• Report: #650363

Complaint Review: Vanderbilt Mortgage and Finance, Inc.

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  • Submitted: Wed, October 13, 2010
  • Updated: Mon, January 30, 2012

  • Reported By: Anonymous — Ivey Kentucky USA
Vanderbilt Mortgage and Finance, Inc.
500 Alcoa Trail Alcoa, Tennessee United States of America

Vanderbilt Mortgage and Finance, Inc. Having difficulty modifying my mortgage, They will not follow Obama's guidelines on home modification Alcoa, Tennessee

*General Comment: Heat Pump and Payments

*Consumer Comment: "BANK SONG 11"...

*Consumer Comment: Companies have no moral imperative...

*Consumer Comment: "TURKEY SONG"...

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I am one of those that are having difficulty with Vanderbilt Mortgage. I lost my job due to no fault of my own. I receive 218.00 a week in unemployment. My house payments are 620.00 a month and that does not include utilities and everything else that has to be paid. I am working with an agency that helps with home loan modification and not sure if it is going to work. Online it says that Vanderbilt will work with you on home modification, well that is a load of BS. They will not follow Obama's guidelines for home modification and will harass you until you almost have to sell your soul. I just recently discovered that my home owners insurance is costing me 943.00 a year which is ridiculous. This is of course is through their own Insurance company. A friend of mine told me he is paying 400.00 a year for his. Mine of course, is doubled. Then my heat pump went out after only 6 years of service.

Turned into their Insurance company. The repairmen got the cheapest estimate he could find on a new heat pump which was a little over 4000.00. Did they pay the whole amt. NO. They sent me a check for half and then I had to sign the check and send it to them which they have not released the funds yet so that we can do a half ass repair. I have lived here all summer with temps up to 100 degrees. Bought a window unit and living in my bedroom because the front of the house was so hot. Now winter is coming on and still no heat pump but they want their payments. I would not advise anyone to go through Vanderbilt to finance a hog lot. Until people stand up and fight back this is going to continue. We need to contact our Congressmen and force them to follow the guidelines that Obama set forth to keep people in their homes. I don't know what the BBB does about this but apparently nothing. Jim Clayton started this company and I can not count the times that he filed for bankruptcy but do they have any compassion for those of us that are struggling.

This report was posted on Ripoff Report on 10/13/2010 07:23 AM and is a permanent record located here: http://www.ripoffreport.com/r/Vanderbilt-Mortgage-and-Finance-Inc/Alcoa-Tennessee-37804/Vanderbilt-Mortgage-and-Finance-Inc-Having-difficulty-modifying-my-mortgage-They-will-650363. 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 4Consumer 0Employee/Owner
Updates & Rebuttals

#1 General Comment

Heat Pump and Payments

AUTHOR: tssent - (United States of America)

1.  You cannot be made to pay anything additional to what is in your original contract unless the contract was legally modified with your consent and signature.  The exception to this is if there is fine print in the original agreement that gives Vanderbilt some special permission to up your payments.  If no such agreement exists, this could be fraud.  In your position I would write them immediately and demand a written explanation for the additional payment being charged.  Make sure you date and CERTIFY the letter.  It'll cost you about $7.50 to do this but you will have solid evidence of your complaint and a date when it was filed.

2.  Most of us are not aware that the #1 problem with your a/c units is the relay, which can be replaced for about $150 -- much cheaper than getting hood-winked into a $4,000 replacement.  In your place I'd record the model and serial number on my furnace and on my a/c unit and call the company that manufactures them.  I'd ask them to look up the model and serial number and confirm the date of manufacture of these units.  Then I'd compare that to the date I purchased the home.  I'd make certain they were new, not used.  I'd also review my paperwork, which would tell me whether these units were supposed to be new or if I agreed (in the small print) to be provided with used or demo units. 

3.  You do not have to keep the insurance company they have selected for you.  You have the right to dump any company and purchase insurance with another.  All you have to do is to satisfy the minimum coverage being required (call and ask your mortgage company what that amount is).  Foremost is about the cheapest I've been able to find. 

Good Luck!
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#2 Consumer Comment

"BANK SONG 11"...

AUTHOR: Karl - (USA)

is now available at the BANK OF AMERICA page of this site and at the COUNTRYWIDE page in the consumer comments section at Ripoff Report #560128. 
It appears as 'Consumer Comment #6'.


*Just type in 560128 and sing it.



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#3 Consumer Comment

Companies have no moral imperative...

AUTHOR: Bman - (United States of America)

Sounds like you cannot possibly pay for all the expenses given your situation. If only you could find a lodger this would take some of the pressure off. A way to gain more money is also viewed favorably for the paperwork you may need to fill out? Yet without basic necessities this could be a problem? I have a friend struggling through a similar situation, and she has found that the officials realize that a large percentage of the funds that should be available to help folks like you is not being distributed. She thought that she would loose her house, works six days a week, and has a son that is now contributing money since he now works. So the regulators are looking at her situation and may be able to offer help to her. It is pretty scary. I fell into a similar trap when I lost 25% of my income, yet for me by some miracle I was able to find an additional job just until I went through the worst of the situation, and worked overtime whenever I could find an opportunity. I am still living paycheck to paycheck, yet see a light at the end of the tunnel. Too many variables without any security is the new world order. One things is for certain, this too shall pass. Please write a cogent statement about your experience and post on this government website:

http://www.ftc.gov/reports/index.shtm



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#4 Consumer Comment

"TURKEY SONG"...

AUTHOR: Karl - (USA)

is availble at this site.

*Just type in 646259 and it appears as 'Consumer Comment #55' at Ripoff Report #646259.

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