- Report: #184379
Complaint Review: Fairbanks Capital WMC Mortgage - Salt Lake City Utah
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Fairbanks Capital WMC Mortgage
3815 South West Temple Salt Lake City, 84115 Utah, U.S.A.
Phone:
801-293-2501
Web:
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Fairbanks Capital, WMC Mortgage victim of their ripoffs Salt Lake City Utah
I wish I would have known about this website a couple of years ago. I have been reading everyones horror stories about Fairbanks aka WMC Mortgage aka Select Portfolio. I too have been victimized by them in many ways. I will try to just summerize what was done to me.
Of course my loan was sold to then WMC Mortgage in 1999 at the time I was under the assumption that my loan would not be sold of course that was a lie. As soon as WMC took my loan the problems began. They immediately started not accepting my payments. I tried to find out why and every time I called I got cussed out told I should get a job to pay my bills. Of course I had a job and I was able to pay the loan no problem right? After 3 months of them refusing to accept my payments they sent me a mean letter of forecloser. I had no options but to get an attorney who suggested chapter 13. In hind sight I wish I had not been forced to file chapter 13 but I had or I thought I had no choice. Even after filling bankruptcy they continued to try to get extra charges out of me. Mis applied payments, Fees for strange insurances, escrow late fees etc etc.... I could go on but if you have read the other horror stories then you get the picture.
I learned valuable lessons I also learned that just because you file Chapter 13 it does not guarantee that SPS can not still come after you. The lawyer I had filed several motions against SPS but it was almost like he did not want to pursue an actual battle with them. He would send them "scare" letters they would back off then couple of months would pass then something else would come up. The last straw was when they tried to say I missed 4 payments of which I had proof that I had sent them. By this time I was a pro at dealing with them on this issue. My lawyer sent proof of my payments and SPS backed off but in the back of my mind I knew that having "pissed" them off they would find some other way to get back at me and they did. This time they said my escrow acct which had been set up by the bankruptcy court to assure that SPS would pay my loan was all of the sudden in the negative and they began to charge me a "deliquent fee" for the escrow acct. I addressed this issue to my lawyer who said " They can do whatever they want they can charge and escrow fee they can set up an escrow without your knowledge and you are responsible for that" he also said basically " Your screwed so pay up" and this from a lawyer that was suppose to have my intrest at heart. I guess he felt it was not worth his time. So again I became a victim but this time by the law.
Basically what I had to do was scramble and try to sell my house before SPS could take me to court. All the while SPS was tacking on late fee after late fee etc.... By the time I sold my house I lost money because SPS and their late fees made the payoff astronomical. So Basically I sold my home for 71,000.00 and only saw 10,000 of that I was lucky to get that. The title company that worked for the agent said I was getting shafted they even tried to help me out to get SPS to back off but in the end it did not work. Basically I was told I would have to get a lawyer but after getting shafted by one and not having money to hire a lawyer I had to eat the fees and come out with what I came out with. I have really learned an education about predator lenders. I was thinking I was stupid but I know I am not I am an intellegent person and other intellegent hard working people have also been shafted by this company.
If anyone knows how I can become part of a class action suit or if anyone can help me sue this company please let me know. I don't make much money so I can't afford a high priced lawyer but any help would be appreciated. I hope this company burns in HELL! I also read some post where "former" employees tell their horror stories - come on you must think we are stupid you knew what you were doing because in training you signed a disclose act stating that you understood your job and job discription ironically I too used to be a collector so I know the tricks of the trade. BOO h*o poor you! YOU can't tell me you did not know you were working for a predatory lender but I guess the money in your pocket and the power of being able to call hard working people "bitches, no good losers etc etc" over the phone and the power to change someones life with the push of the button some how made everything alright. Did you sleep at night?? I bet you did. Did you enjoy your 401k benefits? I bet you did. I have no sympathy for someone that knowingly worked for this predatory lender and neither should anyone else. Good hard working people lost their homes because of you and your employer. Good families were split up because of you it's called the ripple effect and know this at some point in time that ripple you sent out will come back to you it's called KARMA!
For other victims out there feel free to contact me and we will share in our misery. I am just glad I am out from underneath them for the first time in years I am free. Because of this I will never ever own a home again unless I can pay for it out right.
Lisa
Gig Harbor, Washington
U.S.A.
Click here to read other Rip Off Reports on Fairbanks Capital Corp
Of course my loan was sold to then WMC Mortgage in 1999 at the time I was under the assumption that my loan would not be sold of course that was a lie. As soon as WMC took my loan the problems began. They immediately started not accepting my payments. I tried to find out why and every time I called I got cussed out told I should get a job to pay my bills. Of course I had a job and I was able to pay the loan no problem right? After 3 months of them refusing to accept my payments they sent me a mean letter of forecloser. I had no options but to get an attorney who suggested chapter 13. In hind sight I wish I had not been forced to file chapter 13 but I had or I thought I had no choice. Even after filling bankruptcy they continued to try to get extra charges out of me. Mis applied payments, Fees for strange insurances, escrow late fees etc etc.... I could go on but if you have read the other horror stories then you get the picture.
I learned valuable lessons I also learned that just because you file Chapter 13 it does not guarantee that SPS can not still come after you. The lawyer I had filed several motions against SPS but it was almost like he did not want to pursue an actual battle with them. He would send them "scare" letters they would back off then couple of months would pass then something else would come up. The last straw was when they tried to say I missed 4 payments of which I had proof that I had sent them. By this time I was a pro at dealing with them on this issue. My lawyer sent proof of my payments and SPS backed off but in the back of my mind I knew that having "pissed" them off they would find some other way to get back at me and they did. This time they said my escrow acct which had been set up by the bankruptcy court to assure that SPS would pay my loan was all of the sudden in the negative and they began to charge me a "deliquent fee" for the escrow acct. I addressed this issue to my lawyer who said " They can do whatever they want they can charge and escrow fee they can set up an escrow without your knowledge and you are responsible for that" he also said basically " Your screwed so pay up" and this from a lawyer that was suppose to have my intrest at heart. I guess he felt it was not worth his time. So again I became a victim but this time by the law.
Basically what I had to do was scramble and try to sell my house before SPS could take me to court. All the while SPS was tacking on late fee after late fee etc.... By the time I sold my house I lost money because SPS and their late fees made the payoff astronomical. So Basically I sold my home for 71,000.00 and only saw 10,000 of that I was lucky to get that. The title company that worked for the agent said I was getting shafted they even tried to help me out to get SPS to back off but in the end it did not work. Basically I was told I would have to get a lawyer but after getting shafted by one and not having money to hire a lawyer I had to eat the fees and come out with what I came out with. I have really learned an education about predator lenders. I was thinking I was stupid but I know I am not I am an intellegent person and other intellegent hard working people have also been shafted by this company.
If anyone knows how I can become part of a class action suit or if anyone can help me sue this company please let me know. I don't make much money so I can't afford a high priced lawyer but any help would be appreciated. I hope this company burns in HELL! I also read some post where "former" employees tell their horror stories - come on you must think we are stupid you knew what you were doing because in training you signed a disclose act stating that you understood your job and job discription ironically I too used to be a collector so I know the tricks of the trade. BOO h*o poor you! YOU can't tell me you did not know you were working for a predatory lender but I guess the money in your pocket and the power of being able to call hard working people "bitches, no good losers etc etc" over the phone and the power to change someones life with the push of the button some how made everything alright. Did you sleep at night?? I bet you did. Did you enjoy your 401k benefits? I bet you did. I have no sympathy for someone that knowingly worked for this predatory lender and neither should anyone else. Good hard working people lost their homes because of you and your employer. Good families were split up because of you it's called the ripple effect and know this at some point in time that ripple you sent out will come back to you it's called KARMA!
For other victims out there feel free to contact me and we will share in our misery. I am just glad I am out from underneath them for the first time in years I am free. Because of this I will never ever own a home again unless I can pay for it out right.
Lisa
Gig Harbor, Washington
U.S.A.
Click here to read other Rip Off Reports on Fairbanks Capital Corp
1 Updates & Rebuttals
Jasmine
Tracy,California,
U.S.A.
You do have rights!!!!
#2UPDATE Employee
Tue, May 02, 2006
Lisa, I first have to say that the whole situation that you went through is horrible and unfortunately I have seen it happen all too often in the broker world. I must go on to say that I believe that Fairbanks Capital is one of the many brokers stating that they are a division of WMC Mortgage when in fact they are not. WMC Mortgage does not have any retail (meaning that they lend directly to the borrowers) offices. I have come across more than a few disgruntled brokers who say that their borrower has been receiving phone calls/written correspondence from WMC soliciting them for loans. WMC does not do this in fact there are still some brokers who are trying the scam. After my prayers on your behalf, I would suggest that you find out who governs the Real Estate body in your state, for example in California it is www.dre.ca.gov. They will no doubt have a grievance procedure posted and you may have to get a hold of your county's D.A. to go after Fairbanks because that is fraud. They have to disclose to you that your loan has a possibility of being sold and the timeframe within which that is likely to happen. With all of that being said, I did not work for WMC in 1999, but I have been in the industry for 10 years and have been familiar with their history. I do not speak on behalf of WMC or any employees thereof. This is personal opinion only. All hope should not be lost for you purchasing another home. Most subprime/(legally) creative finance companies will finance a home for you even if you have had a foreclosure, bankruptcy, notice of default-this of course depends on your current credit score and tradeline history, income and length of time between the above mentioned occurances and the time when you would want to purchase. (Yes, that includes WMC). If your dream is to own a home, then don't let anyone take that away from you!
