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  • Report: #171262

Complaint Review: Vanderbilt Mortgage Company

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  • Submitted: Tue, January 10, 2006
  • Updated: Sat, March 05, 2011

  • Reported By:DAVISON Michigan
Vanderbilt Mortgage Company
Maryville, Tennessee U.S.A.

Vanderbilt Mortgage Company ripoff Maryville Tennessee

*Consumer Suggestion: update

*Consumer Suggestion: Michigan Laws

*Consumer Suggestion: DON'T LISTEN TO DAVE...

*Consumer Suggestion: DON'T LISTEN TO DAVE...

*Consumer Suggestion: DON'T LISTEN TO DAVE...

*Consumer Suggestion: DON'T LISTEN TO DAVE...

*Consumer Comment: Kerry stop listening to all these people

*Consumer Comment: Wow, I bet you had a hard time in grade school

*Consumer Comment: Vanderbilt Mortgage

*Consumer Suggestion: Kerry, this is what you should do now:

*Consumer Comment: Stop crying and be a man!

*Consumer Comment: Last Entry for all of you "know it alls"

*Consumer Comment: Wow, I have to agree

*Author of original report: Do not respond to this!

*Consumer Suggestion: Enough........Kerry it's your fault

*REBUTTAL Individual responds: TO MY REBUTTALS

*Consumer Comment: You're the victim???

*Consumer Suggestion: YOU ARE NOT THE VICTIM!!!!!!!!

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I had a mobile home I had to voluntarily leave last April
as it was costing me over $800/mo between the lot rent and the house payment, I am a nearly 59 year old single woman. I sent certified letters to everyone letting them know what I was going to do, I called the MTG company and they said if I could not afford it I would have to move.

A man from Clayton mobile homes in MI called me and offered to take $2000 off the entire bill but that would not have helped me and it was too little too late.
They said they would sell it and bill me for the balance
between the selling price and what I owed which was still a hefty $42,000 after 9 years.

Last week I received a bill from them for $28,000, they
gave that home away for $13,000 and I know it should have sold for at least $25,000 but they knew they could come after me!

Vanderbilt called me and said they would accept a one time settlement payment of $19,000 which may as well be a million. So I owe $29,000 and someone else is living in my house for $13,000. This is an unfair act and they should not be allowed to act in such a way. Now I will have to get attorneys involved and yet more expense and I only work part time.

Where are the consumers rights in these situations?

Kerry
DAVISON, Michigan
U.S.A.

This report was posted on Ripoff Report on 01/10/2006 07:32 PM and is a permanent record located here: http://www.ripoffreport.com/r/Vanderbilt-Mortgage-Company/Maryville-Tennessee/Vanderbilt-Mortgage-Company-ripoff-Maryville-Tennessee-171262. 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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REBUTTALS & REPLIES:
0Author 17Consumer 1Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

update

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

Even if they had sold it for the $25,000 you claim it was worth, you'd still owe $17,000. In most states a mobile home is under the same laws as a car being repo'd. You may have had the right to buy it yourself, but since you didn't have $13,500 in cash you wouldn't have been able to.

SSI can't be garnished anywhere. That's a federal law. A person having only their disability pension is practically "judgement proof." Creditors will generally eventually realize they are wasting time and money trying to collect money. A lawsuit by them would be futile because there'd be no money to collect from the judgement.

You cannot be arrested for failure to pay a private debt or judgement. The only time you might remotely possibly be arrested is if you refused to disclose information about your income and assets that the creditor may demand after they have a judgement. If you are merely unable to pay, you will not be arrested. There is no "debtor's prison."

If a bill collector does threaten to have you arrested, that is illegal. It's best not to talk to bill collectors on the phone at all. If you do, be sure to tape-record the call. Often they will make illegal threats and then you can make them pay you money, or at least forgive the debt.
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#2 Consumer Suggestion

Michigan Laws

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

Michigan is a relatively consumer friendly state. For every foreclosure there are redemption periods for the customer. Basically, given the size of the land, they have a set amount of time to "redeem" the account. Your case is a repossession, so I'm afraid you are just SOL on this case.

There are a couple of things you should have kept track of....first off did the company leave more than once voicemail on a single phone in a given day. They can call as much as they want, but if, and probably when, you don't answer, they can't leave more than one voicemail. Any cursing or direct threats are illegal, however they are allowed to threaten "legal action" or "further action."

I'm a legal coordinator for one of the manufactured home mortgage companies, I actually know several people that work at Vanderbilt Mortgage. Our credit managers(the guys who do the approving) are required to go through collections before being allowed to approve any loans. They are much harder on prospective customers, because they know if they fund a bad loan, we'll be hurt on the back end.

You have to understand that a mortgage company does not want the home back, because they take a huge loss on it. Trust me, they sold that home for as much as they could get out of it. A repossessed home is required to have "repo" on the title, and that alone will drop the value of the home by 50%.

Vanderbilt, provided they didn't break any laws, which I doubt they did, will have the right to pursue a money judgment against you, which can include garnishment of wages(including SSI in MI), the ability to put liens on other property, and here's the worst one.....the judge can order you to pay a certain portion of the judgment by a given date, and if you don't, he can issue a bench warrant for your arrest. The only way to avoid this is to file for bankruptcy, but that is going to cost you a couple grand as well.
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#3 Consumer Suggestion

DON'T LISTEN TO DAVE...

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

Kerry, one can only hope that Dave is not in your shoes some day. He meant exactly what he said about trailer tr... He wouldn't have said it if he didn't. Maybe he works for Vanderbilt... Sounds like the representative I had at one point, I'm looking to get him fired... Good luck.
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#4 Consumer Suggestion

DON'T LISTEN TO DAVE...

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

Kerry, one can only hope that Dave is not in your shoes some day. He meant exactly what he said about trailer tr... He wouldn't have said it if he didn't. Maybe he works for Vanderbilt... Sounds like the representative I had at one point, I'm looking to get him fired... Good luck.
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#5 Consumer Suggestion

DON'T LISTEN TO DAVE...

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

Kerry, one can only hope that Dave is not in your shoes some day. He meant exactly what he said about trailer tr... He wouldn't have said it if he didn't. Maybe he works for Vanderbilt... Sounds like the representative I had at one point, I'm looking to get him fired... Good luck.
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#6 Consumer Suggestion

DON'T LISTEN TO DAVE...

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

Kerry, one can only hope that Dave is not in your shoes some day. He meant exactly what he said about trailer tr... He wouldn't have said it if he didn't. Maybe he works for Vanderbilt... Sounds like the representative I had at one point, I'm looking to get him fired... Good luck.
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#7 Consumer Comment

Kerry stop listening to all these people

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

Kerry First of all did they send you a letter telling you how they where going to dispose of the house? did they sell it in a private auction? These things are very important and you do have the right to know. Clayton is known to rip people off alot. They are known for selling houses privately to themselves and then chasing people for money.
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#8 Consumer Comment

Wow, I bet you had a hard time in grade school

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

I didn't call you name. I didn't say you were trailer trash. I caught myself in time.

But, this goes to prove that you are completely immature. Telling on me??? Please. No wonder you lost your trailer. You have no spine. We don't have to know your situation, your attitude tells the whole story.

You still think you were ripped off, when in fact, you did the ripping off by defaulting on your loan. Take some advice. Find a wealthy person and marry them. Then you won't have anything to worry about. Just make sure they like polyester curtains and chicken-fried steak!
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#9 Consumer Comment

Vanderbilt Mortgage

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

Kerry, I wish you all the best in your battle with Vanderbilt.I too am in a battle with them and have tried to keep a home for the last year. My husband lost his job, when he got back to work they started taking 65% of his pay for back child support. I am in no means a slacker I work full time, sometimes two jobs. I call them once a month to try to work out something reasonable.They always get a payment, maybe late but they always get one.I'm trying to sell the home now and have a potential buyer, they are aware of this but continue to harrass me.I suppose the others who have responded think the same about me now.I have had them tell me to move into my car, borrow the money, stop paying all my other bills because they SHOULD come first. All my other bills are on a budget now, I had the few creditors I had work out a 6 month restructuring plan to get back on my feet.I will be filing complaints against them for harrassment with the State Attorney General's office and any other federal agency that will take one.People sometimes get into a rut and find it difficult to rebound, I do not dispute what I owe my only hope is that the mortgage for the potential buyer goes through.I totally disagree with all the comments that were put through here.Harrassment and intimidation will not work.Today I sent a certified letter to the CEO that the harrassment is to be stopped.Good luck.Some people should think before they respond some day the shoe could be on the other foot.
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#10 Consumer Suggestion

Kerry, this is what you should do now:

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

The first thing you need to do is go to your local court house, they usually have a library in the basement with a receptionist that will assist you or point you in the right direction. Look up the laws that govern forclosures. SOME states have strict Percentage laws about how much a company can charge you once there has been a forclosure/reposession. For Example: Texas is 3% of the remaining balance on your loan at time of forclosure/reposession. These laws prevent mortgage companies from stealing equity.
To get around this, mortgage companies will try to attach fees such as moving, repairing, commission etc. In that case. You must write to the company and inform them that you dispute ALL claims against you and you expect copies of sales reciepts (including proof of the sale) expense, maintance, moving reciepts etc. to be sent to you. Do not settle for an itemized statement or allow them to charge you for copies. That is against the law. Should they refuse to honor the law, then contact your State Attorney Generals Office, make sure you send them COPIES of ALL of your paperwork and ask for their intervention. Remember,Privacy Laws do not permit governemt agencies to help you unless you ask in writing.

The remaining balance is considered unsecured debt. Like medical bills, it is against the law to charge finance charges, interest, processing fees etc. Do not take out a loan or charge this debt on a credit card. In most states, as long as your making an effort to pay your debt ($5/monthly) they cannot garnish wages, freeze accounts or take any further action against you. Be careful, if your late by a day, they can and will pursue action against you. Take comfort, the employees required to send you letters costs them more that $5 a month.

If you have done all of this and find that Vanderbilt has obeyed the law and you still are unable to pay the balance. You might consider contacting a state agency or a bankruptcy attorney.
Good luck to you.
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#11 Consumer Comment

Stop crying and be a man!

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

Kerry, If this whining is any indication to the way you spoke to your mortgage company, I would have given the trailer away just to not hear you whine anymore.

I don't agree with the name calling, but bottom line YOU ARE AT FAULT! The truth may hurt but it certainly isn't rude. If you don't want to hear it then don't post on a public site.
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#12 Consumer Comment

Last Entry for all of you "know it alls"

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

I am replying to Dave. . .

No I am not nor was I trailer trash as you
thought, nor was my home in bad shape.
My home was in wonderful shape and I kept it that
way for 9 years.
I have reported you to this system as well as the
other 2 rebuttals, sharing your opinion is one
thing, bordering name calling is another.

This is my last email to this site. . .I hardly need adding insult to injury, you dont know me,
or my situation so go pick on someone else with
your "Know it all, name calling attitude. Just shows what your made of.
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#13 Consumer Comment

Wow, I have to agree

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

This is nobody's fault but yours Kerry. There's no ripoff here. You signed a note, and you didn't live up to your part of the bargin, by your own omission... so why are you complaining? You admitted that you turned the trailer back in to the finance company, and you complain that they are screwing you?

Wow, if you spent half the effort trying to make money as you did writing this story, you would still have you trailer. And the reason it sold for 13K, I am 99% sure, is because it was probably a wreck, most repos are. Because most of the time, trailer tra ...I mean, people, have no pride in their living environment.
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#14 Author of original report

Do not respond to this!

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

ok, enough is enough. . .I contacted the people
that own this site and they said that rude email such as yours should not be going through the system, and that they had read the report I sent
and the rebuttal you sent. . .They tended to agree with me. Please do not email me again
with your wordly advice. Things are not always
black and white.
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#15 Consumer Suggestion

Enough........Kerry it's your fault

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

There are thousands of Americans, with bad backs, bad knees, and people who are ill go to work every morning. If your disability income is not working, you need to get a full time job. You do what you got to do to make a living. The highest bidder paid $13,000 CASH!!!!!!!!!!! because all bids need to be cash. You were not living up to your end of the bargain, and somehow the mrtgage company needs to recoop it's loss. If you paid them $13,500 in cash you'd still have your home. You owe that amount of money because that is what YOU agreed on. This is not a matter of me being compassionate, its a matter of me making you understand you signed for a loan you can not afford, and therefore your house was auctioned off. It's not the government or the mortgage company's resonsibility to correct your mishap. If someone gives you a loan the least you can do, is attempt to do everything you can to pay it back, like working full time. Vanderbilt mortgage did not rip you off you ripped them off! maybe they should make a report on you on this website
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#16 REBUTTAL Individual responds

TO MY REBUTTALS

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

You do not know me or my situation or how hard over the years I tried to keep this home.

Why I work part time is for health reasons and NONE of your business!

Its true, there are no compassionate people left in the world which is obvious by what you have said, how would you feel if it were you and you
had no control over the situation? Never mind I dont want to know.

I do not, nor did I ever say I did not owe the money, so get off your high horse and bug someone else with your rude comments, someday you will have a situation and what goes around comes around always!!!
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#17 Consumer Comment

You're the victim???

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

Hiring a lawyer will do you no good. It will cost you a lot of money and you don't have a case. Tyler is right. When people don't pay their mortgage, the mortgage company has the right to sell the property to the highest bidder and charge you the difference. What you think your house is worth and what somebody agreed to pay for it are two different things. You failed to meet your financial obligations. Don't blame the mortgage company or the system for your irresponsibility. If you knew you were in trouble why didn't you try to sell it? Moving out made no sense because you were still financially obligated to pay the loan. They didn't do it because they could come after you. Stop whining and act like a grown adult. You made a bad choice and it cost you. It is not the mortgage company's fault.

Hudson, FL
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#18 Consumer Suggestion

YOU ARE NOT THE VICTIM!!!!!!!!

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

YOU KNOW, THEY DID EVERYTHING THAT IS IN THIER RIGHT TO DO. YOU SIGNED A CONTRACT STATING YOU'D EVENTUALLY PAY BACK THE LOAN, AND FAILED TO DO SO. THEY TOOK POSSESION OF THE HOME IF YOU DID IT ON YOUR OWN WILL OR NOT AND SOLD IT TO THE HIGHEST BIDDER. THE HIGHEST BIDDER WAS $13000, SO THEY SOLD IT IMMEDIATLEY TO RECOOP THE LOSS THEY HAD, DUE TO YOUR FINANCIAL IRRESPONSIBILITY. YOU ARE NOT VICTIM, YOU DID NOT PAY AS AGREED. IT ISNT ANY BETTER BECAUSE YOU LEFT ON YOUR OWN WILL, YOU WOULD HAVE BEEN BOOTED OUT ANYWAY. AND SECONDLY, WHY DONT YOU WORK FULL TIME. YOUR A GROWN WOMAN, WORK LIKE THE REST OF US DO. WORKING PART TIME IS FOR PEOPLE WHO HAVE WORKED THIER ASS OFF FOR FINANCIAL STABILITY, AND HAS ENOUGH MONEY TO DO THAT. EVIDENTLY YOU DONT, YOU SCREWED VANDERBILT, YOU PROMISED TO PAY AND YOU DID NOT, AND YOU HAVE THE NERVE TO COME ON THIS WEBSITE AND STATE YOU ARE A VICTIM....PLEASE. YOU CAN WASTE YOUR MONEY ON ATTORNEY'S ALL YOU WANT YOU WILL NEVER WIN, THIS IS YOUR OWN FAULT!!!! DONT AGREE TO TERMS OF A LOAN IF YOU DON'T FEEL LIKE HONORING THEM!
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