Complaint Review: Vanderbilt Mortgage

Cathy and Mike,

No one may change the conditions of a contract.  If your original agreement was for 10 years, then it is for 10 years. It cannot be changed to 20 years or even to 3 years (which would be nice) unless you agreed to re-negotiate the contract or agreed in the small print to allow them to re-negotiate the terms of the contract without attending a  new closing, etc.

In your position, here's what I'd do as a minimum:

1.  Immediately file a complaint with the Attorney Generals Office, Consumer
Division in the state you live.  Be specific!  Send as much supporting evidence as you can.

2.  The state of Deleware is very hot on all the MER messing going on (if you don't know about this, Google it and get educated on it -- you won't be sorry).  Copy them with the same stuff you send your own Attorney Generals Office.  Here's why.  A lot of these mortgages are actually owned by anybody.  They were bought up in bulk and sold randomly without much more information than what the loan amount is and who to collect it from.  In short, the person you are paying may not be able to provide proof that they actually own your note!  And you could very well avoid making another payment until they provide such proof.  In many (most) cases, this is not possible.  The entire scandal is so huge and so convoluted you stand a 50-50 chance of putting these guys away, on top of everything. 

3.  Demand proof from the mortgage company you are now paying that they own your note.  Write them, certified mail. 

4.  I would keep my words to a minimum.  I'd forget name calling and anger and all the rest, just "I am ___________.  The people I bought my home from have apparently sold the note to you.  I require proof that you have purchased this note.  I require copies of all original documents sent to you by them in this regard.  I further require any evidence you have in your possession showing how my 10-year payoff term was modified to 20 years without my consent, agreement or signature.  I require the above information within ten (10) business days of date of this letter (remember to date your letter!)".

3.  I'd strongly consider hiring an attorney, too.  There is so much of this kind of mess going on, you won't believe it. 

4.  Stay in close touch with Washington, D.C.  Obama is working on new legislation that could cut an enormous amount off your note and/or drastically lower you payment.  Make sure you stay up with this so that you'll know what to do.

5.  You might consider forming a local group that meets about this.  Your local television station might give you air time to express your anger and invite others to contact you at such and such an email (get a new, separate email!).    Be careful what you say on the air (TV).  You don't want to call anyone a thief or a liar or a fraud.  Stay AWAY from name calling.  To win your case but be sued for defamation will gain you nothing (and possibly cost you even more). 

Good luck!

Actually, we did read it. The original agreement was for 10 years and not 20. After Luv Homes went bankrupt due to questionable practices, our mortgage mysteriously changed to a 20 year pay off. This is costing us alot more money. 

I read this report and its nearly identical to the situation my sister is going thru now with Vanderbilt. I will be talking to their representative this week in effort to try to get something resolved however after seeing many such complaints I am now thinking there may be more to this picture and perhaps further investigation into this company is warranted. 

This appears to be another example of a mortgage/finance company which is taking advantage of people while collecting excessive interest rates from struggling Americans.  My sister is paying over 13% interest at a time when mortgage interest rates are 4-5%.  The company refused to even consider refinancing at a lower rate.
I will be posting a separate report for my sisters situation and encourage others to do the same. I will also  update this entry with the outcome of my discussions with Vanderbilt.

I encourage others with problems with Vanderbilt to also post their reports.  These reports are visible to anyone who GOOGLES Vanderbilt so consumers will see how this company treats their current customers.

I read this report and its nearly identical to the situation my sister is going thru now with Vanderbilt. I will be talking to their representative this week in effort to try to get something resolved however after seeing many such complaints I am now thinking there may be more to this picture and perhaps further investigation into this company is warranted. 

I have already spoke to someone in my congressman's office about this - its ELECTION YEAR and as you may know President Obama also appointed a new consumer protection head. This appears to be another example of a mortgage/finance company which is taking advantage of people while collecting excessive interest rates from struggling Americans. 

I will be posting a separate report for my sisters situation and encourage others to do the same. I will be talking further with Vanderbilt officials this week and will update this entry with the outcome.

First with any loan your payment is broken down between interest and principal.  With the interest amount always paid first.  As the loan matures less is applied to the interest and more to the principal balance.  As for the term it is obvious you did not read your mortgage papers before you signed them, that is until recently.  Why Not?

Second, How is the condition of the property the lenders fault?  You bought it and are responsible to maintain it.  If you are not happy with the loan you currently have get it refinanced somewhere else with the shorter term you want.