• Report: #147277

Complaint Review: Vanderbilt Mortgage Company

  • Submitted: Thu, June 23, 2005
  • Updated: Tue, June 12, 2007

  • Reported By:Ironton Ohio
Vanderbilt Mortgage Company
500 Alcola Trail Maryville, Tennessee U.S.A.

Vanderbilt Mortgage Company ripoff Maryville Tennessee

*Consumer Comment: Vanderbilt

*REBUTTAL Individual responds: Vanderbilt Mortgage is a Rip-Off

*REBUTTAL Individual responds: Vanderbilt Mortgage is a Rip-Off

*REBUTTAL Individual responds: Vanderbilt Mortgage is a Rip-Off

*REBUTTAL Individual responds: Vanderbilt Mortgage is a Rip-Off

*Consumer Suggestion: I understand what you are enduring

*Consumer Comment: You were right, hippa laws is just for the medical field.

*Author of original report: You don't understand

*Consumer Suggestion: actually listed in your mortgage as them not accepting partial payments. A partial payment is anything less than the full amount due.

*Consumer Suggestion: actually listed in your mortgage as them not accepting partial payments. A partial payment is anything less than the full amount due.

*Consumer Suggestion: actually listed in your mortgage as them not accepting partial payments. A partial payment is anything less than the full amount due.

*Consumer Comment: FAD and Mortgages

*Consumer Comment: FAD and Mortgages

*Consumer Comment: FAD and Mortgages

*Consumer Suggestion: Wow, you had a lot to say...

*Consumer Comment: HIPPA laws are only regarding your medical information

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The harassment didn't start until I called Vanderbilt one day to ask them my total amount and Jimmy answered the phone. He asked me why I wanted the balance and I told him I wanted to refinance. He said I couldn't refinance until I paid a year on time. I told him I did not want to refinance with Vanderbilt I had another company to refinance with, he than told me for that reason he would not tell me my balance.

I then became behind in April of this year. So they started with the phone calls. They called my home when my 15 year old son was there by himself. So my son kept hanging up on them so Lisa kept calling back 10 times or so. My son finally told her I was not home that I was at work and just hung up. She called right back and told him to shut up and listen if he wanted to keep our home.

I called her when I got home and asked her why she talked to him that way and she said he was mouthy with her and she was trying to get him to listen. She than sent me a notice of default on 5-16-05 and said I had to have 1116.00 due by 6-16-05 or we would have to get out.

I sent her $350.00 of that amount and she kept calling me at work just about every day, I told her if she had to talk to me to call me at 10:30 on my lunch break, she called anytime but 10:30. She than raised my house payment without letting me know, and she told me she did send a letter out and it wasnt my fault I couldn't get my mail. In the meantime Vanderbilt sent me another letter that said I had to have another 886.00 on top of the other amount.

I told her I would have $350.00 on 6-16 and the remainder on the 17th before her office opened by western union and she told me not to bother to send anything if I could not have the full amount on the 16. She than told me I would have to be out of her house by the 6-24-05.

I told her that would be impossible. So Lisa from Vanderbilt than sent me another letter the next week and told me if I could come up with the total amount of the loan by 6-27-05 that I could keep my home. The same day I received that letter I was delivered a letter by the mobile home company I purchased the home from and they want me to sign all property and the home back over to them to avoid legal matters.

I have an appointment with an attorney the 28th and I hope he can help me save my home. If you have any suggestions please let me know.

I wish we could all get together and sue this company. This lady from Vanderbilt also tried to get information about me from my co-worker now isn't that breaking the new HIPPA law.

Ranee
Ironton, Ohio
U.S.A.

This report was posted on Ripoff Report on 06/23/2005 02:16 PM and is a permanent record located here: http://www.ripoffreport.com/r/Vanderbilt-Mortgage-Company/Maryville-Tennessee-37804/Vanderbilt-Mortgage-Company-ripoff-Maryville-Tennessee-147277. 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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#1 Consumer Comment

Vanderbilt

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

I had a situation with Vanderbilt after my mortgage company sold them my mortgage. my former mortgage company notified me that they had sold my mortgage to Vanderbilt and that vanderbilt would be contacting me shortly with all the details and account number but to continue sending my payments to them until such time.

several months went by and no word until one day I got a phone call from a Vanderbilt rep. who stated I was behind on my payments and that they were going to repo the house if I didn't pay up, when I stated that I couldn't be behind it set the rep off and she begain yelling at me without waiting for me to explain why.

It turns out that Vanderbilt never notified me of the new account or that they raised the payment on the Mortgage and so the payment, which by the way are automaticly drawn from my bank account, were "short" due to the increase. after two days of argueing with the same woman and her repeated phone calls she finally let me talk to someone else who started out hostel but soon calmed down when she realized I wasn't. after explaining the situation we worked it out to where the "past Due" amount was caught up, I recieved the account number and the total increase to the payment and was able to set it up to where the account was paying them.

the end result, I now have a 90 days late showing on my credit report on a home I purchased in 1999 and have never had a late payment on and they will not fix it even though it was their error. it is the only late payment on my credit report and because of it I have trouble even buying a car with a fair intrest rate.

NOTE: Vanderbilt does not refinace loans to people who already customers and they charge for payoff and payment histories
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#2 REBUTTAL Individual responds

Vanderbilt Mortgage is a Rip-Off

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

I have also had problems with Vanderbilt Mortgage. Last year I got behind on my payments because of being laid-off. I borrow the money from my sister to catch my payments up, sent them a certified check like they asked, they still tried to repossess my home. I told them that I had sent the money, they of course didn't receive it. I got a copy of the check from the bank, which had been cashed a few days later. I took it to the company I bought the trailer from so that they could fax a copy to them. The saleslady at the trailer lot said that they had probably received the check and it was laying on someone's desk. I told her that they had already cashed it. She indicated that this happens frequently. Although they had the $1145.00, they sent the next money order back to me saying that they could not accept partial payments. It wasn't partial, it was a full payment and I should have been paid current with that money order. Because they had stopped payment on the money order, I had to get a refund from the company that issued the money order. That takes between 30 and 60 days. I was harrassed the whole time. They even called my landlord. I asked them not to and was told that they could call anyone they wanted to. I am still trying to get this straightened out almost a year later. At that company, one hand doesn't seem to know what the other is doing. They are all rude.
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#3 REBUTTAL Individual responds

Vanderbilt Mortgage is a Rip-Off

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

I have also had problems with Vanderbilt Mortgage. Last year I got behind on my payments because of being laid-off. I borrow the money from my sister to catch my payments up, sent them a certified check like they asked, they still tried to repossess my home. I told them that I had sent the money, they of course didn't receive it. I got a copy of the check from the bank, which had been cashed a few days later. I took it to the company I bought the trailer from so that they could fax a copy to them. The saleslady at the trailer lot said that they had probably received the check and it was laying on someone's desk. I told her that they had already cashed it. She indicated that this happens frequently. Although they had the $1145.00, they sent the next money order back to me saying that they could not accept partial payments. It wasn't partial, it was a full payment and I should have been paid current with that money order. Because they had stopped payment on the money order, I had to get a refund from the company that issued the money order. That takes between 30 and 60 days. I was harrassed the whole time. They even called my landlord. I asked them not to and was told that they could call anyone they wanted to. I am still trying to get this straightened out almost a year later. At that company, one hand doesn't seem to know what the other is doing. They are all rude.
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#4 REBUTTAL Individual responds

Vanderbilt Mortgage is a Rip-Off

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

I have also had problems with Vanderbilt Mortgage. Last year I got behind on my payments because of being laid-off. I borrow the money from my sister to catch my payments up, sent them a certified check like they asked, they still tried to repossess my home. I told them that I had sent the money, they of course didn't receive it. I got a copy of the check from the bank, which had been cashed a few days later. I took it to the company I bought the trailer from so that they could fax a copy to them. The saleslady at the trailer lot said that they had probably received the check and it was laying on someone's desk. I told her that they had already cashed it. She indicated that this happens frequently. Although they had the $1145.00, they sent the next money order back to me saying that they could not accept partial payments. It wasn't partial, it was a full payment and I should have been paid current with that money order. Because they had stopped payment on the money order, I had to get a refund from the company that issued the money order. That takes between 30 and 60 days. I was harrassed the whole time. They even called my landlord. I asked them not to and was told that they could call anyone they wanted to. I am still trying to get this straightened out almost a year later. At that company, one hand doesn't seem to know what the other is doing. They are all rude.
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#5 REBUTTAL Individual responds

Vanderbilt Mortgage is a Rip-Off

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

I have also had problems with Vanderbilt Mortgage. Last year I got behind on my payments because of being laid-off. I borrow the money from my sister to catch my payments up, sent them a certified check like they asked, they still tried to repossess my home. I told them that I had sent the money, they of course didn't receive it. I got a copy of the check from the bank, which had been cashed a few days later. I took it to the company I bought the trailer from so that they could fax a copy to them. The saleslady at the trailer lot said that they had probably received the check and it was laying on someone's desk. I told her that they had already cashed it. She indicated that this happens frequently. Although they had the $1145.00, they sent the next money order back to me saying that they could not accept partial payments. It wasn't partial, it was a full payment and I should have been paid current with that money order. Because they had stopped payment on the money order, I had to get a refund from the company that issued the money order. That takes between 30 and 60 days. I was harrassed the whole time. They even called my landlord. I asked them not to and was told that they could call anyone they wanted to. I am still trying to get this straightened out almost a year later. At that company, one hand doesn't seem to know what the other is doing. They are all rude.
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#6 Consumer Suggestion

I understand what you are enduring

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

I understand what you are enduring. I too am a victim of Vanderbilt Mortgage. I was never late on any payment and consider myself reasonably intelligent. You are being ripped off by Vanderbilt Mortgage. They do this because there is no enforceable law to prevent them from stealing from consumers. They have and will steal your house.

Copy ALL of your correspondence with this company. Send those copies as well as your formal complaint to your state Attorney General's Office, the Attorney General for the state of Tennessee (Vanderbilts Home Office) as well as the FTC and any other organization you can think of. Keep a journal of all the phone calls you have with Vanderbilt and feel free to record your conversations as in many states, verbal agreements are considered contracts.

Make sure you inform the caller you are recording the conversation so that it will be admissible in court. (Don't be suprised if they hang up). If you can, hire an attorney to at least advise you of your options. Example: To help you right a letter demanding verification of debts claimed against you, sighting the necessary statutes. this will cost you about $60 - $120, well worth it.

Check your credit reports. I discovered that just before we began having problems with Vanderbilt they made inquireys on our credit. Our credit report also appears that we have 3 different accounts with Vanderbilt. They simply changed the account number on our account with them when they sent in updates to the reporting agencies.

They then told us we could prevent further damage to our credit by sending them various amounts.(never asking for the same amount - ranging from $1500 to $5000)
The Center for Responsible Lending is an organization out of North Carolina. They have done extensive research on this subject and can provide you with the resources you need to protect yourself.
Don't give up.
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#7 Consumer Comment

You were right, hippa laws is just for the medical field.

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

M-C City, Indiana,

You were right, hippa laws is just for the medical field. I work in a nursing home and we practice it so much I thought it meant everywhere. Don't know what I was thinking. Sorry.

What about the federal fair debt collection law?
I know the lady from Vanderbilt should not discuss my loan with anyone other than me or my husband. Isn't that against some kind of law?
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#8 Author of original report

You don't understand

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

I did not pay a partial payment. They gave me 30 days to pay $1116.00, and I paid $350.00 of that which left me owing $766.00 by June 16. These people have no right calling my work or calling my son at my home (who is only 15) and threatning him. And you are right because I don't know much about mortgage laws. I just wanted a better place for my family to live and I was stupid for not getting a lawyer to look over my contract first. And now I am paying the price.
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#9 Consumer Suggestion

actually listed in your mortgage as them not accepting partial payments. A partial payment is anything less than the full amount due.

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

I meant commonly referred to as... FAD (Full amount due) clause. It is actually listed in your mortgage as them not accepting partial payments. A partial payment is anything less than the full amount due. So if you owe June payment and it is July 1, and you try to pay June, they will not post it to your account, they most likely will return it to you with a letter stating they do not accept partial payments, they require the full amount due. The full amount due being June and July (plus any late charges).

Any mortgage, regardless of the type of mortgage, has a balance that goes up each and every month that you are behind, due to interest accruing each month.

The original poster states she has an attorney, just be very careful, under another clause in your mortgage, you are responsible for all of your mortgage companies attorney fees with regard to the servicing on your loan. SO, if you file BKR, you will owe them not only their BKR attorney fees, but your own. Add that up, it is usually not worth it.
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#10 Consumer Suggestion

actually listed in your mortgage as them not accepting partial payments. A partial payment is anything less than the full amount due.

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

I meant commonly referred to as... FAD (Full amount due) clause. It is actually listed in your mortgage as them not accepting partial payments. A partial payment is anything less than the full amount due. So if you owe June payment and it is July 1, and you try to pay June, they will not post it to your account, they most likely will return it to you with a letter stating they do not accept partial payments, they require the full amount due. The full amount due being June and July (plus any late charges).

Any mortgage, regardless of the type of mortgage, has a balance that goes up each and every month that you are behind, due to interest accruing each month.

The original poster states she has an attorney, just be very careful, under another clause in your mortgage, you are responsible for all of your mortgage companies attorney fees with regard to the servicing on your loan. SO, if you file BKR, you will owe them not only their BKR attorney fees, but your own. Add that up, it is usually not worth it.
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#11 Consumer Suggestion

actually listed in your mortgage as them not accepting partial payments. A partial payment is anything less than the full amount due.

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

I meant commonly referred to as... FAD (Full amount due) clause. It is actually listed in your mortgage as them not accepting partial payments. A partial payment is anything less than the full amount due. So if you owe June payment and it is July 1, and you try to pay June, they will not post it to your account, they most likely will return it to you with a letter stating they do not accept partial payments, they require the full amount due. The full amount due being June and July (plus any late charges).

Any mortgage, regardless of the type of mortgage, has a balance that goes up each and every month that you are behind, due to interest accruing each month.

The original poster states she has an attorney, just be very careful, under another clause in your mortgage, you are responsible for all of your mortgage companies attorney fees with regard to the servicing on your loan. SO, if you file BKR, you will owe them not only their BKR attorney fees, but your own. Add that up, it is usually not worth it.
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#12 Consumer Comment

FAD and Mortgages

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

I've checked over my mortgage (which is with a company other than Vanderbilt), and there's no FAD clause contained within. Most mortgage companies that my family and friends deal with are very happy to work with you if you get behind, as it's often less expensive than f/c.

I have to note at this point that I have a friend who's mortgage was recently sold to Vanderbilt, and she's currently looking at refinancing her home with another company. Since she didn't CHOOSE Vanderbilt, I don't think that the 12 month rule would apply to her, and I wonder if the original poster is in the same situation. If you've paid for more than 12 months on the mortgage, regardless of the lender, than you should be able to go where ever you choose for financing (since it's difficult to get a payoff amount from Vanderbilt, their intentions seem quite clear.... they don't want you to refinance).

Good Luck, my friend. Do whatever it takes at this point to catch up all monies owed to this company, then refinance asap! (BTW, check out the foreclosure laws in your state. In MI, it takes approx. 3 months to get to court, then you have between 6-12 months to vacate the premises, UNLESS you move out prior to the foreclosure, which is then considered abandonment and the bank can take possession in 30 days!)
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#13 Consumer Comment

FAD and Mortgages

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

I've checked over my mortgage (which is with a company other than Vanderbilt), and there's no FAD clause contained within. Most mortgage companies that my family and friends deal with are very happy to work with you if you get behind, as it's often less expensive than f/c.

I have to note at this point that I have a friend who's mortgage was recently sold to Vanderbilt, and she's currently looking at refinancing her home with another company. Since she didn't CHOOSE Vanderbilt, I don't think that the 12 month rule would apply to her, and I wonder if the original poster is in the same situation. If you've paid for more than 12 months on the mortgage, regardless of the lender, than you should be able to go where ever you choose for financing (since it's difficult to get a payoff amount from Vanderbilt, their intentions seem quite clear.... they don't want you to refinance).

Good Luck, my friend. Do whatever it takes at this point to catch up all monies owed to this company, then refinance asap! (BTW, check out the foreclosure laws in your state. In MI, it takes approx. 3 months to get to court, then you have between 6-12 months to vacate the premises, UNLESS you move out prior to the foreclosure, which is then considered abandonment and the bank can take possession in 30 days!)
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#14 Consumer Comment

FAD and Mortgages

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

I've checked over my mortgage (which is with a company other than Vanderbilt), and there's no FAD clause contained within. Most mortgage companies that my family and friends deal with are very happy to work with you if you get behind, as it's often less expensive than f/c.

I have to note at this point that I have a friend who's mortgage was recently sold to Vanderbilt, and she's currently looking at refinancing her home with another company. Since she didn't CHOOSE Vanderbilt, I don't think that the 12 month rule would apply to her, and I wonder if the original poster is in the same situation. If you've paid for more than 12 months on the mortgage, regardless of the lender, than you should be able to go where ever you choose for financing (since it's difficult to get a payoff amount from Vanderbilt, their intentions seem quite clear.... they don't want you to refinance).

Good Luck, my friend. Do whatever it takes at this point to catch up all monies owed to this company, then refinance asap! (BTW, check out the foreclosure laws in your state. In MI, it takes approx. 3 months to get to court, then you have between 6-12 months to vacate the premises, UNLESS you move out prior to the foreclosure, which is then considered abandonment and the bank can take possession in 30 days!)
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#15 Consumer Suggestion

Wow, you had a lot to say...

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

First, you should read your mortgage document carefully, it is apparent from your post your are completely unfamiliar with how a mortgage loan works (most people are, so don't think twice about it).

Every mortgage, whether VA, FHA or conventional has a clause called the FAD clause. Basically, they won't accept partial payments when you are behind (which you are consistently attempting to do). What constitutes a partial payment? Anything less than the Full Amount Due (FAD) at any given time. So if you owed April and May and you sent them part of April or even all of April, you sent less than the FAD, they cannot accept it.

They are telling you their terms, you can't negotiate those terms (although you sure are trying). You don't get to tell them how you will pay, they get to tell you how they will accept your funds and if you don't comply, they can and will foreclose.

Jimmy at Vanderbilt was essentially correct, no prime lender (VA,FHA or conventional) will touch someone on a mortgage loan without 12 months of on time payments. If you had someone that was offering to refi you, it was sub prime and you would be in a bad way because your payments would go up, not down.

When an account is in collections, they are allowed to "aggressively pursue" the monies owed. If you talk to them, they are less likely to keep calling you back. The hanging up and avoiding them is a sure way to keep the calls rolling in.

They added an amount because your loan got further past due. Again, in your mortgage, any costs of pursuing you are passed on to you. They start doing inspections on your house up to twice a month once you are 30 days behind (at your expense). If they confer with an attorney about f/c, you get to pay his fees, you have late charges, and escrow deficits that result from missing payments. In essence, if you don't get caught up and fast, you will be facing the s****. />
Call a not for profit housing counselor, often they can negotiate a payment plan as a third party that you cannot. But you need to act fast, then keep your loan current for 12 months and refinance.
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#16 Consumer Comment

HIPPA laws are only regarding your medical information

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

I could be wrong, but the new HIPPA laws are only regarding your medical information. I do not believe they protect your privacy in any other way.
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