I purchased a used 5 bedroom doublewide mobile home from Vanderbilt in February of 2004. The original contract that I signed was for $535.00 a month. Every year since then my monthly payment has been increasing. My loan is a fixed rate and I dont understand why. When I call them, all they can tell me is that the increase is due to escrow and insurance etc. I am a single mother who gets paid every two weeks and my paycheck is less than what the mortgage has risen too. They pretend they want to help you but after seven years of paying over $600.00 a month, they tell me that I do not have enough equity in the home to refinance. They harass me and send people out to my house to take pictures when the loan is less than 10 days past due. They call my house numerous times throughout the day and when I answer the phone they are rude and demanding. I will never ever finance another home through Vanderbilt.
My brother bought a single wide three bedroom home and financed it with them in 1996. He has been paying them for 15 years and they just recently sent him a letter stating that he owes another $20,000 on the home.
I have sent payments in which they would call and tell me that they never received it but once I pull out my check book or receipt and can prove to them then everything changes. This company really needs to be investigated and something needs to be done with them!
Product or Service Mentioned: Vanderbilt Mortgage Loan.