With my brother holding the rein on mom's finances, she blew threw her retirement fund without setting any of it aside. Before she knew it, the entire thing was gone, her bills were seriously in arrears, and her property taxes were three years behind. She was about to lose her house, so mom got in contact with Fairbanks Capital Corporation.
She did this on her own, mind you, and since I had never dealt with any kind of home loans before, I was too stupid to know that they didn't have her best interests at heart. A friend had to take her all the way down to Chicago to sign the papers. They gave her at least three times more money than she actually needed with a variable interest rate attached, even though they knew she only had Medicare retirement as an income. That was eight years ago. Her check came on the third Wednesday of the month. The payment coupon dates were always conveniently due before she got her check. They wanted us to double up a payment to be a month ahead, but we were unable to do that, so they started tacking on the late fees.
Catholic Charities wanted to go after them for Elder Abuse on mom's behalf, but they had just stopped going after major loan companies. I called a lawyer on mom's behalf. They gave me some cock and bull story about how the company didn't do anything wrong. My mom recently had her loan refinanced at a fixed rate, but the damage has already been done. Not only do we owe more than we did eight years ago, my mom's health has deteriorated to the point that I can no longer handle her medical needs at home. Once she was placed in a nursing home, my disability check couldn't stretch far enough to make the loan payments. Now we are facing foreclosure, all because of a loan she never should have been given in the first place.
They took advantage of my mom when she was at her most vulnerable, and we are going to lose everything: the home that was built for us in 1972, a lifetime of belongings, everything. The house is due to go in to foreclosure this Saturday, November 27th. Happy Thanksgiving. Happy Holidays. Yeah right. When they come to kick me out of the house, I'm walking in front of a train.
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