Complaint Review: Vanderbilt Mortgage/Oakwood Acceptance

We also had a mortgage assumed by Vanderbilt from the Oakwood bankruptcy. There have been 2 times where they have not made our yearly insurance payment, eventhough we pay into an escrow account for it. Twice they have sent us a letter stating that they are covering our loan with their insurance, eventhough they were supposed to be paying our premiums from our escrow. And both times it has taken multiple phone calls to get this straigthed out. Plus they charge $300 per year to pay our insurance premium eventhough it is why there is an escrow account.

They also have sent new payment books multiple times, changing the payment amount because of inusrance premiums that they say have gone up. This year when this happened, we found out that our insurance had been canceled by the insurance company, because the premeuim had not been paid. When my husband called the insurance company, they had never recieved any money from Vanderbilt, and had been canceled last year. So we spent last year un-insured. When he contacted Vanderbilt they said, "Oh, we sent the check, but your insurance company never cashed the check."

We feel that this company has extremely poor business practices. Their communication abilities is poor at best. No one in that company wants to take responsibility to find out what is going on. They use consummer monies and don't appear to have to account for it. This company needs to have an aduit by the Federal government.

Julia
McLoud, Oklahoma
U.S.A.