Vanderbilt Mortgage - Mortgage company posted me as "in foreclosure" on my credit report, and it's not true
My story begins in the Summer of 2011. I was on a timeline, so I made a decision based on speed and bought a doublewide mobile home from Clayton Homes.
I was told that they were looking at several mortgage options. Later I found out that the only company through which they do mortgages is Vanderbilt Mortgage. The mortgage got approved and I began to make plans for a job to support the payments. By June of 2012 I had moved back and thought I had a job lined up.
Then the job fell through. I did what I could to honor the mortgage payments, but finally my money ran out. I had no job and no income. Only my ex-husband kept me in food and electricity.
And I defaulted on the mortgage. Vanderbilt threatened foreclosure in early 2013. I started bankruptcy proceedings and that stalled things. Then the bankruptcy failed and by January 2014 foreclosure was back on the table.
That is where this story gets really complicated. The mortgage company was unable to foreclose because they had made a serious error with the original title. My mother’s estate was left to me, sister, and my brother and states that our descendents receive the land after our deaths. Only my sister had children, two sons.
She predeceased my mother, so her share of the estate went to them at my mother’s death. Because this is a Life Estate the four of us own the entire property equally. When I was purchasing the mobile home I used a percentage of the land, about 3.75 acres, as collateral. At that time both of my nephews were over 21.
We asked repeatedly if they needed to sign the mortgage agreement. The mortgage company made the decision that they did not have to sign the agreement, and that only my brother and I needed to sign it. So that is what was done at that time. When the mortgage company tried to foreclose the title issue came up again.
The judge who was presiding over that issue said bluntly that because my nephews had never signed the original agreement then the mortgage company could not foreclose. The company tried to buy out my nephews at a ridiculously low price. Of course, my nephews have refused to sign anything. At that point we were at a standoff.
I also retained legal counsel at that time. Now I also have a stable, monthly income. Fast forward to 2017. This past year has been a year of negotiations.
The mortgage company finally decided that the only way to go was to get a judge to force what is called a partitioning. That procedure would divide up the land and force me off the property. Then the mortgage company and my nephews would own this small acreage and they would have to work out a deal between themselves. The mortgage company had the land appraised in March 2017.
When the appraisal came back it stated that the land and mobile home were worth $60,000. That is when one nephew and I started thinking of another plan. We discussed the idea that if foreclosure should happen, then he would purchase the land and home. As a first time homebuyer he would get a great deal.
He and his wife had excellent credit scores. My lawyer offered to the mortgage company that I would buy out the property for the appraised price. They finally accepted that offer. My nephew and I went loan shopping, thinking this was a done deal.
I had $10,000 up front, so we were looking to take out a loan for $50,000. That’s when we got the first shock. Seems because my nephew has paid off all his debts and owes no one any money, his credit score is now non-existent! I began looking for another type of loan, but that nasty title issue got in my way this time.
So, at the end of October I had to fail on the Settlement Agreement. I was so humiliated, but I simply could not raise $50,000. We asked for another 30 days to come up with that money, and boy did we look. A friend did loan me $10,000.
I told my lawyer that I needed more time to get the title issue worked out so a bank could loan me the money. The idea of a Quit Claim has been raised, but I am slow to follow through because my biggest fear has always been that if I pay a real estate lawyer to fix this issue, then the mortgage company will swoop in and take the property away immediately. In late November we made another offer to the mortgage company. Would they take the $20,000 and then set me up on a payment plan for a year at the end of which I would pay out the remaining amount?
That offer would give me time to get the title cleared, safely, and get the loan through a refi. I heard on December 14, 2017 that the mortgage company turned down this offer. I talked to my lawyer and we sweetened the deal to $30,000. Of course, that means I have to come up with another $10,000 very quickly.
I have $3,000, but it does leave me looking for another $7,000. As part of that search I went to my bank on January 9, 2018 and got yet another shock. The mortgage company has now listed me as in foreclosure, which is actually incorrect, no paperwork has been filed at this point.
However, because it is listed that way on my credit report, no bank will consider a signature loan for the $7000. I am currently looking for an attorney who will assist me in filing fraud charges against Vanderbilt.
Product or Service Mentioned: Vanderbilt Mortgage Mortgage.
Reason of review: fraudulent reporting.