• Report: #159831
Complaint Review:


  • Submitted: Thu, October 06, 2005
  • Updated: Sat, November 05, 2005

  • Reported By:Semmes Alabama


*Consumer Suggestion: They're protecting their investment.

*Consumer Suggestion: Vanderbilt, Clayton and American Bankers, CMH Insurance Agency are all owned by the same people

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My parents as well as you are victims of Vanderbilt Mortgage. They seem to add fees and then can't or won't explain them.

Vanderbilt is charging people for an escrow account which no one asked for or for that matter needs. I have found that through some research that Oakwood Acceptance Loans and Vanderbilt Mortgage is the same company and here in Alabama was closed due to bad business practices.

My parents for example are being charged extra for not having insurance according to Vanderbilt. However after mulitple attempts on their part showing proof that they had insurance, Vanderbilt refused to admit that they did infact have insurance. Well I have uncovered that so far to date Vanderbilt has over charged my parent to a tune of $1,500.00 give or take some. Then Vanderbilt turned around a raised their payment $100.00.

If any of you are being over charged or they raised your payments look at the ad in the Mobile Press Registar section 524 classified running dates are 10/08/05,10/09/05,10/15/05 and 10/16/05.

Semmes, Alabama

This report was posted on Ripoff Report on 10/06/2005 09:15 PM and is a permanent record located here: http://www.ripoffreport.com/reports/vanderbilt-mortgage-and-financeinc/birmingham-alabama-35246/vanderbilt-mortgage-and-finance-the-super-scam-birmingham-alabama-159831. 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 Suggestion

They're protecting their investment.

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

There's one of three possible situations for this problem:

Do you have your own insurance policy?
Does your mortgage company know about it?

If your mortgage company does not have proof of insurance, it will provide an insurance policy for you in order to protect its investment. The problem: this lender-placed policy can cost up to twice as much as a policy you can find on your own, and covers only the basic structure of the property.

How can you overcome this? Fax, or mail, a copy of the first two pages of your insurance policy to your mortgage servicer's Insurance department. Most mortgage servicers outsource their insurance management (a little known fact), so it might take some time before anyone catches on. You, however, don't have that time. So if this problem isn't fixed within two weeks after the first fax, ask for the following:
* The Escrow Department Manager's fax number
* The Customer Service Manager's fax number
* The Insurance Department Manager's fax number
Fax the copy of the first two pages of your insurance policy directly to them, with a cover letter explaining the situation and that you expect them to remove the lender-placed insurance, and re-analyze your escrow account.

Homeowners Insurance is required on all homes, so you can't get away from this. But you can make sure you aren't paying too much for the insurance policy by following these steps.

Are all your taxes current? If the mortgage servicer finds delinquent back taxes, it is within their rights to pay those taxes in order to protect their investment, and then charge you for it. Usually, if a mortgage servicer pays back taxes, they create a mandatory escrow account to pay for all future taxes.
There's very little you can do about this. If you wish to complain, perhaps you can take it up to a Vice President to get the escrow account cancelled. Most likely they'll refer to the Note or Mortgage that you signed to justify their decision.

There's an Escrow Agreement document, I forget what it's called, that explicitly states whether or not you agree to have an escrow account. There are two boxes on this document: one will be checked. One box indicates you want an escrow account, the other box doesn't. The lender will have told you to initial next to the checked box.
There are only two reasons why an escrow account can be set up on a loan if you haven't agreed to have one set up: forced insurance, or delinquent taxes.
In order to bolster your argument as to why you shouldn't have an escrow account, find this document!

In the end, there's worse things that can happen to your loan than an escrow account. Escrow accounts insure that your property insurance bills and taxes are paid on time, and you don't have to worry about what happens if you pay late. Venderbilt assumes complete liability if something gets screwed up there. Additionally, if an escrow bill increases unexpectedly (which happens), Vanderbilt will have to pony up the money instead of you, and collect that money from you over a period of twelve months. And trust me, Vanderbilt's not in this for the money -- they won't make a penny off your escrow account. The only reason Vanderbilt is setting an escrow account up is for their own security.
Remember. They want to protect their investment.
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#2 Consumer Suggestion

Vanderbilt, Clayton and American Bankers, CMH Insurance Agency are all owned by the same people

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

I have no idea who this insurance company Vanderbilt Claims to have paid money to but I know for certain that Vanderbilt, Clayton and American Bankers, CMH Insurance Agency are all owned by the same people. I too have alot of problems with Vanderbilt and Clayton for there Deceptive sales practices which I will be posting later on. Good luck to you and Beware Clayton,Vanderbilt are big rippoffs.
AL Kozlowski
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