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Home  »  Consumer Reviews  »  FINANCE  »  We found buyers, VMF ripped them off
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We found buyers, VMF ripped them off
Apr 30, 2008
VANDERBILT MORTGAGE complaint by Upset5259
If there was any way I could walk away without ruining my credit, I would be gone. We found buyers for our home for "transfer of equity" and VMF has done everything they can to screw these people. Now they have backed out. They originally denied them until our buyers came back saying they could put 1500 down. Then they were approved with 2500. No problem, until they called every other day telling them they had to come up with more $$. It ended @ 4500.00 and them asking for 2 months payment up front in addition to that as well as 1000.00 more.. They couldn't afford anymore and backed out. In the mean time, I have a contract on a house, with $1k ernest $ lost and still have this mobile home on my hands. They wouldn't even communicate with us. They would only tell us they are only authorized to talk to they buyer... Hello, It's still my house and I've never made a late payment... Original loan amt, 48,000 already pd 40000 and still owe 44000??? Where is the logic in that. On top of that, I send extra every month and found out it doesn't even get applied to principal?? I'm hurt, upset, pissed and feel like I have no options. I feel bad for ever recommending these people to VMF and wil never, ever recommend them to anyone else. They are completely unprofessional and highway robbery. They should be ashamed. However, I don't think they have shame. May the Lord be with whoever gets suckered into their scheems... And for anyone that's wondering, we didn't choose these people. Our previous mortgage company was Bombardier until they no longer would carry MH loans, VMF bought our portfolio.

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  Comments (3)
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1. Written by Bonnie, on 21-05-2008 07:12

I hear exactly what you all are saying. My husband and I got pre-approved for 145,000 loan on his credit alone. They told us in order to keep us from putting our land up for home, we needed to bring 10,000 dollars, 2 years tax returns, bank statements, and proof of income. No big deal, we took them what they wanted, they told us what we turned in wasn't proof of income and that we needed to put the land up or pay 20% down payment on a 120,000 dollar loan. It was always something with them, they said if we didn't do the 20% down payment the most loan amount we could get would be for 50,000 because 10,000 original down payment is 20% of 50,000. My husband and I make more than that. They make everything seem like a piece of cake, so they can get your down payment, they put it in a escrow account or something liek that, and make money off you one way or the other. We got our money back from them and went somewhere that didn't have anything to do with Vanderbuilt Mortgage and they've done more in 3 days then Vanderbuilt did in 2 weeks. I don't think they should hand out pre-approvals just to stoop you into giving up your money. I'll never recommend anyone to deal with Vanderbuilt Mortgage, NEVER!!!

2. Written by Tim, on 10-05-2008 08:15

Vandedrbilt is the worst!!! My old bank(Bank One/Chase) sold my mortgage to the fly by night outfit called Vanderbilt, without even asking me. The fiirst thing Vanderbilt did was refigure my loan and rais me monthly mortgage payment from $227.00 to $245.00. If there were any way to walk away from these *** without ruining my credit, I would. After an online search, I found that these jerks have done even worse to others. Do not do business with Clayton Homes or anyone who does business with Vanderbilt. They are ripoffs personified.

3. Written by upset, on 01-05-2008 10:24

everybody is right about Vanderbilt Mortgage Finance- I myself been ripp off myself i'm working on getting a atty i payed to date $25,916.50 my loan amount was $32,869.18- how between 5 month i have $12,000.00 plus in late fees and that's between Oct07 07-Feb 08- now my loan is @ this time$24,627.12 i been with them since 04 thats crazy-what do i do play there games with them or what! we need to start on this guys can u see how many people they mess over WHAT TO DO!

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