- Report: #412652
Complaint Review: Vanderbilt Mortgage - Maryville Tennessee
-
Author Confirmed
Why?
Vanderbilt Mortgage
500 Alcoa Trail Maryville, 37804 Tennessee, U.S.A.
Phone:
800-970-7250
Web:
N/A
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Vanderbilt Mortgage PAYMENT AFTER PAYMENT STILL OWE ORIGINAL LOAN AMOUNT Maryville Tennessee
I'm just a little confused or the math in Tennessee is done differently than I was taught. I purchased my home in January 1999 at that time my mortgage was with Chase, never had a problem.
Until Chase sold my mortgage to Vanderbilt, to my horror my payoff went from $49,000 quoted by Chase before the sell out to now about 5 years later up to $61,000 quoted by Vanderbilt.
Now, I am no rocket scientist but that can't be right. Especially since I am not now nor have I been behind on my mortgage. I haven't received any rude calls or talked with anyone rude. However, I have talked with someone who can not explain why this is anything other than "it is what it is."
Something about simple interest loans and payments need to be paid on time every month. So in order for my principal balance to have increased by $12000 how many late payments would I have had to make? I have paid in over $50,000 in the past ten years and my principal has only decreased by about $4000. Do you see anything wrong with this picture?
There is nothing simple about that interest!
Any suggestions?
Teresa
Bay Minette, Alabama
U.S.A.
Until Chase sold my mortgage to Vanderbilt, to my horror my payoff went from $49,000 quoted by Chase before the sell out to now about 5 years later up to $61,000 quoted by Vanderbilt.
Now, I am no rocket scientist but that can't be right. Especially since I am not now nor have I been behind on my mortgage. I haven't received any rude calls or talked with anyone rude. However, I have talked with someone who can not explain why this is anything other than "it is what it is."
Something about simple interest loans and payments need to be paid on time every month. So in order for my principal balance to have increased by $12000 how many late payments would I have had to make? I have paid in over $50,000 in the past ten years and my principal has only decreased by about $4000. Do you see anything wrong with this picture?
There is nothing simple about that interest!
Any suggestions?
Teresa
Bay Minette, Alabama
U.S.A.
2 Updates & Rebuttals
Briana Riche
E,Tennessee,
U.S.A.
Simple intrest
#2Consumer Suggestion
Sat, February 14, 2009
I will try to make this as easy as possible as simple intrest is anything but simple to explain. Take principal balance currently x intrest rate / 365 gives you daily rate in dollars. Lets just say for example your daily rate is $10 for easy math for me and the months have 30 days in it. You have to look at amount of day since last payment not last due date. Lets also say your mortgage payment is 330.00. If it has only been 30 days since last payment 300 would go toward intrest and 30 toward principal. But lets say it has been 35 days. 330 would go towards intrest and leave you a defiency of $20 due to 35 days x$10. This would try to be taken out of your next payment. If you paid another 35 days you would then have a $40 defiency balance. So even if you paid in 26 days later all would go to intrest to try and pay defiency. This is just on example and your daily rate will be different and all depends on how many days between payments and nothing to do with your due date. Vanderbilt has stop doing these loan except in kansas as where required by law to do it that way. As for why such a big difference in 2 payoffs i am not sure, would look at your original contract and contact vanderbilt and ask them to explain it to you. I hope this helps you understand simple intrest a little better, very important to never go more than 30 days between payments, and the less days between payments the better.
Nikki
Coconut Creek,Florida,
U.S.A.
Do this.
#3Consumer Suggestion
Fri, January 16, 2009
Go online and find a simple interest loan spreadsheet. Download it to your computer. Hopefully you have all your payment info since Chase. Plug in your balance owed at that time, how much time was left on your loan and the interest rate. Then you can plug in each month's payment on the date Vanderbilt posted it (hopefully it shows on all your statements). Don't forget, if you were ever charged a late fee, deduct the late fee from your next payment. You can see where you should stand making the payments each month. Then ask someone at Vanderbilt (nicely) if they could look at your spreadsheet and find out why it differs from theirs. Or, better yet, have Vanderbilt send you their spreadsheet and you can see why and when it differs from yours. Also, have you asked Vanderbilt if their mortgage balance was the same as Chase's when they acquired it? To all, whenever your account is ready to be sold, make sure the amounts from the previous company and the new company coincide. This way you can have all the info you need in order to dispute this with Vanderbilt.
