Fairbanks Capital Corp. bought my mortgage and thus began my nightmare. Ripoff! Jacksonville Florida

I have read more letters than I care to in regard to Fairbanks Captial Corp. in the last week and feel that I must also add to your complaints.

Like many of you, my mortgage was sold to Fairbanks at which time my nightmare began.

I have been making my mortgage payments in a timely manner, but let's face it we're all late with payments once in awhile. However, Fairbanks never cashes my checks. They never cashed my check for August of 2002 and indicated that when they presented the check to my account that there was insufficient funds, which was flatly untrue. I was forced to put a stop payment on the check because they never returned it me. I have a letter from my bank too. I sent a check for two months' payments, which check was cashed. However, they didn't apply it all to my mortgage and are suspending over $700.00. Suspending it where, I don't know. I have requested a breakdown on more than one occasion to no avail.

Fairbanks has also assessed me homeowner's insurance costs when I forwarded them proof of insurance more than once.

Fairbanks have held my mortgage checks for over 3 weeks so that they can collect the late charges. I've received 2 notices of foreclosure when I haven't even been more than 30 days late on my mortgage payments. They have also reported to the credit bureau that I didn't make my payments before the grace period, which is in violation of collection practices. In order to report that you are late with the credit bureau you must be over 30 days in arrears of your payments.

I filed bankruptcy in May of 2003 to clear some credit card debt. Fairbanks has filed 2 petitions with the Court for relief from automatic stay so that they can foreclose on my house, but I am up-to-date with my payments. The first one was dismissed because I was current. The second one is pending.

Now their attorney has returned my October payment stating that it is not enough to cover my loan, but I wasn't delinguent with my mortgage. My October payment was returned to me on October 20th. Since they didn't accept my payment now I am 30 days past due.

I am trying to refinance since I was discharged from bankrtupcy, but my payment history from Fairbanks may put a stop to that. Fairbanks is assessing me late fees, attorney fees and not applying my funds to my account so my report states that I am not current with my mortgage.

We should all force the Federal Trade Commission not to accept settlement. I understand that they are settling with the FTA and other agencies and as a condition of said settlement they will change their collection practices.

It is certainly obvious from the recent letters posted at this site that Fairbanks has no intention of modifying their practice. Is there anyone in Massachusetts having the same problem?

Elizabeth
North Brookfield, Massachusetts
U.S.A.