FCI Servicer New Low ...

[Bac Nguyen]

I have used FCI servicer  in CA for the last three years to servicing my 2nd loans. Well, as you might already know (if you investing in NPN) that no servicer is perfect which I am OK with.

In 2014, I have a 2nd loan that service by FCI and we foreclosure on the loan. Recently, FCI been served with a summons and complaints from the homeowner above stated FCI misrepresentation, false promises, etc. We also named as defendant but have not been serve.

First, FCI want us to defended and indemnified in this matter. However, I have challenged FCI why they believed we are obligated to indemnify them in the case! Frankly, they should defensed us. However, I want to work with FCI to resolve this matter and willing to retainer a legal counsel and split the cost. But, I talked to FCI counsel and elevated to one of their manager and he said FCI does not do that. I suggested he talked to Mike G. whom is the owner of FCI. 

Yesterday, I received an Email from FCI’s legal counsel that FCI will retaining counsel to file a responsive pleading on FCI’s behalf only. But, they also placing my investor accounts on hold. I just try to login to my FCI account and it’s frozen. Thanks for the "payback", FCI!

As a note, I have 4 accounts which FCI, which they collect the monthly payment from the homeowner/borrower then credit to my bank account. So, what they meant by put my accounts on hold/freeze is they will not disburse the money they collected to my account, per their legal counsel 

I believed FCI action is violated the service Agreement and this is purely “payback”!

Any advice on what I should do next?

Cheers,