- Report: #238330
Complaint Review: Vanderbilt Mortgage & Finance - Maryville Tennessee
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Author Confirmed
Why?
Vanderbilt Mortgage & Finance
501 Alcoa Trail Maryville, 37804 Tennessee, U.S.A.
Phone:
865-380-2220
Web:
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Business Rating:
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Tell us has your experience with this business or person been good?
Vanderbilt Mortgage & Finance Never ending LOAN! ripoff Maryville Tennessee
I purchased a mobile home from Clayton Homes March 5th 1999. In November of 2006 we hit on some rough times and we are now staying about a month behind. We were threatened with foreclosure when we were only half a month behind. I have been scrapping and trying to work with this company, but realized things were getting worse. So yesterday I called to get a payoff amount to sell this trailor. And found in 8 years we have only paid $3000 towards the priciple! Each year we have owned this our payment has always increased even with good payment history.
Our original cost for the trailor $29,973.00 deducting our $1,455. down payment lowered it to 28,518.00. Once it was financed we owed $30,519. Now 8 years later in order to rid ourselfs of this monster and horrible company we still owe them $26,982.26. And yet last year our payoff amount was 26,881.56. If paying on a trailor how can the cost go up $100. How can this be. If my calculations are correct our oringle finance of $88,523, is now going to be closer to $100,000. Can they actual keep raising the cost of our home and loan??
Joy
Franklin, Kentucky
U.S.A.
Our original cost for the trailor $29,973.00 deducting our $1,455. down payment lowered it to 28,518.00. Once it was financed we owed $30,519. Now 8 years later in order to rid ourselfs of this monster and horrible company we still owe them $26,982.26. And yet last year our payoff amount was 26,881.56. If paying on a trailor how can the cost go up $100. How can this be. If my calculations are correct our oringle finance of $88,523, is now going to be closer to $100,000. Can they actual keep raising the cost of our home and loan??
Joy
Franklin, Kentucky
U.S.A.
2 Updates & Rebuttals
Joy
Franklin,Kentucky,
U.S.A.
Thank you
#2Author of original report
Sat, March 17, 2007
I know about the rates, but it just seems Vanderbilt sets the consumer up to fail. And I had another concern. I was looking at the original contract and I saw that my father was listed as a needed co-signer, but he never signed the paperwork anywhere. In fact he wasn't even present when we did sign. And yet they insist he is a co-buyer and continually harrass him. Thank you for your first responce...
Star
Winooski,Vermont,
U.S.A.
Depends on some things
#3Consumer Suggestion
Fri, March 16, 2007
First, what kind of mortgage do you have? Did you get an adjustible one? Because that would explain why your payments have been going up. While the rate on an adjustible may look attractive at first, they have been know to go up quite a bit. (I worked as a Mobile Home Loan broker for a while). Second, the majority of the payment every month goes towards the interest first instead of the balance. You should look at your paperwork for your loan for these details. Sorry about the problems though.
