• Report: #357247
Complaint Review:

Vanderbilt Mortgage And Finance, Inc.

  • Submitted: Wed, July 30, 2008
  • Updated: Wed, August 06, 2008

  • Reported By:Inglewood California
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

*Consumer Suggestion: How RESPA and TILA violations Help you Modify your Loan

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I was advised to hired an attorney to negoitate my loan modification in order to get the best deal. Well, the attorney firm was taking too long and was not following through in a timely manner; therefore, I took over and begun negoitating.

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.

Inglewood, California

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/reports/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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Updates & Rebuttals

#1 Consumer Suggestion

How RESPA and TILA violations Help you Modify your Loan

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

As over 2 Million Americans are facing foreclosure, many turn to a loan modification company or lawyer to modify their loans. Most consumers find the following, after attempting to modify their loans through the banks "loan mitigation department."
1. They receive a forebearance, which in essence is just another promise to pay at a later time, with the back payments usually tacked to the end of the loan.
2. Lender never returns their phone calls, denies their claims, long enough for customer to fall far enough behind to face a Notice of Sale.
3. The bank approves a 'loan modification", but puts the customer into another Adjustable Rate Mortgage for 5-7 years, with a balloon at the end.

Customers should know the following:

92% of audited loans are found to have multiple RESPA (Real Estate Settlement and Procedures Act) and TILA (Truth in Lending Act) violations, which a forensic loan auditor can find.

Lenders are more than willing to save face and modify a loan after being presented with the possibility of litigation and the recision of the loan based on Federal Statutes.

Using legal leverage, a consumer can protect their most valuable asset and fight the rampant fraud in the mortgage business.

If you are a loved one is facing foreclosure, or have questions about how to prevent foreclosure with a loan modification, questions can be answered by writing;
(((ROR redacted)))
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