- Report: #357247
Report - Rebuttal - Arbitrate
Complaint Review: Vanderbilt Mortgage And Finance, Inc.
Vanderbilt Mortgage And Finance, Inc.500 Alcoa Trail, Maryville, California U.S.A.
Vanderbilt Mortgage And Finance, Inc. An attorney have given information regarding the laws pertaining to loan modification; Vanderbilt claims the laws doesn't pertain to them. Maryville Tennessee
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However, I was told by the attorney, by law the lender cannot go below 3 percent on my loan modification (if my current interest is 11%, the lender cannot go below 8%). Vanderbilt's representative told me "that law does not apply to them."
I also asked Vanderbilt's representative about the Bill that President Bush is signing regarding refinancing to current market value to reduce my payment. The representative replied "that law does not apply to them either."
Vanderbilt's representative simply told me that they are not governed by the laws that most mortgage companies are governed by. However, I am still confused as to what laws govern Vanderbilt Mortgage and Finance, Inc..
I am facing a hardship due to my tenant not being able to continue to pay the rent I must charge due to the high mortgage payment. If I am unable to lower my tenant's rent soon, my tenant will move and I will face foreclosure due to my limited income.
This report was posted on Ripoff Report on 07/30/2008 12:08 AM and is a permanent record located here: http://www.ripoffreport.com/r/Vanderbilt-Mortgage-And-Finance-Inc/Maryville-California-37804/Vanderbilt-Mortgage-And-Finance-Inc-An-attorney-have-given-information-regarding-the-law-357247. 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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