a ton of prepayment penalties and other costs so I am thinking it isn't a good choice either....looks like I have to sell or fight them again :(
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#2 Consumer Comment

They have already started on me again

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

As I have stated previously this is my second victimization with this company, seems like we, in the USA should have a say over who we do business with, already they tried the You don't have insurance scam...a month after closing where the insurance was prepaid for a year.

That didn;t work so now they are raising my payment from $630.75 to $697.73 their excuse is an escrow shortage which of course is fraudulant.

I have demanded they remove my escrow but am gearing up for yet another fight.

I can refinance but will be forced to pay a ton of prepayment penalties and other costs so I am thinking it isn't a good choice either....looks like I have to sell or fight them again :(
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#3 Consumer Comment

They have already started on me again

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

As I have stated previously this is my second victimization with this company, seems like we, in the USA should have a say over who we do business with, already they tried the You don't have insurance scam...a month after closing where the insurance was prepaid for a year.

That didn;t work so now they are raising my payment from $630.75 to $697.73 their excuse is an escrow shortage which of course is fraudulant.

I have demanded they remove my escrow but am gearing up for yet another fight.

I can refinance but will be forced to pay a ton of prepayment penalties and other costs so I am thinking it isn't a good choice either....looks like I have to sell or fight them again :(
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#4 Consumer Comment

NOT AGAIN! Litton SOLD my contract back to SELECT PORTFOLIO.

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

Select Portfolio, aka Fairbanks ruined my life, I lost my home and my credit, filed BK back in 2003 and walked away praying that would be the end of it. Since then I've worked very hard to rebuild my credit, found another home, a fixer-upper that I was buying owner carry, time came to get it financed and I closed on it in April 2006. My loan was sold the day of closiong to Litton, I thought ok not much bad here about them.

Yesterday, May 15,2006 I get a notice in the mail. Litton SOLD my contract back to SELECT PORTFOLIO. As of May 31st they will once again have the power to destroy me. I called and begged Litton not to sell but they won't stop the sale. I have two weeks to get this refinanced...having to pay the $3500 early payoff penalty or to sell the home I worked so hard on. I have been terrified this would happen but everyone assured me it wouldn't. It took less than two months! I have concluded the situation is hopeless. I will never be able to own my own home without these vultures coming after me.

Again it appears these crimnals are going to cause me to lose a home I worked very hard on. This time they WILL NOT ruin my credit too! I just spoke to my attorney, he said to SELL FAST that their is nothing else to do to save myself. The US government really needs to get involved. We should have a right to chose who we do business with and who we trust to hold that much power over our lives. I guess I will sell and buy an RV at least I won't have a mortgage or have to throw my money away on rent.
I am DEVASTATED1
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#5 Consumer Suggestion

My loan was just sold to them as well

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

I am so worried that I am going to have problems with this company. I hope they have gotten better since the class action suit.
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#6 Consumer Comment

Fairbank Select Portfolio services

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

My mortgage was just sold to Fairbanks Select Portfolio Services and went online to research them and it looks like I might be in for a bumpy ride. For those of you who are having a problem go to google; type in your state and federal trade commission (ex: NJ Federal Trade Commission) and that site will direct you to the attorneys who filed a class action suit against this company. I believe they settled in 2004, and if they are up to their old tricks LETS FILE SUIT AGAIN.
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