Report: #46454

Complaint Review: Fairbanks Capital Corp - Austin Texas

  • Submitted:
  • Updated:
  • Reported By: Pittsburgh Pennsylvania
  • Fairbanks Capital Corp PO 202710 Austin, Texas U.S.A.
  • Phone: 800-671-0252
  • Web:
  • Category: Banks

Fairbanks Capital ripoff on transferred mortgage, Pittsburgh, PA abused & mistreated Austin Texas

*Consumer Comment: Contact NACA

*Consumer Comment: Some of your rights under HUD guidelines

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Our mortgage was sold to Fairbanks Capital Corp. in December 2002. We are currently paid up to date with our payments. We are going through a bankruptcy right now, but we keep our payments current, so we can keep our home. Reason in Bankruptcy? You may figure it out if you read on

February 21, 2003, we receive a letter from the lawyers of this Fairbanks capital, and they want to foreclose on our home. How can they do this? They put down a bunch of lies in their petition, and whats strange is the lawyers Federman and Phelan, also did a petition exactly the same on our old home, that was truly in default, cause we were supposed to sell it. Funny, how two motions looked alike, on two totally different homes. The mortgage broker Jim Jennings of Allied Mortgage in Pittsburgh, also made false promises.

1. He told us we would have a low interest on this home, but it is 10.25. 2. He promise that other home to sell, and told us not to pay our mortgage. We fell for it on the old home, but the one we live in, we kept paying mortgage, cause we didnt want to lose it. Now we are getting told by Fairbanks, that we are in default, when we have proof we have been paying our mortgage. Also they came up with some outrageous total of 3252.00, saying we owe that, Our mortgage payments are $791.36 a month.

It is not fair that they hurt families like this. We have 8 children to support and need this home. Where can we go, or turn to, if even the lawyers are screwing everybody off? Who can we trust anymore? I wish I could just come up with the whole loan amount, but I'm sure they will still say I owe more. What can we do? Where are our rights? I am not going to lose something we put our heart into fixing up, just so a bank can try to profit on it. What are they really gaining anyway? It was intended that mortgage companies were there to help us. What Happened? Its not that way, and they will not get away with this. Please if anyone can help!

Pittsburgh, Pennsylvania

This report was posted on Ripoff Report on 02/21/2003 09:32 PM and is a permanent record located here: https://www.ripoffreport.com/reports/fairbanks-capital-corp/austin-texas-78720-2710/fairbanks-capital-ripoff-on-transferred-mortgage-pittsburgh-pa-abused-mistreated-austi-46454. 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. READ: Foreign websites steal our content

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#2 Consumer Comment

Contact NACA

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

POSTED: Thursday, February 27, 2003
Frank, as you already know, you are the victim of predatory lending.

Contact NACA about refinancing. NACA (www.naca.com) is a non-profit that helps low and middle income people buy houses. They also refinance predatory loans. They have offices all over, but you have to look on the website for more info and the toll-free #.

ACORN housing advocates might also be able to help you. You should also file complaints with the regulating agencies such as HUD, the lender's regulating agency, your Attorney General in your state, etc. It can be slow going, but the more complaints the regulators have, the better for all consumers hurt by the predatory tactics of these lenders.

Good luck with your case!
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#1 Consumer Comment

Some of your rights under HUD guidelines

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

POSTED: Thursday, February 27, 2003
This is some info on your rights, please look on the www.hud.gov for more info. this is cut and paste from the website. Good luck, hope it helps!

Home > About HUD > Housing > Single Family > Regulatory programs

Your Rights and the Responsibilities of the Mortgage Servicer

When you apply for a home mortgage, you may think that the lender, or loan originator, will service the loan until it is paid off or your house is sold. However, in today's market mortgage servicing rights often are bought and sold.

The Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute. Sections 6 and 10 of RESPA provide you with certain rights regarding the servicing of your mortgage and escrow account.

Please read this important information concerning your rights and the responsibility of your loan servicer.

Duty of Loan Servicer to Respond to Complaints. If you have questions or problems with the servicing of your loan, the servicer is required to respond to you. Write to your servicer and call it a "qualified written request under Section 6 of RESPA." It should be a separate letter and not mailed with your payment. The mortgage servicer must respond to you within 60 business days of receipt. (See Sample Written Complaint to Lender.)

Loan Transferred to New Servicer. Your loan servicer is required to notify you in writing at least 15 days before the servicing of your loan is transferred to a new servicer. The notice must include the following information:

The effective date of the transfer, the date your current servicer will stop accepting payments and the date the new servicer will begin accepting them.

The name, address, and toll-free or collect call telephone number for the new servicer.
Information that tells whether you can continue any optional insurance, such as mortgage life or disability insurance, and what action, if any, you must take to maintain coverage.

A statement that the transfer of servicing does not affect any term or condition of your mortgage documents other than the terms directly related to the servicing of the loan.

Treatment of Payments During Transfer Period. During the 60-day period beginning on the effective date of the transfer, the payment may not be treated as late if you mistakenly send it to the old mortgage servicer instead of the new one.

Escrow Account. RESPA does not require that you maintain an escrow account for the purpose of paying property taxes, hazard insurance, etc. Nor does RESPA have any jurisdiction over the decision of the lender or servicer to require or terminate an escrow account. RESPA does, however, provide you with the following protections with regard to the escrow account:

If your lender or mortgage servicer requires you to maintain an escrow account for the purpose of paying property taxes, hazard insurance, etc., RESPA requires that the servicer pay such items by the dates due to avoid a penalty or late charge.

RESPA sets limits on the maximum amount of money the servicer may require you to maintain and pay in the escrow account. (More information about escrow accounts, including how to calculate the maximum amount RESPA allows the lender to require in the escrow account.)

PMI (Private Mortgage Insurance). RESPA has no jurisdiction over the lender's decision to require PMI. Nor does it have any jurisdiction over the lender's decision to cancel PMI. (The PMI Act provides information regarding cancellation of PMI.)

Content updated June 21, 2002

U.S. Department of Housing and Urban Development
451 7th Street S.W., Washington, DC 20410
Telephone: (202) 708-1112 TTY: (202) 708-1455
Visit a local HUD office near you
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