Complaint Review: FAIRBANKS CAPITAL CORPORATION - SALT LAKE CITY Utah

I am greatly alarmed by the notices that have been posted on this site. Up until now I assumed that the problems we have been having with Fairbanks Capitol were isolated, and not the way they conduct their business. I see that I am wrong however, and that my gut instincts were correct, they are crooked!

My problems with Fairbanks started approximately 2 1/2 years ago when they apparently bought our loan from Conti Mortgage Company. We live in Pennsylvania, and had no problems at all with our mortgage. Immediately after Fairbanks got a hold of our mortgage we had problems. Our payments were constantly late, we were assessed late fees continuously, our taxes were not paid on time, and our escrow funds were never returning the overage that was placed into the account for the taxes.

The new problem is a beauty! Fairbanks sent a monthly statement with an amount, which was not normal for our monthly payment for the month of December. I paid the amount listed on the bill, and the next month paid the month of January. Well several days ago I receive a call from the loan-servicing center of Fairbanks informing me that we are late in paying our mortgage.

This was news to me and I contacted them to find out what the problem was with the payments, because they cashed the checks. Well I learned that because the weird amount they told me to pay was $141.00 off of the normal payment that they put that against the principle balance and took Januarys payment for Decembers payment. They claim that I had to send a check for the $141.00 plus late fee and apply for the rest of the payment to be applied to Decembers monthly payment.

I had to ask that my monthly payment be applied to the correct monthly payment. Does this make any sense to anyone? How can a mortgage company decide what to do with payments, and where to place mortgage payments, and basically rip off consumers? How can the Government allow the average mortgage holder to be continually victimized like this? We had no say in Conti selling our mortgages, and have no power to keep Fairbanks from unethical and unscrupulous business practices.

We have never been late in making our monthly payments! They payment is due at the end of the month and we have until the 10th of the month to send it in or be assessed a late fee. I always send the payment overnight mail by the end of the month or no later than the 3rd of the new month. Fairbanks consistently has our payments and does not run them through until the end of the new month so that they can claim we are late and charge us a late fee.

I have asked about this, and the loan people tell me to send in our payment at the beginning of each month instead of at the end, as we are required to do. These people honestly expect us to send in our monthly mortgage payments a month early!!!!

Also, since we have been in Fairbanks control we have not seen any monies from our escrow account. Normally the taxes are paid and any funds left over are returned to the loan customer every year.

Since Fairbanks has taken over from Conti, our taxes are paid late, and Fairbanks keeps all remaining escrow funds. By law they are to return all unused funds to the customer. How do they get away with this constant blatant theft? Why hasnt the Attorney General shut down this den of thieves? What will it take to get action for the hundreds of people victimized by this pack of carpetbaggers?

Peter

BETHEL PARK, Pennsylvania
U.S.A.