Fairbanks Capital Corp. - ongoing problems with company and mortgage

# 29 for May 20, 2003

Complaints.com received the following on May 19, 2003:

From: Rufus Mosley [Email User]

RE: Fairbanks Capital Corp. - ongoing problems with company and mortgage

Rufus Mosley III

Ocoee, FL 34761 May 19, 2003 Fairbanks Capital Corporation

P.O Box 65250

Salt Lake City, UT 84165-0250 Re: Loan Number 000177ttttttt To Whom It May Concern: This letter is to inform you and others that Fairbanks Capital Corp. is in violation of section 6 of the Real Estate Settlement Procedures ACT (RESPA) (12 USC 2605) and all other laws that apply. I contacted Fairbanks in writing on February 4, 2003 and again on March 11, 2003 in writing. Both letters requested a written explanation/clarification of my loan with the how and why disbursements have been applied. I have contacted Fairbanks by phone over 84 times since Fairbanks purchased my loan in May of 2001 for various errors Fairbanks has made on my account. Now, after all this time and no resolution, I get a letter from Fairbanks stating that my loan is being transferred to GMAC Mortgage. I have done all I can to resolve this with Fairbanks, but to no avail. After much turmoil, anguish, pain, stress, stomach and blood pressure problems, I can do no more on my own. I am will be seeking legal action against Fairbanks in the near future as a last resort. I will now recap the horrors I have been through with Fairbanks in the hopes that Fairbanks will not treat anyone like this again. In May 2001, Fairbanks Capital purchased my loan from Irwin Mortgage. At this time I was in Chapter 13 Bankruptcy and records show that ALL payments were paid on time. At the time that Fairbanks purchased my loan, their was a surplus balance in my escrow account from Irwin that totaled approximately $1226.91. In May of 2002 (after Fairbanks purchased my loan) I received a notice from my tax collector that my real estate taxes had not been paid and they were due immediately with late fees. Then again in that same month, I received a letter from Allstate Insurance Company that my mortgage insurance had not been paid and would be canceled in 6 days. After numerous phone calls and faxing of bills and other information, Fairbanks finally sent the payment to both parties. During this time period, Fairbanks had told me that I did not have an escrow account with them nor with Irwin mortgage and if I had one with Irwin, then I would have had one with Fairbanks. Well, I did have one with Irwin and that was later proven. However, I have no idea where this money went. In July of 2002, after finding out that I had been over-paying my mortgage for many months, I requested a payment history from Fairbanks. Note, Fairbanks never informed me of any reduction in my payment amount. After receiving this document, I found out that I had not only paid all the arrears in full, but had over-paid almost 6 months of mortgage. Fairbanks never notified me, nor did Fairbanks notify my attorney or the trustee in charge of my bankruptcy case. Armed with this information, I went to my attorney to ask that my Chapter 13 bankruptcy case be discharged. Before this could happen, the trusted required proof that all arrears on my mortgage had been paid in full. Again, both my attorney and me contacted Fairbanks in writing and numerous times on the phone, to no avail or resolution. This went on for months until I walked into my attorney’s office and demanded that something be done. I then sent a letter to Fairbanks, the trustee, and my attorney. Finally, over 3 months later (October 2003) my Chapter 13 Bankruptcy case was discharged. Continuing in October 2003, I began to contact Fairbanks to resolve the issues surrounding my missing money and the harm they had caused by not timely sending payment information to my attorney or me. These delays allowed Fairbanks to take six months of “prepaid” mortgage payments and use them as they pleased. They did not allow me to apply the payments to principle, nor did they refund me the payments. Had Fairbanks notified all parties involved in my bankruptcy, it would have been discharged months earlier and my overpayments would have been given to me or applied as I saw fit. Not even after the discharge did Fairbanks see fit to send me my money or apply the payments to my principle as I asked. Instead, Fairbanks used delay tactics to keep my money and the extra interest they earned on my loan by not applying the payments to the principle amount. In December 2002, I began to call Fairbanks about the discrepancy in the principle amount that was sent to me in statements and on my tax forms (1098). In May of 2001, prior to my loan being purchased by Fairbanks, Irwin Mortgage showed my principle balance as $83,689.05. In December of 2001, after Fairbanks had purchased my loan, Fairbanks reported the balance to me as $81,267.63. As of December 2002, Fairbanks reported my principle balance as 78,692.20. Then in a payoff Quoted dated January 28, 2003, Fairbanks gave me a payoff amount of $81,561.16. How did it increase! Then, on March 05, 2003 I received another principle payoff quote in the amount of $81,118.58. Confused, so am I. As requested, I sent in a written request for all of the above to be resolved. The first letter was sent on February 2nd, 2003 and as of May 19, 2003, I have still not received any callbacks or letters addressing what was in the letter. In fact, after numerous calls, I have yet to speak to any representative or Supervisor that even understands the situation or can point me in the right direction. I have been told that the “research” department does not take calls, that there is not anyone that I can speak with other than a Supervisor, and that my only recourse is to file another dispute in writing. Well, I did on March 10th, 2003, and again, NOTHING. Today, May 19, 2003, I called Fairbanks again and I got the same song and dance. But, that is not all. Today, I found out two things that are as upsetting as all of the above. I found out on the phone that for the second time, Fairbanks has no record of my insurance and I can then assume that both my insurance and real estate taxes have not been paid. My God, when will all of this end. To make it worse, today I also found out that Fairbanks has sold my loan to GMAC and as of June 1, 2003, I will be making payments to GMAC without any resolution to my existing problems. I don’t know how or how-long Fairbanks has been doing things like this to others, but I cannot take this any longer. I am sending this letter to my attorney, GMAC and anyone else that will listen in an effort to resolve this nightmare. This ordeal continues to impact my life and the lives of my family in adverse ways and it has to stop! If anyone can help me, please contact me. Cc: GMAC, Douglas Neway Esquire, Hud