I was less than overjoyed when paperwork arrived saying that my home loan was being transferred to Fairbanks Capital.  Well, it wasn’t actually when the paperwork arrived; it was two days later, when I read in the LA Times about the company being a “foreclosure machine”.

They’ve certainly been nothing but trouble for me.  When additional money was included to pay down the principal, they instead used it to pay a month in advance.  And this was in spite of the fact that their payment coupon has a box for “amount of additional principal payment”, so there really shouldn’t be a question of where the money goes.

Three phone calls later, I think it’s finally cleared up.  Yes, they would make the payment apply to where it should.  And yes, they would even move it back into the month they received it, but just because I wanted them to.  I had to get off the phone when the fine employee I was dealing with said it didn’t make any difference which month the money was applied in because it doesn’t affect the loan balance.  After all, they said they would do what I wanted, so why bother to explain why?

How can a company have an employee that deals with customers (and this was even one level up the customer service ladder) not understand the basics of how a loan works?  Oh well, at least they aren’t trying to charge me late fees for making an early payment.

I’m just putting this up to say that if you can avoid Fairbanks, do it.