• Report: #396478

Complaint Review: VANDERBILT MORTGAGE

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  • Submitted: Mon, December 01, 2008
  • Updated: Sat, February 14, 2009

  • Reported By:somewhere in la Louisiana
VANDERBILT MORTGAGE
500 ALCOA TRAIL MARYVILLE, Tennessee U.S.A.

VANDERBILT MORTGAGE VANDERBILT IS A HORRIBLE COMPANY MARYVILLE Tennessee

*UPDATE EX-employee responds: Simple intrest

*UPDATE EX-employee responds: Simple intrest

*UPDATE EX-employee responds: Simple intrest

*UPDATE EX-employee responds: Simple intrest

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This is the worst mortgage company that could possibly exist. We at first were lease purchasing our home from individuals. After 3 years VM allowed us to out the home in our name. All the papers looked great and we had a smooth transition. It wasn't until 3 years later that we checked how much had been paid on principle balance that we noticed a huge problem. The mortgage company had given us a simple interest loan!! Huge surprize to us considering our papers said fixed rate. So after 5 years of paying our balance has gone down maybe $1000.00. Another problem we have is a very rude rep. She is so rude that we were actually dumbfounded. After speaking with a manager it was quite clear that they were willing to do nothing about it. She is allowed to speak to us however she sees fit to get their payment. We have never been more than 10 days late, yet the woman will call up to six times a day, everyday. Once we told them that it was harassment and her reply was,"I will call everyday, all day until you pay me!" Can you believe that!!! She acts like it is her money! And they won't give me a new rep.. Also everytime I try to make a payment using the automated system it is supposedly not working. Surprize that they charge $10 to make it through a customer service rep. We have had nothing but problems with this company and I would seriously warn against anyone getting their mortgage through them...

Red
somewhere in la, Louisiana
U.S.A.

This report was posted on Ripoff Report on 12/01/2008 12:02 PM and is a permanent record located here: http://www.ripoffreport.com/r/VANDERBILT-MORTGAGE/MARYVILLE-Tennessee-37804/VANDERBILT-MORTGAGE-VANDERBILT-IS-A-HORRIBLE-COMPANY-MARYVILLE-Tennessee-396478. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 UPDATE EX-employee responds

Simple intrest

AUTHOR: Briana Riche - (U.S.A.)

Simple interest loans do have fixed rates. That has nothing to do with your balance. A simple interest loans works this way. Take principal balance x interest rate/365 which gives you your daily rate. Just for easy terms lets say that is $10 and your payment is $330.

It all depends on how many days you wait between payments, if you wait 30 days you take 30 x $10 which is 300 and 30 go towards principal. If you wait 33 days all with go to intrest. If you wait 35 day all will go toward principal and you will have a 20 defiency balance (35 x $10 =350-330 payment).
Next month if you pay 30 days later 300 towards interest plus 20 towards the defiency and 10 towards principal.
Now each month it has to refigured due to your new principal balance. Your will be a little different than these numbers but you can figure your with this formula. If you go over 30 days between payments it will cost you more. It has to do with time between payments and nothing to do with due dates (except for late fees).
I hope this will help you understand simple interest loans a little better.
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#2 UPDATE EX-employee responds

Simple intrest

AUTHOR: Briana Riche - (U.S.A.)

Simple interest loans do have fixed rates. That has nothing to do with your balance. A simple interest loans works this way. Take principal balance x interest rate/365 which gives you your daily rate. Just for easy terms lets say that is $10 and your payment is $330.

It all depends on how many days you wait between payments, if you wait 30 days you take 30 x $10 which is 300 and 30 go towards principal. If you wait 33 days all with go to intrest. If you wait 35 day all will go toward principal and you will have a 20 defiency balance (35 x $10 =350-330 payment).
Next month if you pay 30 days later 300 towards interest plus 20 towards the defiency and 10 towards principal.
Now each month it has to refigured due to your new principal balance. Your will be a little different than these numbers but you can figure your with this formula. If you go over 30 days between payments it will cost you more. It has to do with time between payments and nothing to do with due dates (except for late fees).
I hope this will help you understand simple interest loans a little better.
Respond to this report!
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#3 UPDATE EX-employee responds

Simple intrest

AUTHOR: Briana Riche - (U.S.A.)

Simple interest loans do have fixed rates. That has nothing to do with your balance. A simple interest loans works this way. Take principal balance x interest rate/365 which gives you your daily rate. Just for easy terms lets say that is $10 and your payment is $330.

It all depends on how many days you wait between payments, if you wait 30 days you take 30 x $10 which is 300 and 30 go towards principal. If you wait 33 days all with go to intrest. If you wait 35 day all will go toward principal and you will have a 20 defiency balance (35 x $10 =350-330 payment).
Next month if you pay 30 days later 300 towards interest plus 20 towards the defiency and 10 towards principal.
Now each month it has to refigured due to your new principal balance. Your will be a little different than these numbers but you can figure your with this formula. If you go over 30 days between payments it will cost you more. It has to do with time between payments and nothing to do with due dates (except for late fees).
I hope this will help you understand simple interest loans a little better.
Respond to this report!
What's this?

#4 UPDATE EX-employee responds

Simple intrest

AUTHOR: Briana Riche - (U.S.A.)

Simple interest loans do have fixed rates. That has nothing to do with your balance. A simple interest loans works this way. Take principal balance x interest rate/365 which gives you your daily rate. Just for easy terms lets say that is $10 and your payment is $330.

It all depends on how many days you wait between payments, if you wait 30 days you take 30 x $10 which is 300 and 30 go towards principal. If you wait 33 days all with go to intrest. If you wait 35 day all will go toward principal and you will have a 20 defiency balance (35 x $10 =350-330 payment).
Next month if you pay 30 days later 300 towards interest plus 20 towards the defiency and 10 towards principal.
Now each month it has to refigured due to your new principal balance. Your will be a little different than these numbers but you can figure your with this formula. If you go over 30 days between payments it will cost you more. It has to do with time between payments and nothing to do with due dates (except for late fees).
I hope this will help you understand simple interest loans a little better.
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