• Report: #283174

Complaint Review: Vanderbilt Mortgage And Finance Company

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  • Submitted: Mon, November 05, 2007
  • Updated: Thu, May 29, 2008

  • Reported By:Rogersville Tennessee
Vanderbilt Mortgage And Finance Company
Maryville, Tennessee U.S.A.

Vanderbilt Mortgage And Finance Company My home was destroyed by a fire and the insurance company didn't even pay it off. My husband and I still owe 13,000 dollars on a home that we don't even live in. Maryville Tennessee

*Consumer Comment: Investigate More

*Consumer Suggestion: Look at your insurance paperwork

*Consumer Suggestion: You are responsible

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In July 2006, we lost our home to a fire that was caused from a faulty dryer that was part of the home package that we purchased from Clayton Homes in Rogersville Tn. Our home was considered a total loss, and we had only had the home for 2 1/2 years. We have a daughter who is three now, but at the time of the fire she was almost two. We lost everything. The insurance company which is also part of Vanderbilt, Clayton Homes, did not pay the full amount off for the trailor. I thought that is what insurance was for, that if something tragic like this happens it will pay it off. You pay for the insurance, so in the end you pay for everything. We battled through it forever, and still owe 13,000 dollars after insurance payed the other part.

To this day we have been having a hard time, considering I am a full time college student and my husband just recently graduated truck driving school, so we are just really getting up on our feet. They still hound us every day about our payments. We could be one day late on the payment and some woman named Susan calls day in and day out and she is a very rude woman. She is not at all respectful about the fact that we are paying for a home that is gone completely.

We no longer even live there. As a matter of a fact it is buried in our backyard because they sent us a check for 50 dollars for a removal fee. Who in there right mind would remove a home that is burnt down for fifty dollars. That was completley crazy. I don't recommend anyone to go through Vanderbilt Mortgage for a home loan or anything else. Once we do get the chance to pay this off, I will never go back to them again. They are rude, and disrespectful and we lost everything that belonged to us and they act like it was nothing.

If anyone has any good advice on someone to talk to about this and maybe getting the insurance company to really finish their part, feel free to contact me and let me know. My husband and I would really appreciate it.

Shae
Rogersville, Tennessee
U.S.A.

This report was posted on Ripoff Report on 11/05/2007 11:04 PM and is a permanent record located here: http://www.ripoffreport.com/r/Vanderbilt-Mortgage-And-Finance-Company/Maryville-Tennessee/Vanderbilt-Mortgage-And-Finance-Company-My-home-was-destroyed-by-a-fire-and-the-insurance-283174. 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 Consumer Comment

Investigate More

AUTHOR: Joy420 - (U.S.A.)

You may need to look farther into your paper work. I do not know what insurance agency you used, but I found out that my insurance agency was owned by the mortage company. So, that could explain why they didn't pay. You may try to contact the State Insurance Department.
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#2 Consumer Suggestion

Look at your insurance paperwork

AUTHOR: Nikki - (U.S.A.)

Were you insured for the loan balance or were you insured for replacement cost? Your insurance paperwork should show how much you were insured for. The insurance will only pay you the amount that you are insured for, not pay off the entire balance you owe (unless you insured for that amount). Most insurance companies usually only insure for the replacement cost amount. It is up to you to have them insure you for more.
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#3 Consumer Suggestion

You are responsible

AUTHOR: Robert - (U.S.A.)

Insurance is basically gambling. When you get insurance you are betting that the house will burn down, the insurance company is betting that it won't. Figuring out how much and what types of insurance to purchase is something you need to determine. If you buy only $100,000 of coverage and it's going to cost you $125,000 to rebuild don't blame the insurance company for you having to come up with the $25,000 difference. This is why you need to review your insurance coverage at least yearly to make sure you are covered for any possible losses.

The problem is that a lot of insurance companies don't push this thinking. Then the insurance agents who do get people to think about these things have the same people complaining that they are trying to get more money out of them.
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