Fairbanks .... (NOW I Understand!)
Just a note to let folx who care know about why Fairbanks has a bad name. Just my experience of course, but it explains why I keep reading that they have a sorta bad name.
I put a ss package together for a client of mine. Lady hasn't paid a dime in 4 years and wasn't about to start. Gave me the home. I tried to short the bank and they were more than willing. I sent the offer realizing they'd need 21 days to review.
Sale date was for Wednesday 12/17. I was working on other stuff and didn't check up until Friday 12/12 to see what the hold-up was about. Didn't get anyone. Checked again Monday 12/15 to see if they accepted, found out that they denied on 12/9 and never contacted me to let me know. I started on a campaign to find more money to offer them thier bottom line (as they said). I found it and was in talks today 12/16 to have them let me re-submit it and stay the sale. Then the lady in charge had an epiphany, "oh, i just realized that in PA we need to give 48hr notice for short sale offers to stay the sale - there's nothing you can do at this point sir!"
Ticks me off, this was a sweet deal. I'm done with it now, I won't bid at a sheriff's sale EVER anymore - so it's over, for all intents and purposes. Just wanted to inform everyone to stay on your toes when dealing with that particular bank. Others like Ameriquest have been simple and make for a smooth transaction. I wish all were like them.
Have a great holiday season everyone!
Need to stay on top of them daily.
Tom
FYI
I had a terrible time dealing with Fairbanks as well. I have just learned that they are in receivership. Don't know if this is why it is so difficult to deal with them or not...
Thanks
Anita[ Edited by RESolutions on Date 12/17/2003 ]
anita, what is receivership? never heard that before?
bk
welp, they got what they asked for. the house didn't sell at the sheriff's sale, so now they have an REO on thier hands. also, now i'm no longer interested in buying it. hahahaha. i love redemption (not, as in "period"
!
I just ran across a quote in this article in the Pittsburgh Post Gazette RE: Fairbanks. It sounds as if they are an unsavory company to be involved with from all angles (i.e. predatory lendor)
"Shortly after she bought her house in 1999, Speaks' loan was sold to Utah-based Fairbanks Capital Corp., the nation's largest servicer of sub-prime mortgages. The company earlier this month agreed to a $40 million settlement after the Federal Trade Commission charged that the firm had engaged in variety of deceptive and illegal practices. "I was so angry and so mad at Fairbanks, I was not going to let them win," Speaks said. Housing advocates in Allegheny County fear that predatory lenders, such as Fairbanks, are driving up the number of foreclosures. "
When a company is in shambles you can really use this to your advantage. Just mess with them. See how far you can get. Especially when they change reps on you. "What do you mean Mr. Representative, the other guy approved this last month” heh "When are you going to send me that approval letter? The other rep said they'd send it last month." It probably won't work, but hey; what if it does.
Fairbanks was recently fined 54 million dollars for all sorts of slimey tricks such as lost payments, and bogus late charges. The President was also fined about $250k. They along with Washington Mutual are on my least favorate list.
fletch and sammy, thanks for that info. i'm tryin so hard to not be vindictive. it'd have been one thing if i just couldn't get accepted. but noooo, they'd rather be dirty! ;->
scr: nice! ahhahaha.
Build the list of smaler comunity banks and don't even bother with monsters, unless you are still no experiance collection spree.
[addsig]
[quote]
On 2003-12-25 23:28, omega1 wrote:
Build the list of smaler comunity banks and don't even bother with monsters, unless you are still no experiance collection spree.
"unless you are still no experiance collection spree. "
What????
Jeff
they dont care that you didnt buy the property. and its an REO now.....remember its not their money..they merely work for the company. i would try buying it from them...cant hold grudges its the business that you are in...
yeah ur right. actually i don't have a grudge but i'm just sticking to my guns now. i won't buy it at the price we negotiated to have them stop the sale. now i'll still take it, but at my original offer - i started to get carried away on the negotiations the day before the sale. i was offering way too much for it - actually glad it didn't go thru. it's a nice place.