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Fay Servicing


Country United States
State Illinois
City Chicago
Address 440 South La Salle St
Phone 312.284.8609
Website https://www.fayservicing.com/

Fay Servicing Reviews

  • Sep 22, 2020

Kenneth rijock's financial crime blog

Https://rijock.Blogspot.com/2020/09/the-illegal-foreclosure-tactics.Html

Analysis and commentary on money laundering, terrorist financing and financial crime

Tuesday, september 22, 2020

The illegal foreclosure tactics employed by fay servicing

This blog shall continue to report on the financial criminals who are hell bent on making americans homeless. If you have not previously read our coverage of fay servicing, you are invited to visit our prior article here: https://rijock.Blogspot.com/2020/08/making-america-homeless-again.Html

We, every day, are learning even more about how vulnerable american homeowners, particularly seniors, are to dishonest mortgage companies. Most states have laws against filing false documents with the courts; there is even a federal statute on point.

See 8 united states code ยง1324C) - penalties for document fraud. Falsifying documents is a criminal offense when it involves the alteration, correction, modification, delivery or possession of a document when conducted for an unlawful purpose. While it is considered a white-collar crime, it is known by different names, depending upon the state. It may also be included a part of other collateral crimes. The falsification of documents is a felony under state law.

Allow us to explain. Let's say your unethical mortgage company has decided it no longer wishes to wait for the balance of your 30-year mortgage, which you have been faithfully paying on time for the past 20 or 25 years.

The first step in the fraudulent plan to steal your home, and deprive you of your life's largest asset, begins with illegal practices at a company such as wells fargo mortgage, where the firm actually took action against borrowers, notwithstanding that they always made all their payments on time, only to learn later that the company was using illegal tactics and methods to increase its revenue, and even foreclose upon their homes, by committing fraud and unconscionable acts. One recent article that deserves your attention is here:https://www.Nbcnews.com/business/personal-finance/troy-harlow-has-always-made sure-pay-his-

The second step: once the lender has created a fraudulent dispute on the target homeowner's mortgage account, the mortgage in question is bundled up with others, and sold to an unscrupulous third party debt collector. In this case, it was fay servicing, described by observers as a racketeer-influenced corrupt organization Rico), notoriously known for having a staff that lies to its customers, frequently deceives them, fabricates bogus loan documents, and pads mortgage accounts with all types of excessive and fraudulent fees, thereby forcing the homeowners into bankruptcy court, to protect their homes from foreclosure.

In step three, the homeowner is granted a stay by the bankruptcy judge, with an affordable payment plan, created by the court and the trustee. Two senior fay servicing officers, president kimberly bingham and vice president ryan finnigan have been reportedly instructing their employees to file a false proof of claim, in the chapter 11 or chapter 13 filing, asserting an higher number of the principal loan balance. This forces the homeowner to a higher, and unaffordable, payment, and where the case is later dismissed, making the property vulnerable to the illegal foreclosure scam without allowing the borrowers any workout options to save their homes.

We note that this practice is a violation of 18 u.S.C. 152(4). Fay servicing, its executives, employees and debt collection attorneys, who are fully aware of their filing of false proofs of claim, continue to file the same fraudulent documents with local courts, to pursue their unlawful foreclosures. Cloaking themselves under the name wilmington trust, n.A., as trustee fir mfra trust, the victims may never know who actually holds their note and mortgage.

Moving on to step four; fay servicing, knowing very well that the homeowners targeted by their fraud are on financial life support, its attorneys finish the job by quickly foreclosing on the victims' homes, often while they are lying critically ill in hospital beds.Deceptive mortgage servicing company fay servicing exploits and cheats borrowers.

Whereas, most individuals who commit document fraud are charged with a felony, as it is a crime to knowingly file, register, or record a false or fraudulent document with the courts of any public office within any state, fay servicing has consistently and repeatedly broken state or federal law. With impunity, and just successfully foreclosed upon your home.

The final insult: those same attorneys who just unlawfully foreclosed upon your home, will quickly contact you, their victim, via a proxy and unscrupulous business name, set up within the dark operation of their law firm, to begin offering the already ripped-off, stressed-out and depressed homeowner post-foreclosure assistance, at an exorbitant fee. In truth and in fact, the crooks have no genuine intention of helping the homeowner that they just scammed; it is only another ploy to trick and threaten the homeowner into surrendering their home, while enriching their pockets by double-dipping the gullible homeowner after they have stolen his home.

Somehow, fay sentencing, through all its unethical and dishonest conduct, seems to have operated above the law, while making hardworking borrowers homeless. We sincerely hope that the various state attorneys general, the executive office for us trustees, and other law enforcement agencies take action to terminate these illegal activities.

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For further reading:

Meet fay servicing's foreclosure pit bull in florida

Deceptive mortgage servicing company fay servicing exploits and cheats borrowers

  • Aug 18, 2020

FAY SERVICING LLC, the Chicago-based debt servicing and mortgage lender, has accumulated so many valid consumer complaints that it is a wonder Federal regulators have not simply shut it down as a clear and present danger to consumers. The company, which was assigned a large number of mortgage accounts from troubled Wells Fargo Mortgage, has been described as a foreclosure boiler room operation, and a dishonest third party third party debt collector. The owner of Fay Servicing is ANDY LAING, 440 South La Salle St., Chicago, Illinois 60605. Another senior officer is President KIMBERLY BIGHAM, 8001 Woodland Center Blvd., Suite 100, Tampa, Florida 33614.

All the negative postings on the Internet about this company appear to be true and factual. Fay Servicing runs like a racketeer-influenced corrupt operation; Its staff lie to borrowers, frequently deceive them, fabricate bogus loan documents, and pad up mortgage accounts with all sorts of excessive and fraudulent fees and file illegal foreclosures.

See https://www.revdex.com/reviews/fay-servicing-llc/5594022/page/4 . The crooks who run this boiler-room operation have zero consciences; they do not care who they make homeless by their illegal foreclosures. The Consumer Financial Protection Bureau (CFPB) took action in 2017 against mortgage servicer Fay Servicing for its failure to provide mortgage borrowers with the protections against foreclosure that are required by state and Federal law. The CFPB found that Fay violated its servicing rules by keeping borrowers totally in the dark about vital information concerning the process of filing an application for mortgage relief. The Bureau found specific instances where Fay illegally launched, or moved forward with, the foreclosure process, at the same time that borrowers were actively seeking help to avoid foreclosure on their homes. The CFPB ordered Fay to cease its illegal practices and procedures, and to pay a fine of $1.15m to borrowers that had suffered harm due to its actions. See https://www.consumerfinance.gov/policy-compliance/enforcement/actions/fay-servicing-llc/ .

Fay Servicing continues to carry out what has been described as a Reign of Terror against medically vulnerable senior citizens during the COVID-19 Pandemic, using law firms that act zealously, and consistently foreclose upon the homes of the COVID ill and elderly, all the while that Fay is reassuring or deceiving them regarding the status of their mortgage.

Presently, there are at least nine state Attorneys General with open investigations against Fay Servicing, for violations of state laws regarding questionable foreclosures upon the homes of borrowers who are ill. The Better Business Bureau reports that it has received 130 consumer complaints in the last three years, of which only 57 were closed. One reporting source stated that only one per cent (1%) of valid consumer complaints for losses or improper fees or charges resulted in monetary compensation.

Why this company has not already been the subject of a takeover by a government-appointed trustee, operating under court supervision, to protect the public, remains a mystery. It should have been closed down long ago. https://rijock.blogspot.com/2020/08/deceptive-mortgage-servicing-company.html

For further research: Wilson vs. Fay Servicing, llc, Case No.: 18012191-FDS (D MASS). Access Memorandum Decision here.

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