• Report: #91364
Complaint Review:

Fairbanks Capital

  • Submitted: Thu, May 13, 2004
  • Updated: Thu, May 13, 2004

  • Reported By:Ocoee Florida
Fairbanks Capital
Salt Lake City, Utah U.S.A.

Fairbanks Capital ripoff ruined credit, charged illegal fees, failed to respond to complaints, extorted money Salt Lake City Utah

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In February 2002 we sold our home and very unfortunately our loan was serviced at the time by Fairbanks Capital. Throughout the time we had our loan serviced through Fairbanks, about 3 years, they continually lost payments, charged unexplained fees and tried to place us in forced insurance programs. When we sold the house Fairbanks Capital provided us with an estoppel letter. Two months after closing on the sale of the house, Fairbanks had failed to provide the requisite satisfaction of mortgage and failed to provide a warranty deed on the property.

After two months passed Fairbanks finally contacted us and demanded an additional $8,000.00 to issue the warranty deed, claiming all sorts of additional fees and prepayment penalties and other charges which were not agreed upon in our initial mortgage.

I contacted the Florida Department of Banking and made a formal complaint, I also complained to authorities in Utah regarding the practices of this Company. At the time I really didn't receive much sympathy from officials to our plight. Eventually our title insurance had to pay the company the money they demanded in order to get the lien released on the property. However, I just recently learned that during that time period Fairbanks Capital reported our mortgage in default (even though the home had been sold and they were well aware of that fact) which has destroyed our credit and is causing us problems with the ability to refinance our existing house.

I am trying to work on getting this inaccurate information removed from our credit history but this is a very difficult task indeed. I work in the legal field and even given the fact that I was attorney represented during this time, it didn't phase the company one bit. In fact their corporate counsel called my attorney and spent 15 minutes screaming at him for me having the nerve to allege that they were engaging in fraud and extortion.

I just wished that the State of Florida had taken the complaints more seriously, perhaps many people could have been spared. I believe that people in the State of Florida should lobby the Department of Banking and Legislature to pass Legislation which allows the borrower to approve the lender when your mortgage is sold. We didn't have a choice but to deal with this unethical institution, we were stuck with them. Our loan was initially held by a reputable company and was sold off to Fairbanks.

There needs to be a law protecting consumers when this happens to them, especially given the fact that the State of Florida must be a haven for these types of criminals. I am glad to see that at least other states take Fairbanks criminal behavior more seriously. These are the people that really need to see the inside of a prison cell.

I can sympathize with all the others who have been victimized and hopefully through the numerous lawsuits and criminal investigations some remedy can be found.

Ocoee, Florida

This report was posted on Ripoff Report on 05/13/2004 04:24 PM and is a permanent record located here: http://www.ripoffreport.com/reports/fairbanks-capital/salt-lake-city-utah/fairbanks-capital-ripoff-ruined-credit-charged-illegal-fees-failed-to-respond-to-complai-91364. 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.

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