Banker Reviews

Your home mortgage loan is a matter of extreme importance. Your home is your safe place. But when people get into some financial hardships and their credit record is bad, the situation with the home loan gets worse. Subprime home loan servicing companies are like those sharks who are trying to destroy their customers’ well-being and health. They actually get profit form that. Somebody may consider this business practices to be predatory, but the home loan servicing companies like Fairbanks Capital and Countrywide Home do not think so.

Fairbanks Capital. This company keeps on destroying its customers’ lives. Making the financial situation of the clients worse, Fairbanks Capital just takes their homes and ruins their credits. They do not care that people work hard to get back on their feet. Fairbanks Capital considers that it is much more lucrative to have those customers down on the ground and receive their late fees. They just make the situation hopeless. Fairbanks Capital is causing a lot of people to lose their homes they have worked very hard on. And if you try to call their customer service to deal with the problem and get some answer, all you will get is run-arounds and lack of competence.

Countrywide Home Loans. This company is of the same type as Fairbanks. They do not trust even their long time customers. It happens they fail to receive the right amount of the mortgage payment and start to act at once. First of all, Countrywide Home sent a letter to their client stating that they will never accept any other payment that would be less than needed. And they return the last payment making you a month behind your payment. And they can send these threatening letters even to the customers with perfect credit record without even trying to look into the situation.

When you are trying to prevent some bad thing to happen, you search though different sites with complaints, terrible stories about rip-offs and run-arounds. And that is quite right because that means that you are trying to feel safe and it is much better safe than sorry. And when you run over the finance section, you may get a kind of puzzled because of the name BOA, BOA complaints and the posts connected with it. But everything is very simple: this acronym stands for the names of two establishments at the same time – Bank of Africa and Bank of America. Let us make a short summary on the both of them.

Bank of Africa. In the Internet this financial institution is known due to the huge number of Bank of Africa complaints, precisely Bank of Africa spam complaints. There is a famous letter that you receive and actually should delete as a scam, but sometimes you just do not do it and can be tempted to believe all the stuff that is written down there. And it is about quite a worthy sum of money being abandoned. And this generous African bank or actually some of its employees decided that you have to inherit that money just because after some vague research they have decided to choose you. And all you actually have to do is to send them some personal data including you social security number, number of your accounts and credit card number. It seems to be nothing, but if you fall for this crap you will lose much more. So, stay away!

Bank of America. Though this establishment does not seem to be so exotic and is truly American, it becomes very often a reason of many disappointments, too. And that is why you can run across so many Bank of America complaints. For example, they can just freeze an unsuspecting and innocent person’s account and leave him or her without anything for living. Especially, when this person - their client - is not American but other country citizen. It sounds like some kind of discrimination that is why and because of many other reasons, it is better to avoid dealing with Bank of America.

While coming to a debt institution and asking for a loan or mortgage loan, you are supposed to show really good credit record and ability to pay off your debt and the interests on that debt. On the other hand, the lending institution makes up a contractual agreement, according to which it also supposed to execute the contract. Usually a loan and especially mortgage loan are to be paid back over rather long period of time. But sometimes terms and conditions of the agreement are not carried out by the lender that is why there are so many complaints against them.

Loans.
Loan is an amount of money which borrower receives from the lender. And then the borrower is supposed to pay the debt back, usually in regular installments. And for this service the debtor is to pay interest on the debt, which can make the repayable amount twice as big as the given amount. This depends on the terms of the lending agreement. But sometimes the debtor experiences some troubles in life and can be one month behind the payment which is not a violation if the sum is paid off later with higher interests. But during this very month the lending establishment can figure out that you actually are a person with a bad credit, always behind your payments and sell your debt to the debt collection agency. And than life of that person goes topsy-turvy: constant phone calls with threats, harassment, etc. This is usual practice of the collectors.

Mortgages.
Mortgage is actually a loan secured on real estate; this is the way people buy property without the need to pay all the cost instantaneously. In the USA it is very common when a house purchase is funded by a mortgage. Earlier only banks or other debt institution were giving mortgages, but now this market is so huge that the necessity for the third party – mortgage brokers – appeared. And with the case of mortgages there are the same issues coming around as in the case with regular loans. But here the threat to lose your home is much more horrible.