Complaint Review: Vanderbilt Mortgage - Maryville Tennessee

Gayle, YOU NEED TO GET REAL!!! Vanderbilt employees are rude, liers, and nothing but con artist. They should shut down and ban from ever making another loan. I have proof that they are nothing but liers, and rip people off. I found out the loan papers I had been given when I purchased my home back in 1997 through (Associates housing Finance) which by the way lost a 215 million dollar law suite back in 2003. By the FTC for packing loans and insurance fraud etc. you can look it up on line if you would like. After that Vanderbilt took over my loan. It took me seven years to prove that I was being charged for credit life insurance and no policy was written for this insurance. Now the day when went in to sign the contract we were ask if we want the credit life insurance. We said we would like to speak with the insurance agent. we were told that some one would be out to talk to us within 35 to 45 days in reference to the credit life insurance. But no one ever came. The papers were signed on May 12, 1997 and the first payment not due till June, 20 1997. Because the house was not going to be brought out and set up till the first of June. When we received our first statement they had added 36.00 to the payment. when I called the sales man who sold us the house they told me that he no longer worked there. When I asked what the 36.00 dollars was for they told me that it was the payment for the credit life insurance. I ask why I was bening charged when I had not even spoke with and insurance agent and had no policy. They told me I would have to talk to Associates Housing Finance to clear this up. Well the night mare began no one would tell what insurance company was receiving this 36.00 dollar. I was rudley told that I was crazy that there was no insurance payment added to my payment. That I did not even have insurance and to stop calling them. After about of year of me and my husband calling them and being yealed at lied to and told we were crazy. I called again and the lady that answered said she would try and find out what was going on. Well about 2 weeks later she called back and told us that they had added the 36.00 payment to our house payment for credit life insurance. I told her that we did not end up getting the credit life insurance because no agent ever came out to talk to us. I requested that she give me the name of the insurance company but then I started getting the run around again. I was told that the 36.00 dollar payment would only be added to the house the house for 120 months of the loan and then my payment would go back down for the remaining 240 months of the loan. I told her that I had no policy and I wanted them to go ahead and take the 36.00 payment off and I wanted them to refund me the amount I had already paid. She told me that they had a copy of the policy and the certif. and would send me a copy. I told her there was no way there could be a policy I had never even spoken with any insurance egent. But yet she insisted that there was a policy and would send me a copy and hung up. Well as you know every time you call you get a different employee and even though I would ask for her they would tell me that they could help me. Not letting me speak to her again. I contuined to call every month for the next 7 years trying to get this issuse resloved. During this time I was lied to yealed at and told I was crazy. Then in June, 2004 I called and one day and the employee that answered was very nice. I starting telling him whay I was calling and explained to him what had been going on for the past 7 years. He looked up my file and was going over my contract with me. As we were talking we realized that the contract I had was different than the one he was looking at. He ask me fax him a copy of the contract I had so he could try and find out why they were so different. I told him I would go my office and would call him back when I got there to let him know I was faxing over the contract I had. Well he did not answer I got a different employee when I ask for him the lady started yelling at me and would not let me speak to him and then hung up on me. But he was kind enough to send me a copy of the contract they had on file. Then it gets even better I then found out that not only had they added a 36.00 payment for and insrance that I did not even have. That the contract they had on file totaly different than the one I had signed on May,12 1997. They also added a premium of ($3,695.03) dollars to the loan for credit life insurance not once but a toltal of 3 times. Then if you multiply the (36.00) dollar payment they added to my loan payment for the credit life insurance premium.BY 120 months then you can add another ($4,320.00) making it a total of (4) times we are being charged for the ($3,695.03) premium plus and extra ($624.97). That they figured the loan backwords they figured the purchase price of the home with down payment still added in. Now the bottom line is I will end up having to pay ($239,584.03) for a ($56,000.00) 28 by 80 manufautured home that the land is not even on the note. I can not find and attorney that will take my case because they don't have the resoures to fight a company of this size.With only one client and I don't have the money to pay them. i can only hope that one day a class action suite will filled against them and I will be able to get justice. Now there is alot more to this and I have proof of every thing they have done and that there was no policy ever wriiten in my husbands name for any credit life insurance. But I will end up paying over ($13,607.00) dollars in insurance premiums that was added to the loanI and never even had the insurance. I have already paid ($89,770.00) over the past 11 years and still owe ($150,553.00) dollars. For a ($56,000.00) dollar manufactured home. The amount they financed an a (56,000.00) home was ($68,497.00). Also over the past 11 years they have only taken may be ($4,000.00) off the purchase price of ($68,497.00). Now because of way they financed the loan I am paying about (40,000.00) dollars more in interest and over ($13,607.00) dollars for insurance preimuns for insurance I did not even get. Now I was yelled at, told I was crazy, hung up on, and lied to by not just one of there employees but several. For the record my payments have been made on time and still are being paid on time. so the interest I am having to pay is not due to them adding interest due to my payments being late. BUT BECAUSE THEY ARE RIPPING ME OFF!! So you want to tell me to (HONESTLY COME ON!!!!!!!!) Leigh Luthersville, Georgia

Gayle, who are you trying to fool here? You mention the FDCPA--why? If you really were what you claim you were, you would know that the FDCPA only applies to third party collectors, and only when the collector obtains the account while it is already past due! So, why talk about violating the FDCPA? It's really funny--most "employees" and "ex-employees" when they come here try to tell everyone that since Vanderbilt is not a third party collector that the FDCPA doesnt apply...how strange it is that you decided to part company with the rest of your cubicle-friends. In either case, you and I both know what Vanderbilt is, and that the FDCPA certainly does apply to some of the accounts your company holds, but not the one talked about here. Finally, you need to stop insulting people's intelligence here and conduct yourself in a manner befitting such a prestigious "Warren Buffet approved" company. Insulting people's intelligence like that is disgusting and has no place when youre supposed to be a professional. I also find it really funny that you say that no one cursed this guy out--have you seen how many independent consumers are reporting this exact same behavior? I suppose they are all lying and it's one gigantic conspiracy....

I work the chase portfolio and honestly come off of it.. There is not any "escrow" for insurance on this portfolio. Did you sign an escrow agreement when you purchased the loan? No. What Vanderbilt placed is called a leinholders risk policy that just insures the loan. That is it. It does cost more for this coverage. The contracts that chase had yo sign state that it is the customers responsibility to carry coverage and if there is no proof of any coverage then the leinholder shall insure their interest in the collateral. No one cussed you out. You were probably behind which was not smart considering that chase only signs simple interest loans (easy explanation: interest accrues daily from payment to payment so if late then you can and in most cases do lose the pmt to interest only) and the account rep wanted to know why.The system has a complete and detailed payment history. I use this daily. It is 25.00 for a copy. They even break it down for you and send a key to explain the codes (kind of like payment histories for dummies). And as far as sticking it to Vanderbilt.. sorry you did not.. Do you know what they actually paid chase for your loan? CHEAP! So with it being a simple interest loan chances are they made their profit 3 fold. And they will sell the home and still make a profit. So i guess my question would be knowing how lucrative the transaction was, why would any representative have any reason to break fdcpa and worry about the likes of you when their profits are soaring because of customers that pay late consistantly and pay nothing but interest for a loan that chase disposed of as scraps?