Complaint Review: Oakwood Acceptance Corporatiion, Oakwwod Mobile Homes - Nationwide Mortgage Company - Greensboro North Carolina
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- Author Confirmed
- Oakwood Acceptance Corporatiion, Oakwwod Mobile Homes - Nationwide Mortgage Company 7800 McCloud Rd, P. O. Box 27081 Greensboro, North Carolina U.S.A.
- Phone: 336-664-2400
- Web:
- Category: Mortgage Companies
Oakwood Acceptance Corporation, Oakwood Mobile Homes, Nationwide Mortgage Company, & 3 More Aka's using preditory lending to ripoff military family! 8 years and we're still their victim. Greensboro North Carolina
*Consumer Comment: not just milatary organized crime on U.S. citizens
*Consumer Comment: not just milatary organized crime on U.S. citizens
*Consumer Comment: not just milatary organized crime on U.S. citizens
*Author of original report: OK
*Consumer Suggestion: In the same boat !!!
*Author of original report: In response The issue appears to be that the Cushing's are requesting a complete break down of the deficiency balance on their account
*Author of original report: Information of Interest
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We are a military family with sucker on our forehead. We purchased a repo home, valued at $15,000 from Oakwood in Killeen, Texas, for $28,000. We had filed bankrupcy only months prior. (The perfect victim)
You name it. We experienced it. promised repairs that never came, delayed moving problems, high interest rates, purchasing illegal insurance. Which by the way, never did pay the claim of our personal property that was stolen from the house while it was still on the dealers lot.
There were the promises of trade-in, Being able to move it to the next duty station, and my favorite. The forced Arbitration Agreement. That was explained 'to protect the State of Texas from lawsuits involving contamination of raw materials in the manufacture of the home'.
It gets better.... We tried everything to work things out with them, Trade in, selling, even renting out the property after my husband recieved orders for a new duty station.
We were harrassed, over the phone, by mail. I was threatened that I would not join my husband at the next duty station if I continued with the intent to sell the home.(by the retailer from Oakwood, on the phone, he reminded me that he had been in my house many times) One of the potential buyers was told that I had an outstanding balance of $60,000.
Still nieve, I believed that I was an isolated incedent. After the home foreclosed, I saw that they resold the home for the same amount they sold it to me and claimed I owe $15,000 for their cost of moving and clean-up. Woe, that's quite a profit they have made off that one house.
I have since attempted to retrieve copies of the bills Oakwood had to pay to equal $15,000. They only send copies of the Arbitration Agreement. I would also like copies of the HUD-1 forms, the bill of sale. Basically, where the money is going. How the scam works from start to finish. I would also like an attorney not afraid to take them on. I will pay $30,000 in Attorney Fees before I give Oakwood one more dime.
I have taken out an ad in the Greensboro News & Record newspaper looking for an Attorney. It will be published in the next couple of weeks. (if they don't kick it back)
Georganna
Herington, Kansas
U.S.A.
This report was posted on Ripoff Report on 05/03/2004 11:53 AM and is a permanent record located here: https://www.ripoffreport.com/reports/oakwood-acceptance-corporatiion-oakwwod-mobile-homes-nationwide-mortgage-company/greensboro-north-carolina-27409-9634/oakwood-acceptance-corporation-oakwood-mobile-homes-nationwide-mortgage-company-3-mor-89967. 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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#7 Consumer Comment
not just milatary organized crime on U.S. citizens
AUTHOR: Tim - (U.S.A.)
SUBMITTED: Wednesday, December 21, 2005
review of all these reports have much incomin i do believe this is infa-structerd trained staf yes i would also join a team for justice. ilet them have my home after my so honerd 5yr war.. expirerd 8/02 my grevance and intent filed - kansas atourny genrals office6/02 i have all my papper work lets showum what real oak feals like im in 100% oac shown on credit report 4 times diferent amount each time then once for vanderbilts 1 home 5 stabes
#6 Consumer Comment
not just milatary organized crime on U.S. citizens
AUTHOR: Tim - (U.S.A.)
SUBMITTED: Wednesday, December 21, 2005
review of all these reports have much incomin i do believe this is infa-structerd trained staf yes i would also join a team for justice. ilet them have my home after my so honerd 5yr war.. expirerd 8/02 my grevance and intent filed - kansas atourny genrals office6/02 i have all my papper work lets showum what real oak feals like im in 100% oac shown on credit report 4 times diferent amount each time then once for vanderbilts 1 home 5 stabes
#5 Consumer Comment
not just milatary organized crime on U.S. citizens
AUTHOR: Tim - (U.S.A.)
SUBMITTED: Wednesday, December 21, 2005
review of all these reports have much incomin i do believe this is infa-structerd trained staf yes i would also join a team for justice. ilet them have my home after my so honerd 5yr war.. expirerd 8/02 my grevance and intent filed - kansas atourny genrals office6/02 i have all my papper work lets showum what real oak feals like im in 100% oac shown on credit report 4 times diferent amount each time then once for vanderbilts 1 home 5 stabes
#4 Author of original report
OK
AUTHOR: Georganna - (U.S.A.)
SUBMITTED: Monday, October 24, 2005
I have excellent documentation, all copied, organized and ready to go. Unfortunatly, there is a Statute of Limitations. I have been informed that my case has expired the legal amount of time given to sue Oakwood after they filed bankrupcy. Vanderbilt? I don't know if I have a case because my original contract was not with them. The only good suit I have is to go after both owners, Berkshire Hathaway in Omaha, NE. I would have to prove this is their policy. Not difficult but, very expencive to do. Because so many states are involved. I would have to file a civil suit in Federal Court or get a State to sue them in Federal Court.......
Still, count me in, even if my documentation can only verify a pattern of behavior. What lawyer would you like me to send it to?
#3 Consumer Suggestion
In the same boat !!!
AUTHOR: Phillips - (U.S.A.)
SUBMITTED: Monday, October 24, 2005
We're looking for others to join a class action
suit against Vanderbilt . Only those with good
documentation should respond....
#2 Author of original report
In response The issue appears to be that the Cushing's are requesting a complete break down of the deficiency balance on their account
AUTHOR: Georganna - (U.S.A.)
SUBMITTED: Friday, March 18, 2005
In response to the complaint I filed with the Tennessee State Attorney Generals Office Brandy Swaggerty wrote:
"The issue appears to be that the Cushing's are requesting a complete break down of the deficiency balance on their account. This is a loan that has been acquired by Vanderbilt Mortgage and Finance, Inc., from Oakwood Acceptance Cort., L.L.C After an extensive search, we were unable to locate the documents that would support the current deficiency of $10,387.17.
Therefore, our resolution to this matter is to waive the current defiency in its entirety and report this as a Paid in Full/Repossession. We have already requested the up date to the credit bureau agencies and they should reflect the new status of the account within the next six weeks.
#1 Author of original report
Information of Interest
AUTHOR: Georganna - (U.S.A.)
SUBMITTED: Saturday, January 08, 2005
BERKSHIRE HATHAWAY INC.
NEWS RELEASE
FOR IMMEDIATE RELEASE July 15, 2003
Omaha, NE (BRK.A; BRK.B) Tomorrow, shareholders of Clayton Homes meet to consider
Berkshire Hathaway's offer to acquire their company. Clayton shareholders should be aware of
the following facts:
(1) Berkshire will not raise its price now or in the future.
(2) Berkshire will not become a lender to the mobile home industry except through Clayton.
Berkshire made a bad investment several years ago in Oakwood Homes and learned the
hard way of the dangers in mobile home finance. Indeed, these dangers have become
manifest at Clayton, even though it is in Berkshire's opinion - by far the best company
in the mobile home industry. The 8-K Clayton recently filed indicates that both
delinquencies and loss severity have increased substantially in the past year. In the first
half of 2003, the average loss incurred in repossessions was 49.2% of the contract
amount.
(3) This staggering loss experience is in stark contrast to the experience of lenders financing
site-built homes. Simply put, the value of mobile homes has often plummeted after
purchase, while traditional homes have appreciated. The industry's troubles have in
large part occurred because of this difference in resale experience. The result: Sales of
mobile homes have fallen dramatically and consistently during the past few years while
sales of site-built homes have been strong. Industry observers have regularly predicted
turnarounds in mobile home sales during these years. They have been wrong: Low
interest rates have caused housing to thrive but new mobile home sales continue to
sink. Clayton is no exception.
(4) Berkshire believes the spread in financing costs between site-built homes and mobile
homes will not narrow should interest rates rise. The spread results from the high losses
that occur when the underlying asset depreciates in contrast to the general appreciation
in site-built homes. In Berkshire's view, the industry-wide decline in mobile home sales
during the past few years would have been even more severe had interest rates not
fallen.
(5) Berkshire values the Clayton management in our view the best in the business but
has no special deals with them, as some have insinuated. If the transaction is completed,
their compensation with Berkshire will be similar to what they would have earned if
independent.
(6) Clayton's financial needs are large and continuous. Indeed since the April 1 agreement,
Berkshire has advanced on a short-term basis $360 million to Clayton. The mobile
home industry is dependent on ready access to funds and this access has become
progressively more questionable during the past few years. Clayton must have a
dependable source of financing under all circumstances and Berkshire can provide it.
(7) Berkshire's firm offer to Clayton was made after only a one-day review of annual
reports and SEC filings. There has been a deterioration in sales at Clayton since the
agreement was executed more than three months ago. Nevertheless, Berkshire hopes
that Clayton shareholders accept our offer. But it is not one that we will renew.
Berkshire Hathaway Inc. and its subsidiaries engage in a number of diverse business activities
among which the most important is the property and casualty insurance business conducted on
both a direct and reinsurance basis.
END
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