deniserich Posted December 30, 2004 Report Share Posted December 30, 2004 ...it speaks volumes as to why monthly statements are so necessary!! Check out the complaint, most specifically, #15 on...exactly what I have been speaking about!! Fairbanks Capital is paying $40 Million to consumers for illegal loanservicing. http://www.ftc.gov/os/2003/11/0323014comp.pdfsee actual complaint as well...at:http://www.ftc.gov/bcp/conline/edcams/fairbanks/FAIRBANKS CAPITAL CORP. SETTLES FEDERAL CHARGES OF LAW VIOLATIONSSettlement results in $40 million for consumers harmed by illegal loanservicing practices--------------------------------------------------------------------------------Fairbanks Capital Corp. has paid $40 million to resolve FTC and HUD chargesthat it engaged in widespread loan servicing abuses. The settlement willprovide refunds to consumers whose loans were serviced by Fairbanks betweenJanuary 1, 1999 and December 10, 2003. The deadline to submit claims wasApril 24, 2004.Please sign my petition to allow us to verify through the benefit of a monthly statement how our payments are being applied. http://www.ipetitions.com/campaigns/monthlystatements/ Link to comment Share on other sites More sharing options...
liverichly Posted December 30, 2004 Report Share Posted December 30, 2004 The bummer is that you can't choose your servicing company unless you go with a portfolio lender.http://msfraud.org is a great advocate website. Link to comment Share on other sites More sharing options...
consumercity Posted December 30, 2004 Report Share Posted December 30, 2004 I signed the petition and here's why.People are being robbed blind on their mortgages and student loans because lenders use coupon books instead of monthly statements. Without monthly statements, people can't tell if late fees are being charged. They can't tell if money that should go toward principal is being applied for interest, fees, or someone else's account. Imagine paying on your mortgage for 30 years and when you think you are paid up, the lender claims you owe thousands of dollars in interest and fees. You wouldn't be able to prove you didn't owe. You would have no recourse. Please sign the petition to require lenders to issue monthly statements instead of using coupon books. If consumers get monthly statements, they can quickly detect and correct accounting errors made by the lender. With coupon books, mistakes may not be detected until many years later when the borrower can't produce records and is at the mercy of the lender. If you or someone you care about has a mortgage or student loan, please sign the petition. Link to comment Share on other sites More sharing options...
DocDon Posted December 30, 2004 Report Share Posted December 30, 2004 Excellent point, consumercity.I wonder what the cost comparison is between printing a book of coupons and sending out monthly billing statements... Link to comment Share on other sites More sharing options...
consumercity Posted December 30, 2004 Report Share Posted December 30, 2004 Doc Don, you're right. It would cost them more to send monthly statements. People could opt in to get monthly statements and pay a few bucks a month extra. It would be well worth it to be able to monitor accounts and catch the lender's mistakes while there is still time to correct them.I think we really need a law that gives us the option to receive monthly statements so we don't have to blindly trust the lenders. Link to comment Share on other sites More sharing options...
blrogs Posted December 31, 2004 Report Share Posted December 31, 2004 I welcome your complaint!!! these stools have been a thorn under my saddle for years!! never never over 30 . and we have had people take pictures of our home!! they sent them out!!! we complained and was told we can do this !!! 5.00am in the morning these idiots start flashing!!! or while were on vacation!!! good neighbors watch!! i would envy a class action suit and close them!!!!! more than willing to help! Link to comment Share on other sites More sharing options...
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