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Report: #149963

Complaint Review: Vanderbilt Mortgage & Finance - Maryville Tennessee

  • Submitted:
  • Updated:
  • Reported By: Bear Delaware
  • Author Confirmed What's this?
  • Why?
  • Vanderbilt Mortgage & Finance 500 Alcoa Trail Maryville, Tennessee U.S.A.

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In the year 2000 my wife and I were looking to purchase a new mobile home. We found a nice home for $55000 in September. We ended up putting money down so we financed $43600. We had a bankruptcy in 1997 and was discharged in 1998 so we had to pay a high interest rate, but at time of purchase we financed our home with Tammac Corp in Wilkes Barre, PA with the agreement that if I paid all my payments on time for one year they would bring my rate down to the going rate, basicilly refinace me if I proved myself.

Well before my year was up you guessed it Vanderbilt had purchased my loan at 16.25% interest rate. I paid all my payments ontime. I called Vanderbilt and told them about the promise Tammmac made and they told me they do not refinance aquired loans.

Ok no big deal I will refi with someone else; wrong! Seems that every other mortgage company out there is affilated with Vanderbilt in some way and will not touch my loan. Vanderbilt has a monopoly going with them. Their finance practices stink and it is not fair to the working man and woman.

I am not the only one this has happened to I have a couple of neighbors that have this problem to. What can I do? This September (2005) will be 5 years I have lived here and I have only $1500 of the principle paid yes I still owe over $42000 on this house. We love the house but the payment is killing us, $570 for mortgage and $450 lot rent.

Well if anyone has had the same problem let me know. If Vanderbilt would just give me the going rate I would be happy. I don't know how much longer I can keep paying this much for this house. Advice from Lawyers, consumers, and banks are welcome. We need to stop this monopoly before Vanderbilt owns the United States of America and raise our taxes.

Mr C
New Castle County, Delaware
U.S.A.

This report was posted on Ripoff Report on 07/16/2005 07:08 AM and is a permanent record located here: https://www.ripoffreport.com/reports/vanderbilt-mortgage-finance/maryville-tennessee-37804/vanderbilt-mortgage-finance-refuses-to-let-aquired-loans-be-refinanced-thus-ripping-me-o-149963. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
0Author
8Consumer
0Employee/Owner

#8 Consumer Comment

NO LUCK YET

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

POSTED: Thursday, June 15, 2006

Sorry I had major Computer problems and took this long to respond.... Ok no nationwide co will refi us... but if your credit score is good enough try a local bank. I just applied with xxx trust here in Delaware so we will see.. Even if the rate is higher I am going for it because once I show I can pay it I will be able to refi... vanderbilt has made my families life a living hell

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#7 Consumer Comment

Will Be Very Hard to Find a Company not in thier "Net"

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

POSTED: Monday, December 19, 2005

We had chase when we first financed and after about 3 years, Vanderbilt assumed our loan. I tried to get it refinanced through several different companies, and all told me that Vanderbilt was "cornering the market" on all Manufactured Home Loans. I even had one person tell me that, if you weren't financed initially with them....they would eventually get your loan. So, tread lightly...Do lots of research, because if you don't watch it....you will be here with all us other ones, who are fighting these people.

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#6 Consumer Suggestion

link to other companies

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

POSTED: Thursday, December 15, 2005

Dear Phillips,
To answer your question: Berkshire Hathaway out of Omaha Nebraska. They own Vanderbilt, Clayton Homes and what used to be Oakwood. They own most of the shares to Wells Fargo as well. They own Geico and a few other finacial and insurance companies as well as a major fast food chain. Be careful, there are other companies that Berkshire does not own but are also preditors. We determined the Mortgage Lender we have for our current property by checking the Attorney General's Office of the home state of the company by simply asking. "Is there currently, expected or previous lidigation or investigation on this company?" They may not give you the details but usually answer with a yes or no. If they don't answer, assume the company is not ligite.
Most importantly, check the company on Rip-Off Report. I would never have concidered purchasing another house without Ripp-Off Report.
After the trauma of Vanderbilt, I find myself still checking my mortgage company with Rip-Off as well as watching thier stock on the market. If they get in financial trouble, I fear, they will become an inviting purchase for Berkshire Hathaway. . . For added assurance, We chose a VA Home Loan, it all has to go through and is monitored by the VA.

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#5 Consumer Suggestion

link to other companies

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

POSTED: Thursday, December 15, 2005

Dear Phillips,
To answer your question: Berkshire Hathaway out of Omaha Nebraska. They own Vanderbilt, Clayton Homes and what used to be Oakwood. They own most of the shares to Wells Fargo as well. They own Geico and a few other finacial and insurance companies as well as a major fast food chain. Be careful, there are other companies that Berkshire does not own but are also preditors. We determined the Mortgage Lender we have for our current property by checking the Attorney General's Office of the home state of the company by simply asking. "Is there currently, expected or previous lidigation or investigation on this company?" They may not give you the details but usually answer with a yes or no. If they don't answer, assume the company is not ligite.
Most importantly, check the company on Rip-Off Report. I would never have concidered purchasing another house without Ripp-Off Report.
After the trauma of Vanderbilt, I find myself still checking my mortgage company with Rip-Off as well as watching thier stock on the market. If they get in financial trouble, I fear, they will become an inviting purchase for Berkshire Hathaway. . . For added assurance, We chose a VA Home Loan, it all has to go through and is monitored by the VA.

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#4 Consumer Suggestion

link to other companies

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

POSTED: Thursday, December 15, 2005

Dear Phillips,
To answer your question: Berkshire Hathaway out of Omaha Nebraska. They own Vanderbilt, Clayton Homes and what used to be Oakwood. They own most of the shares to Wells Fargo as well. They own Geico and a few other finacial and insurance companies as well as a major fast food chain. Be careful, there are other companies that Berkshire does not own but are also preditors. We determined the Mortgage Lender we have for our current property by checking the Attorney General's Office of the home state of the company by simply asking. "Is there currently, expected or previous lidigation or investigation on this company?" They may not give you the details but usually answer with a yes or no. If they don't answer, assume the company is not ligite.
Most importantly, check the company on Rip-Off Report. I would never have concidered purchasing another house without Ripp-Off Report.
After the trauma of Vanderbilt, I find myself still checking my mortgage company with Rip-Off as well as watching thier stock on the market. If they get in financial trouble, I fear, they will become an inviting purchase for Berkshire Hathaway. . . For added assurance, We chose a VA Home Loan, it all has to go through and is monitored by the VA.

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#3 Consumer Suggestion

link to other companies

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

POSTED: Thursday, December 15, 2005

Dear Phillips,
To answer your question: Berkshire Hathaway out of Omaha Nebraska. They own Vanderbilt, Clayton Homes and what used to be Oakwood. They own most of the shares to Wells Fargo as well. They own Geico and a few other finacial and insurance companies as well as a major fast food chain. Be careful, there are other companies that Berkshire does not own but are also preditors. We determined the Mortgage Lender we have for our current property by checking the Attorney General's Office of the home state of the company by simply asking. "Is there currently, expected or previous lidigation or investigation on this company?" They may not give you the details but usually answer with a yes or no. If they don't answer, assume the company is not ligite.
Most importantly, check the company on Rip-Off Report. I would never have concidered purchasing another house without Ripp-Off Report.
After the trauma of Vanderbilt, I find myself still checking my mortgage company with Rip-Off as well as watching thier stock on the market. If they get in financial trouble, I fear, they will become an inviting purchase for Berkshire Hathaway. . . For added assurance, We chose a VA Home Loan, it all has to go through and is monitored by the VA.

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#2 Consumer Suggestion

mortage compnaies linked to vanderbilt

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

POSTED: Tuesday, December 13, 2005

Many of the people writing in requard to vanderbilt, have hinted that they are linked to
other mortage companies...Do you care to share
your information. We are trying to refinance
to get away from vanderbilt. And want to be VERY sure, we're in their NET again....

thank you,

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#1 Consumer Comment

Vanderbilt is a ripoff, I'm having the same problem with them as well

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

POSTED: Monday, September 26, 2005

Hello,

I am having the same problem with vanderbilt and I wanted to know if anyone has been able to help you guys with your problem. I was wondering if there's a class action lawsuit that we could all join in on. I have posted my own ripoff report that is similiar to yours only I financed with vanderbilt after a bankruptcy and they told me if I made all payments after a year that I could refinance, I made all my payments on time and they refuse to refinance and every other bank I try to get refinanced through tells me the same thing, they can't refinance existing vanderbilt customers. This should be against the law. They are preying on people like us and it is very unfair!

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