1-2-03
The following is my experience with Fairbanks Capital Corp. (should be called UnFair banks Capital Corp.

We like a lot of others were with another Mortgage Company – ours was Nations Credit of division of Bank of America. Our first Mortgage was originally with Town & Country Credit and Our 2nd Mortgage was with Nations Credit.

One day I was informed that our 1st was assumed or ?? and was now with Nations Credit. They were ok and they would occasionally mess up. Then we got the news that our loan was being transferred to a Company call Fairbanks Capital Corp. (never hear of them) that was a sorry day.

We had had some financial problems with a previous private real estate investor (another name for crook) Jay J. Doernberg (stay away from him) we were doing a lease purchase and even with a lawyer (supposedly) on our side lost on a legal issue with a house here in the Colorado Springs, CO . We even had a signed contract for specific performance and we lost. Our lost was about $25,000 including legal fees. We even got evicted from that house when we did what our lawyer told us to do. Of course with our lawyer missing the eviction hearing we didn’t have much of a chance.

We were lucky to fine a new place to live in a very short notice and did another least purchase and this time was able to get the transaction complete and buy the house we now live in (for the moment anyway). Our loan company Town & Country sold our loan to Nations Credit and then to Fairbanks Capital Corp. (the company from Hell).
We never got any statements from this new company – at least Nations Credit would send statements.

Almost from the first payment this company was bad.
They said we had not made a payment at least a year earlier to Nations and that we must pay it Right now or else. In the past year or so it seemed very fishy, that I had at least 2-3 payments not clear my bank and I have to pay them electronically to make up for the checks that had not been received by them but mailed by me.

I have been paying late fees for some time. They didn’t even tell me I was supposedly behind on a payment. (No Statement of course) I have requested statements 3-4 times.

The latest scam (they were not getting enough on late fees) is foreclosure scam. They conveniently do not receive my sep & oct payments on both the 1st & 2nd Mortgage. Now I did not know about the 2nd mortgage until today. I find out that in December 02 that I was going into foreclosure on my 1st loan. They said that if I pay them the $1700 fees plus late fees that I could make up the difference over the next 3 months at 1 ½ times my reg. Payment. I made a payment of $3800.00 plus another $1600 just before Christmas.

As you can guess we had a great Christmas – thanks to Fairbanks Capital Corp.. My regular monthly payment is $1077. I paid out $5200 in Dec. I just contacted them today and as I might have guessed my 2nd mortgage is in foreclosure I was not notified until a day ago. They for some reason never got my last 3 payments of $198 for a total of $594. I admit I didn’t make the Dec. Payment I paid them $5200 on the 1st Mortgage but was going to make it up in Jan’s payment.

This one is really interesting. They tell me (of course you can never getting anything in writing from them That I owe them something like $3000+ on the $198/mo. Payment. $900 collection fee, $594 payment. $1600 foreclosure fee. I only owe $14,000 on this loan or did. I can pay $2100 now and the balance next month.

As with most other people that contact this company they as rude, unprofessional, insulting, always right, and I could go on for some time.

To make things worst this year I was laid off because of WorldCom and was out of work for a couple months. The new job I have now pays $20,000/yr. less about the amount of the 1st & 2nd Mortgage plus taxes and insurance. So we are at best struggling to make ends meet. I have been sending my checks for 1st and 2nd out every month.

I might be negligent in one area and that I don’t check everyday to see if my checks have cleared the bank. Of course you never know when they will clear as I have had them take over 3 weeks from the time I sent them to clear my bank. Many other people have had similar experiences I am find out.

The http://www.ripoffreport.com/reports/ has over 280 reports on this Rip Off Company Fairbanks Capital Corp..

More to come.

Charles
Colorado Springs, Colorado
U.S.A.

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