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Foreclosure question


shreveport
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The foreclosure issue would only be a problem if it was less than two years ago. You have past that threshhold. You should still be fine.

Dan,

You have a very unique lender. I will not post it to this board, but you certainly can. Please help others out and put your lender servicers name in this forum. Let's talk about this.

Consider it a public service for all the others facing your same situation.

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The foreclosure issue would only be a problem if it was less than two years ago. You have past that threshhold. You should still be fine.

Dan,

You have a very unique lender. I will not post it to this board, but you certainly can. Please help others out and put your lender servicers name in this forum. Let's talk about this.

Consider it a public service for all the others facing your same situation.

I assume your taking about my current servicer, Fairbanks Capital.

Go to town, Bruce.

Dan

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They have only become one of my favorite hobbies. Here is a link that was started by Vonnie Girl on this very forum.

http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=13930

Let's add in your initial mortgage questions.

http://www.debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=14418

Dan,

You are not alone here. Did you participate in the class action lawsuit offered by them? I really hope not. Someone needs to step up and bring them down in the worst way.

When it really gets down to it, did you have the mortgage problems before Fairbank's stepped in to service your loan. On the surface we know about the $6,000 in escrow fees that were charged to you. You have been struggling with this (anybody would). Six thousand dollars in back escrow is quite a long time of property tax delinquency, and I am sure you would have received notice by your county government had you even missed one six month payment, let alone three full years or so. Your home would have most likely been sold at a tax sale.

You see BY LAW, your mortgage company must send you an updated escrow account yearly. They are allowed to keep a percentage of your escrow in reserve, but cannot keep too much. If you are facing an escrow shortage, then you may pay this in a lump sum amount and keep your payment the same, or the mortgage company will simply determine the escrow shortage amount, divide by twelve monthly payments and add this to your current escrow payment amount. For example, I just received mine for this year. The statement shows that I received shows the prior year history of my escrow account. The statement shows a projected low balance of $280.00. The actual low balance was $116.00. Then there is another box that shows the "anticipated dibursements" for the next year. The statement shows an anticipated low balance, and the required low balance. From this I have a shortage of $171.00. My choice is to pay the $171.00 or monthly escrow payment increase of $14.28.

Look at the receipts you have versus what they have posted on your credit report. There is another huge discrepancy there. FCRA violations out the ying yang. Now you come and say you had a foreclosure that was started, or at least that is the way your credit report states. Can you remember this? Surely you would have received the paperwork over two years ago.

For now, I want you to gather up your mortgage note (you probably have already had to locate this for your refinance), order a complete pay history from Fairbanks (as far back as they have serviced your account). A complete escrow history, and finally your own receipts. Can you get all this information together. We can take it from there.

To summarize, you have been a victim of this servicing company, you have to refinance to save your credit (the $600.00/mo), and you have ended up paying a higher interest rate on your mortgage because of this. So far what I can see is monetary damages of the cost of your refinance, the cost difference of what you will be paying for your mortgage interest rate and what you would pay, had they not messed your finances up. A one percent difference on your interest rate adds up to quite a significant amount over the course of thirty years.

Let's go get them!

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Oh, Dan, one other thing that they have done to consumers regards actually changing the interest rate on the loan, regardless of the original terms of the loan.

Imagine getting a notice in the mail on a fixed interst rate loan telling the rate has been changed. They have done it, believe me.

Have they, by chance done this also?

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They have only become one of my favorite hobbies. Here is a link that was started by Vonnie Girl on this very forum.

http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=13930

Let's add in your initial mortgage questions.

http://www.debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=14418

Dan,

You are not alone here. Did you participate in the class action lawsuit offered by them? I really hope not. Someone needs to step up and bring them down in the worst way.

When it really gets down to it, did you have the mortgage problems before Fairbank's stepped in to service your loan. On the surface we know about the $6,000 in escrow fees that were charged to you. You have been struggling with this (anybody would). Six thousand dollars in back escrow is quite a long time of property tax delinquency, and I am sure you would have received notice by your county government had you even missed one six month payment, let alone three full years or so. Your home would have most likely been sold at a tax sale.

You see BY LAW, your mortgage company must send you an updated escrow account yearly. They are allowed to keep a percentage of your escrow in reserve, but cannot keep too much. If you are facing an escrow shortage, then you may pay this in a lump sum amount and keep your payment the same, or the mortgage company will simply determine the escrow shortage amount, divide by twelve monthly payments and add this to your current escrow payment amount. For example, I just received mine for this year. The statement shows that I received shows the prior year history of my escrow account. The statement shows a projected low balance of $280.00. The actual low balance was $116.00. Then there is another box that shows the "anticipated dibursements" for the next year. The statement shows an anticipated low balance, and the required low balance. From this I have a shortage of $171.00. My choice is to pay the $171.00 or monthly escrow payment increase of $14.28.

Look at the receipts you have versus what they have posted on your credit report. There is another huge discrepancy there. FCRA violations out the ying yang. Now you come and say you had a foreclosure that was started, or at least that is the way your credit report states. Can you remember this? Surely you would have received the paperwork over two years ago.

For now, I want you to gather up your mortgage note (you probably have already had to locate this for your refinance), order a complete pay history from Fairbanks (as far back as they have serviced your account). A complete escrow history, and finally your own receipts. Can you get all this information together. We can take it from there.

To summarize, you have been a victim of this servicing company, you have to refinance to save your credit (the $600.00/mo), and you have ended up paying a higher interest rate on your mortgage because of this. So far what I can see is monetary damages of the cost of your refinance, the cost difference of what you will be paying for your mortgage interest rate and what you would pay, had they not messed your finances up. A one percent difference on your interest rate adds up to quite a significant amount over the course of thirty years.

Let's go get them!

Thanks Bruce.

I guess I should clarify a few things.

The taxes and negative escrow are my fault. My loan originally had no escrow, as I was responsible for paying my taxes. I didn't, and Fairbanks had to step in and pay them for me or the state would have taken the house and they would have lost their interest as well. The escrow money I am paying back is indeed owed by me and it's my fault regarding that situation.

I did get behind in 2001 and had to pay extra for about 6 months to get caught up. I did sign a forbearance agreement. I got them to waive the extra fees they were trying to charge, I think. I am attempting to get copies of those documents from Fairbanks.

Here is an item regarding that, which I posted in the credit forum if you did not see it.

http://www.debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=14959

My grounds for disputing the "FORECLOSURE STARTED" statement in my report are listed in the letter.

Fortunately, I have not had as many problems with Fairbanks as many others have.

I take responsibility for my mistakes, but I do believe Fairbanks tried to jam me on the foreclosure and hope to get it removed from my report by them.

I do have a variable rate and as far as I can see, they have been adjusting it according to the terms of my loan every six months.

I never did receive anything regarding the settlement, but I did request the info from the FTC.

I am leaning towards opting out right now.

Dan

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