Complaint Review: Vanderbilt Mortgage

In November 2001, I purchased a home from Clayton Homes in Whiteville, NC and was financed through Vanderbilt Mortgage at an interest rate of 10.24%. I used my acre of land that was paid for to secure the loan. I was told that because I had some credit problems that if I made my payments on time for the first year that I could later get refinanced at a better interest rate.

The first 2 years I made every payment on time and when I tried to refinance they told me that I couldn't refinance and that I was stuck with the interest rate of 10.24%. I started receiving letters telling me that my payment was going up because of insurance escrow although the orginal loan that I signed stated that my payments would be 748 a month for 20 yrs. I've had the loan for 3 and a half years and my payments have gone up to 877 a month.

I was never told that my payment would go up every year when I signed the contract or I would have never signed it and also every time I'm a few days late they call and harass me. I've tried to get answers on why my loan has gone up so drastically but no one can seem to give me any good answers other than it's insurance escrow. At this rate in a few years I will never be able to afford my monthly payments. I don't know anyone who is paying almost $900 a month on a 76,000 mortgage. Vanderbilt has gone so far as to send someone to my house and practically beat down my door.

I was so scared that I hid in the bedroom and the guy they sent out was calling my house and leaving nasty messages that if I didn't make a payment that I would have to get out of my house even though I was only 30 days behind and the woman who harrasses me all the time has threatened me many times that I would be living on the street and they were going to take my land from me. I think that they are trying to put me into foreclosure so they can sell my house and my land and make more money on it.

Does anyone know what's really going on here? I am struggling to keep this home not just because of the value of the land that I own but because of the sentimental value of the land as it was a gift from my son who is in the military and serving in Iraq. Vanderbilt seems to be putting the screws to me every time I turn around and I can't afford to keep paying this rediculous rate and continue to be harrassed every month. I have looked into refinancing with a couple of other lenders but was told that they weren't able to refinance existing Vanderbilt customers. What kind of scam are these people running? Could someone please help?

Donna
New Castle, Delaware
U.S.A.