Equicredit REO -- Anyone?
There's a vacant building I am interesting in purchasing.
My research shows that the owner made a $300,000+ mortgage with Equicredit in 2001 (it's been vacant since).
Word on the street is that the owner is in trouble (possible bankruptcy).
Word on the web is that Equicredit is completely messed up -- once owned by Bank of America, now possibly defunct, somehow affliated with Fairbanks Credit.
Anyone know how to go about purchasing this property?
Thank you,
Joseph
Try to find and contact the owner. Perhaps you can work out a short sale.
I also read another post on this site stating Fairbanks had been making a lot of errors in their bookkeeping.
Did you ever get any further info on Equicredit? I have 3 properties in my area that have all had equicredit listed as their mortgage holder, all three are now vacant. Share with me if you have found any info.
I didn't find anything on Equicredit.
I did find out that the owner has a satisfaction of mortgage filed from Equicredit's mortgage.
All very complex....
It just so happens I am an"Equicredit" expert. Just spent 2 weeks doing exhaustive research on this outfit and its cousins- in- crime. The stand-alone name of "equicredit" has almost become generic. Its used often as an assumed name for some sub-prime lender corporation.(depends upon the state).
This outfit and its cousins are on the run due to a hell of a lot of unethical,if not illegal practices. Many are online complaining about wrongful foreclosures. Many big judgements already won in court against these guys. Federal government has started taking action as well.
Their main solution is changing names and moving to different cities. Many of the corporations with "equicredit " in their name were bought out by Fairbanks Capital Corporation - which moved to Jacksonville, Florida. When I tracked them there, and called the telephone number I obtained from a reliable source, I finally found someone who would give me some info on how to locate "equicredit".
This person said they had changed their name to Select Portfolio Services and moved to Salt Lake City. Telephone information did have have a listing but I finally got a number for the outfit and could only tallk to collections dept or to customer service. They dodged my wiles and mumed up.
Finally, I found out about one of their foreclosure properties and called the broker who has his sign in the yard. He was not to interest in giving me any information until I told him I was an appraiser and need the phone number of the person who had authorized the listing of that property. Finally, I got a telephone number to permit me to go around those two watchdog departments. After asking around in the head shed who was in charge of default properties and REOs, he said I should talk to Michelle Fineman (801 594-6200). The rest of my story is confidential.
But, I'm happy to save you much of the sleuthing I went through. Good luck.
Soon I will post the entire story of my engagement with these people.