Vanderbilt ripoff, carrying on the Predator Lending mortgage practice Maryville, Tennessee
I have recently discovered that Vanderbilt has purchased Oakwood. Only starting out, and I have seen no improvement in the handleing of my account. Their representative explained to me they would begin court proceeding right away.
We are a military family with sucker on our forehead. We purchased a repo home, valued at $15,000 from Oakwood in Killeen, Texas, for $28,000. We had filed bankrupcy only months prior. (The perfect victim)
You name it. We experienced it. promised repairs that never came, delayedd moving problems, high interest rates, purchasing illeagal insurance. Which by the way, never did pay the claim of our personal property that was stolen from the house while it was still on the dealers lot.
There were the promises of trade-in, Being able to move it to the next duty station, and my favorite. The forced Arbitration Agreement. That was explained 'to protect the State of Texas from lawsuits involving contamination of raw materials in the manufacture of the home'.
It gets better.... We tried everything to work things out with them, Trade in, selling, even renting out the property after my husband recieved orders for a new duty station.
We were harrassed, over the phone, by mail. I was threatened that I would not join my husband at the next duty station if I continued with the intent to sell the home.(by the retailer from Oakwood, on the phone, he reminded me that he had been in my house many times) One of the potential buyers was told that I had an outstanding balance of $60,000.
Still nieve, I believed that I was an isolated incedent. After the home foreclosed, I saw that they resold the home for the same amount they sold it to me and claimed I owe $15,000 for their cost of moving and clean-up. Woe, that's quite a profit they have made off that one house.
I have since attempted to retrieve copies of the bills Oakwood had to pay to equal $15,000. They only send copies of the Arbitration Agreement. I would also like copies of the HUD-1 forms, the bill of sale. Basically, where the money is going. How the scam works from start to finish.
I would also like an attorney not afraid to take them on. I will pay $30,000 in Attorney Fees before I give Oakwood one more dime.
I have taken out an add in the Greensboro News & Record newspaper looking for an Attorney. It will be published in the next couple of weeks. (if they don't kick it back)
Georganna
Herington, Kansas
U.S.A.
2 Updates & Rebuttals
Georganna
Herington,Kansas,
U.S.A.
response from Vanderbilt
#3Author of original report
Sat, March 19, 2005
In a response to the complaint I filed with the Tenessee State Attorney General's Office Brandy Swaggerty wrote:
"The issue appears to be that the Cushing's are requesting a complete break down of the deficiency balance on their account. This is a loan that has been acquired by Vanderbilt Mortgage and Finance, Inc, from Oakwood Acceptance Corp., L. L. C. After an extensive search, we were unable to locate the documents that would support the current deficiency of $10,387.17
Therefore, our resolution to this matter is to waive the current deficiency in its entirety and report this as a Paid in Full/Repossession. We have already requested the up date to the credit bureau agencies and they should reflect the new status of the account within the next six weeks."
Georganna
Herington,Kansas,
U.S.A.
Found Intersting Information
#3Author of original report
Sun, January 09, 2005
BERKSHIRE HATHAWAY INC.
NEWS RELEASE
FOR IMMEDIATE RELEASE July 15, 2003
Omaha, NE (BRK.A; BRK.B) Tomorrow, shareholders of Clayton Homes meet to consider
Berkshire Hathaway's offer to acquire their company. Clayton shareholders should be aware of
the following facts:
(1) Berkshire will not raise its price now or in the future.
(2) Berkshire will not become a lender to the mobile home industry except through Clayton.
Berkshire made a bad investment several years ago in Oakwood Homes and learned the
hard way of the dangers in mobile home finance. Indeed, these dangers have become
manifest at Clayton, even though it is in Berkshire's opinion - by far the best company
in the mobile home industry. The 8-K Clayton recently filed indicates that both
delinquencies and loss severity have increased substantially in the past year. In the first
half of 2003, the average loss incurred in repossessions was 49.2% of the contract
amount.
(3) This staggering loss experience is in stark contrast to the experience of lenders financing
site-built homes. Simply put, the value of mobile homes has often plummeted after
purchase, while traditional homes have appreciated. The industry's troubles have in
large part occurred because of this difference in resale experience. The result: Sales of
mobile homes have fallen dramatically and consistently during the past few years while
sales of site-built homes have been strong. Industry observers have regularly predicted
turnarounds in mobile home sales during these years. They have been wrong: Low
interest rates have caused housing to thrive but new mobile home sales continue to
sink. Clayton is no exception.
(4) Berkshire believes the spread in financing costs between site-built homes and mobile
homes will not narrow should interest rates rise. The spread results from the high losses
that occur when the underlying asset depreciates in contrast to the general appreciation
in site-built homes. In Berkshire's view, the industry-wide decline in mobile home sales
during the past few years would have been even more severe had interest rates not
fallen.
(5) Berkshire values the Clayton management in our view the best in the business but
has no special deals with them, as some have insinuated. If the transaction is completed,
their compensation with Berkshire will be similar to what they would have earned if
independent.
(6) Clayton's financial needs are large and continuous. Indeed since the April 1 agreement,
Berkshire has advanced on a short-term basis $360 million to Clayton. The mobile
home industry is dependent on ready access to funds and this access has become
progressively more questionable during the past few years. Clayton must have a
dependable source of financing under all circumstances and Berkshire can provide it.
(7) Berkshire's firm offer to Clayton was made after only a one-day review of annual
reports and SEC filings. There has been a deterioration in sales at Clayton since the
agreement was executed more than three months ago. Nevertheless, Berkshire hopes
that Clayton shareholders accept our offer. But it is not one that we will renew.
Berkshire Hathaway Inc. and its subsidiaries engage in a number of diverse business activities
among which the most important is the property and casualty insurance business conducted on
both a direct and reinsurance basis.
END