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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.

Review about: Vanderbilt Mortgage Loan.

Monetary Loss: $44000.

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Anonymous
#368730

:( I've had Vmf since 2008 my husband and I was a full time employee's didn't have a problem making our payments until now I lost my job due to federal funding my husband job is going under I was 52 dollars short on my payment and now a repersentive from VMF called me and said they are holding on to $700 of my money which makes me delqueint in my avount and if I don't have $1000 by tomorrow they are going to take legal action! They are cold hearted crooks who needs stoped by hard working pissed off people that are just trying to makes ends meet

Anonymous
#210156

Hi, We bought a SE home last year from clayton homes-My personal views on this purchase is-Stay away from SE homes!!! I have 35 video's and over 150 pictures of the problems with this home--And several of them couldn't be repaired by their contractors!! I'm possitive that this home will be total junk before the loan is payed off..It is 3 years old now {lot model} and already falling apart..As far as vanderbilt i'm too new at it to have a complaint...For pic's and video contact me-You will be astonished at the poor quality and the cheapest materials used by SE...

Anonymous
#127957

For don'tgetit, your mom is not legally responsible to pay for the debt, but if she does not pay then the mobile home will be repo. She cannot pay it and let them take it back as long as her name is not on the loan.

But if she wants to keep the home and any land that is attached to loan then the loan must be paid. Just because the grandmother died does not erase the mortgage.

Anonymous
#127843

In response to . Written by WF;

First don't pretend to know my financial situation. When we bought this home, we had no credit because we were newlyweds and young. This is what we could afford. It was financed with Bombardier and when Bombardier sold all MH portfolio's, VMF picked them up. TO this day there is not a glitch on my credit; again not that it is any of your business; AND, I make double payments every month trying to cut it down as fast as possible. I was upset when I first posted this post but stand behind my decision to talk anyone out of having to deal with VMF, simply due to how they respond to customers. I am speaking about customers who have NEVER made a late payment. I have never had to deal with them other than over the sale of my home and they were rude; unprofessional and completely unethical in their response to simple request on my behalf.

I don't know why you would pretend to assume you know who I am. I know there are allot of people who respond out of anger and aggrevation because they are not paying their bills and get hounded and that is their fault because they ARE in breach of contract, however, I am NOT one of those people.

Please take your accusations elsewhere...

Anonymous
#127782

Question:

If you are so upset about VMF and you can't sell your home why don't you refinance?

Answer:

Probally because your credit is not good enough to refinance nor was it good enough to finance anywhere exept VMF.

Vanderbilt finances homes for people that can not be financed anywhere else (in alot of occasions)

Are their rates higher then typical mortgage company's?

YES!!

I would assume because of so many delinquencies from their protfolio they must charge higher rates to make up for this. I am a firm believer that bad things happen to good people and sometimes you need a second chance. From my studies VMF is that second chance. I would imagine that the bulk of their portfolio is "C" and "D" paper. (Which means BAD Credit)

I am sure that they could use some improving just like any other company could. But don't take the chance of home ownership from those people that need that second chance for their family that only VMF will provide them by saying (Let's shut them down)

What I recommend is work on your credit untill it is good enough to refinance.

THAT'S WHAT I DID!!!

Anonymous
#92367

can my mother be held liable on her credit if my grandmother left her a mobile home with a balance and would never let her put it in her name the payment is in my grandmothers name and thats how payment are made my grandmother has been deceased for 8 years

Anonymous
#81931

Let me tell you all just walk away from your home,I know it hard but the only way to deal with these jerks is to put the ball in there court,If enough folks start fighting back maybe they can be brought down.If you dont want to do that then try calling the Att.General in your state they will help and if enough of you call in then vm is screwed.

Anonymous
#78173

I also financed a home with Vanderbilt, I was sending extra money to them monthly to pay the loan off early. Well seems that Vanderbilt forgot to tell anyone that any extra money sent goes into a overage account, not applied to your account.

This was not in any of the paper work we signed. So it seems Vanderbilt makes these rules up as they go.

I also had problems from the beginning with the shingles on my home and was told to call Owens Corning, well that did about as much good as sending extra money to them. Has anyone who has had these problems tried to report them to the Better Business Bureau?

Anonymous
#78160

We were looking at Vanderbilt to finance a mobile home we wanted, but like everyone above, they kept giving us reasons why they wouldn't/couldn't finance it. Now I am glad.

Can't they be reported to someone. Maybe this is how the guy that owns Berkshire-Hathaway (I forgot his name) gets rich.

Anonymous
#76190

In 1998 had to refince my MH and Vanderbilt was the only ones that would do it. Now it has been 11 years and I still owe 29,525.57.

I only borrowed 32,000. So in 11 years I have only paid 2474.43. My payments are 305.27 a month. Most of that goes in there pocket.

Only 46 dollars of my payment goes on the loan. That is one rich company.

And thats coming from a very poor consumer. How can we stop them!!!!!!!

Anonymous
#50617

I bought a double wide from vanderbilt and had been paying monthly payments of 498.00 for over 14 years. for the last year my work has solwed down and my bring home pay has been cut in half.

vanderbilt has repossed my home now and i bought the doublewide for 28,000.

after they repossed it i still owe over 25,000. I hope there is truth to the saying what goes around comes around!

Anonymous
#47812

Vanderbilt is not a "fly by night" company. A division of Clayton Homes, recently purchased by Hathaway (Mr Buffett is far from fly by night).

Interest rates are approved by the person buying the house. You signed the contract agreeing to ALL the stipulations. Don't like them? Shouldn't have signed and agreed to them.

Normally, the first half of the mortgage goes to interest.....sorry, that's the way it goes.

So, you agreed to a high mortgage % on something that DEPRECIATES (like a car), and now you regret it. Sounds like YOU made the mistake.....not the mortgage company.

Oh.....the majority of you that are complaining need to learn to spell, too!

Duh!

Anonymous
Glasco, New York, United States #22444

well I bought my trailer from oakwood and got locked into a 13.75 interestrate. after van took over and 5 yrs after the sale, I owed more money then my original loan.

After 8 yrs, I still owe 32,600 and now I cant get away from it. Noone wants to buy it, or asume the mortgage. cause you can buy one cheaper then that. Now I got injured at work, haven't woked in almost 2 yrs.

the trailer is empty and I am left at weather to walk away, let them foreclose or like they want, surrender the home.

Why should I make it easier o tem and just surrender it. Bankruptcy now can't hurt me anymore then I already am hurting.

Anonymous
Colon, Colon, Panama #22408

:( Our loan was sold within 3 months of us getting it to Vanderbilt. I am so sick and tired of this company.

They finally sent us a statement of our account after we got the loan in july of 02. So I start looking and I see that they started off our loan at about 4000 higher than what it orig. began at. And then I see that they had like 2700 in an escrow account...where did that come from because there is no escrow on this house.

Was that my money? I have had 0 help from this company and when asked they referred me to the American Red Cross for the $30 I needed to finish my payment and mind you this was in 05 during Katrina. The Red Cross had enough on their plate to deal with my $30 payment.

Since 02 we've paid in excess of 40,000 and our loan has gone down less than 2000 !!! I want out NOW !!

Anonymous
Ivrea, Piemonte, Italy #13155

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!!!

Anonymous
Fish Creek, Wisconsin, United States #11594

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.

Anonymous
Colonial Heights, Virginia, United States #10457

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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