Vanderbilt Mortgage and Financing Vanderbilt, VMF Unwilling to work with homeowners Tucson, Arizona

You ask if i do mortgage Yes i do. I handle different refi on mortgages everyday. We refi regular homes as well as mobile homes. I did not say you would not get a mortgage with a bk on your credit, but it will limit who will finance and can effect the rate. I have  a mortgage myself and filed bk 7 years ago (got mortgage last year). When i tried to refinance my options were limited (my national bank refused due to bk). Luckily for me my wife has great credit with no bk as i filed before we were married. There is a lot of finance co with the tight economy that will not do a personal loan no matter how good your credit is if you filed bk within last 10 years (the national finance co i work for being one). As for having trouble finding a job that is from my personal expierence trying to get hired on with a bank or finance co even with several years exerience had trouble because of my bk. Vanderbilt is not the only loan co that does mobile home loans there are several others, banks, credit unions, bank of america, and the finance co i work for even refi mobile homes ( have done several already). People do not want to take responsibility for what they borrowed and want to whine that hours have been cut or home values dropped, the simple fact is that this does not matter, they signed a legal contract to pay or the home may be taken.
No where in the contract does it state that if their hours are cut, they loose their jobs, or home values drop that the lender will just waive their payments or reduce their interest rate. If the lender decides to that is just because they are being nice not that they have to. Also if your payment is due on 1st of the month then legally you are past due on 2nd and can be called on 2nd, just because they give you 15days grace period before they charge a late fee you are still past due on 2nd!! Also as for hiring yourself a lawyer to try and get a mod i would advise you contact vanderbilt 1st to see if they do mods on your type of loans, I know when i was there they did NOT do any type of mod for mobile home loans except putting loan back out to original term to help reduce payment. They are not part of the stupid goverment bailout or modification program. You should know the goverment program only reduces your payment to 38% of your gross family income not NET. Most people payment is already less then the 38% of gross (that is before taxes and deductions).

Do you work in mortgage? Do you know how many mortgages that run across my desk that show people that have filed bankruptcy? You are full of s**t! Unless you work at a mortgage company than I would not give ill advice. I just happen to work in the underwriting department and know first hand that indeed you can file for a home loan two years after a bankrupty. Also I myself have had no problem getting any loans and I have a bankruptcy on my credit report. Didn't have any problems getting jobs as well. No body wants mobile homes. NOBODY but s**t face buffet loans for these homes. WHY??? because they hold no value!!!! Do your homework and see what your options are. Also in this economy bankruptcy's are of the norm so you can easily explain your circumstances.

Potter is correct you can file for bk and the info about the mortgage is true, but you also need to look at how it will effect you in the future for all things. If you have a bk on your credit it makes it hard to get any personal loan ( i know the finance co i work for a bk in last 10 years automatic no on loan), car loans will have higher rates, credit cards with higher rates and cost, and one of the biggest things i have learned is getting a job. When you go to get a job they pull your credit and this also hurts you. I had several jobs that i did not get because of my bk (this was straight from the HR people). You will be able to get a home loan but unless you have a co signer that did not file bk it will be at a higher rates also. These are just things to keep in mind. I have learned after filing in bk in 2002 how hard it is to get any finance or jobs. Also your car ins co pulls your credit and can give you higher rates because of that. My  credit score right at 700 but still hard to get anything in my name only unless my wife is on their also as she does not have a bk on her loan ( filed bk before we got married).

I would simply file for bankruptcy. I work in the mortgage underwriting department and can tell you that no one finances for mobile homes (manufactured). They are cheaply made and with Vanderbilt you will never have the loan paid. I learned the hard way with them and also went through some challenges. They called all the time and finally I just decided that if they want it so bad, come and get it! It was the best thing I ever did. I found out that they had a private sale of my home and no one would buy it as it was a dump and falling apart! I laugh all the time and sometimes think about calling them just to torture the nasty reps that they have. Take my advice and get rid of it. If you file a chapter 7 you can buy a home in 2 years for FHA. A real home with will options in case you ever get in a financial mess again. I am currently working the modifications for some 1000 homeowners and believe me when I say this the feeling is good knowing that I can help someone save there home.