Vanderbilt Mortgage - Page 3

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33 reviews & complaints.

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Posted by on
SALISBURY, NORTH CAROLINA -- Anyone even thinking about getting a loan from this company please beware of them. Do lots of research on this company!! I did my research, but I did it too late. I have met 12 families in my city that had loans through Vanderbilt, and all 12 families have lost their homes!! We are the 13th family within 6 months in our city. We bought our home in 2005 and was told our payments were $770. By Jan. 2007 our payments had risen to $912.00. The only thing I could get from the company is "insurance is going up". We had a private insurance and I contacted our insurance probably about 50 times and I was told every time no premiums have gone up it actually went down $25. Now figure that out?

We lost $35,000 to this company. Don't let them steal your money. I am trying to get the word out and maybe one day Vanderbilt will stop this.

Please feel free to email me or even give me a call.

Sandy Parsons
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*Brenda* on 11/11/2007:
Do you have an adjustable rate mortgage?
runaway on 11/11/2007:
I second Brenda's question
ejack053824 on 11/11/2007:
That's why you always go for the fixed rate mortgage.
Skye on 11/11/2007:
Hello Officer Ejack!!
ejack053824 on 11/11/2007:
Hi there my beautiful Skye!
Skye on 11/11/2007:
chemman on 11/11/2007:
without further info it's hard to say whether or not Vanderbilt is at fault here. If you had an adjustable rate mortgage then Vanderbilt did nothing wrong, they adjusted your rate according to the current market rate which is allowed as per your loan contract. If they are raising your rate for no apparent reason, then you may have some recourse. Are you paying into escrow for taxes and insurance? Sometimes your payment goes up to cover the taxes, etc if they were underestimated in the first year of the mortgage but any money overpaid into escrow will be refunded at the end of the fiscal year.
g e n e v i e v e on 09/14/2014:
We need to file a class action lawsuit on this company. Before reading these comments I thought I was the only one they did this to.
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Vanderbilt doesn't make any sense???
Posted by on
I have been dealing with Vanderbilt mortgage company ever since they were bought out from my old company. My old company would send me a monthly statement. In the 4 years with Vanderbilt, never once have they sent me a statement. The only way I know what my balance is, is if I call and talk to one of their employees They will tell me my balance, but how do I know it's accurate? I want something on paper. Something doesn't seem right to me. They act like it's normal to not give a receipt when payment is made. I look at that monthly statement as a receipt, since it shows my last payment on it. Or even a monthly due bill with an updated balance would help. But they don't send that either. I get nothing.

Seriously, if I needed to show proof to anyone that I had an account with Vanderbilt, I wouldn't even have it on hand.

I hate that my old company sold to them. I never made an agreement with Vanderbilt, my agreement was with my old company. I never would've made an agreement with this Vanderbilt place. I liked the old company's policy's. The finance rates, late fee's and regular monthly statements. With Vanderbilt, I have no idea what fee's are being added in, because I have no paper trail. I'm just trusting some operator on the phone. Is this legal for them to deny me a monthly statement? Or do I need to just keep trusting what an operator tells me?

Right now, I make most of my payments via Western Union. I don't trust them with my debit card number. I can save my Western Union receipts, but it doesn't tell me much.
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moneybags on 08/14/2007:
Are you able to pay online? Then you could print out the payment records, etc.
abobo on 08/15/2007:
Unfortunately dneecy, there is no law requiring lenders to send you a monthly statement. But you should be able to request a statement of your account in writing.
Joedie on 01/21/2009:
Vanderbilt Mortgage is more than happy to send you a statement. It will only cost you $15.00 and it will take 6 to 8 months to receive by mail.
peggy gordon on 08/15/2011:
I don't think people should have to pay 15.00 for a statement or wait 6 months for it either. and pray everything I'm reading isn't going to happen to me.
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Mortgage Payments
Posted by on
MONCKS CORNER, SOUTH CAROLINA -- Vanderbilt Mortgage representatives are a joke! They are the most rude people you would ever want to talk to.For years since they took over the Oakwood contract on my home, they have been a real pain in the you know what!They will harass you to no end. If you are one day late on the payment, they are on you like bloodhounds.The original contract on my home had only my husbands name on it, and they would not even talk to me about anything,unless it was trying to get a payment. That's when they don't care who they are talking to as long as they're getting their money, but God forbid if you ask them a question, they tell you,your names not on the contract and they can't talk to you.

They have harassed me to the point that I disconnected my home telephone,and they still called me on my cell phone even though they can't talk to me because my name is not on the contract. There again any means to get their money, and get this, we are not delinquent on our payments. Stay away from these people!
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ejack053824 on 05/15/2007:
Pay your mortgage on time every time...geez!!!
Anonymous on 05/20/2007:
A company interested in the money that's due to them? Now, there's something I never heard of before!
Anonymous on 05/22/2007:
It's very rude not to pay your mortgage on time.
Anonymous on 05/22/2007:
miantani75 - I have never heard of that before either, also have you heard of companies wanting to make a profit?:D
Anonymous on 05/22/2007:
No kidding! That is news to me, too! LOL.
Joedie on 01/21/2009:
Smells like Vanderbilt Mortgage Employees. Hope you kids are commenting on your own time and not during business hours. Don't you have phone quota's to meet?
Pawn33 on 07/22/2009:
Joedie, I was thinking the same thing!! lol Sounds like employee BS!!! Is there any way to change mortgage companies??? My parents are going through the same thing with this crazy company and they're at the point of getting a lawyer.
jktshff1 on 07/22/2009:
Don't think it's employees your bill and there won't be any problems
2222 on 01/30/2010:
yes to you yes the ones who say pay your bills on time would,nt we all but one thing we are not rich as you if we was we would,nt have a problem would we. by the way your vanderbilt employees oh by the way nice that you get them big bonus,s off people is,nt it one thing you forgot the fair debt act look it up very intersting what you all have done
Anonymous on 01/30/2010:
How is stating the obvious... "pay your bill on time" implying that those making the statements are employees? That's common knowledge.
clutzycook on 01/30/2010:
Hey, I'm not rich either, but I somehow manage to pay my bills on time.
Anonymous on 01/30/2010:
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Posted by on
I was introduced to Vanderbilt by default after my father passed away and I was the executor of his estate. He had financed a mobile home through this company many years ago. A year after my father’s death and after 2 people were turned down to assume the loan, something had to be done. My Dad’s money had depleted and Vanderbilt suggested to “surrender” the mobile home. After some time, there was no other option. I made sure that I would not be held liable for anything and that the land was not attached to the loan. Two days after the voluntary surrender papers were signed, I found someone who wanted to buy the mobile home along with the 3 ½ acres it was sitting on. I contacted Vanderbilt to have this paper retracted, in which they informed me that it was too late. In the meantime, this person applied to assume the loan with Vanderbilt. Needless to say, he was denied as well. Plan B was to get a loan through a local bank. The banker informed Vanderbilt that the loan was being processed and that it was just a matter of time. 2-3 weeks in the loan process, I get a phone call from someone who was in the negotiating process to buy the mobile home in a “private” sale. That transaction was complete the next day.

To make a long story short, it has come to my attention that Vanderbilt had put a lien on my father’s land a month after his death. I received NO notice of this lien. After talking with a couple of lawyers and some investigating, we found out that this “wonderful” company sold my father’s mobile home for 11,000 in the so-called “private” sale and is suing the estate for the remainder (well over $10,000). There definitely has been some underhanded stuff going on here. They took advantage of a death went about it all wrong.

In closing, I highly recommend to steer clear of Vanderbilt Mortgage. If you look at the other reviews, you will find that they have very poor customer service. I found that to be the case with me as well. You will NEVER talk with the same person twice. There is no form of communication among the CSR’s, so you have to explain the situation each time you call. They are incompetent, rude, threatening, and just beyond ethical.
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Customer Service
Posted by on
My Husband and I have separated and have been trying for 10 months just to get my name off of the loan so I can purchase a home for myself. No one has ever called us back or even bothered working on our account. We have been told it was lost, and to send in all the information again, then the person handling the account went on medical leave, then we were told another agent was handling it and for 4 weeks now he has never bothered returning not one message we have left him. I call and leave him a message every day too. Do not deal with this company!!!!
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Hugh_Jorgen on 03/22/2006:
I think you are going to find they won't simply remove you from the mortgage. Why would they? They have both of you on the hook, whether or not you are still married. Most likely, your ex is going to have to apply and qualify for his own mortgage and use it to pay off the old one.
miketech on 03/22/2006:
I wish you the best of luck but knowing what I know about lenders I'm going to agree with Hugh. It definitely is something you need to check into with a qualified attorney.
Anonymous on 03/22/2006:
I must agree get a lawyer because the next thing you will fined out is the IRS will not let you out of paying your ex’s taxes if the other one does not pay. Good Luck
rhondam718732 on 03/22/2006:
In order to "remove" your name off a loan, the person remaining must re-qualify for the loan balance. This is NOT an immediate removal process. And if your spouse doesn't re-qualify - you can't be removed. They based your original loan on your income/signature as well as your spouse's - they won't release you unless they are guaranteed that your spouse can cover the mortgage.
fairbusinessman on 03/23/2006:
I have a vast experience in the wholesale side of banking. The real reason a lender will not remove you from the contract is because they have to meet there investor guide lines first.(this is the company that invested there money with your lender with certain terms and conditions,Your lender ultimitly is just a service company for your loan and gets paid a fee to collect and service your loan. In short have the spouse that is keeping the house refinance it in there name.If your credit is poor than go to a sub-prime lender. If you cannot prove your income than choose a stated income loan (This is for many people that do not claim everything they make!) Your best bet is to choose a good mortgage broker that has experience in this feild. Depending on the equity in the home will dictate the terms of your new mortgage. If you want to tough it out file a complaint with the banking commission (STATE & FEDERAL)Name all the names of who you talked to and send any information that will back up your complaint. Send a certified letter to your lender and cc:to banking commission demanding to have a copy of there and/or the investors guide lines to remove one party off the loan,and a copy of the contract you signed stating you agreed to these terms!Remember to be curtious and professional,get as much information from your lender that will back up your claims. To many black eyes to the banking authorities is a no-no. Your lender has a routine for such complaints but if you are persistent you will wear them down and they will want to get rid of you! Good Luck
dsmith68 on 03/23/2006:
Your ex has to refinance. If he does not qualify, you need to sell the house. If he does not agree to sell the house, you have force a sale via your attorney and the divorce courts.
DebtorBasher on 03/23/2006:
I agree 100% with Rhondam, they aren't going to take off the name just by request. They will want to make sure the one left on the account is able to he/she said, the loan was based on both of your income/credit.
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Poor Customer Service
Posted by on
Vanderbilt, has the poorest customer service ever! they debited money and took a mailed payment in the same month, won't pay the money back or put fro another month's mortgage.
They are crooks, we need to get together, and file a lawsuit against this company.
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norrina on 11/03/2005:
Working in a field that puts me in regular contact with various lenders, I generally agree that Vanderbilt is one of the more difficult companies to deal with.

HOWEVER, there is not nearly enough information in this complaint to establish fault with Vanderbilt in this particular instance.

Did you have direct debit set up with Vanderbilt? If it was debited due to a direct debit being set up, companies have varying lengths of advance notice that they require to cancel a direct debit. If you did not give them sufficient notice, then this would be why your account was debited.

If you authorize a debit, and then send an additional payment, of course they are going to accept both. If you check your payment, it probably has a notice regarding the earliest date on which you can make a payment to have it credited for that month's payment. They will (most likely) apply the second payment to principal.
teekarose on 03/17/2006:
Hi! We USED TO have an automatic withdrawal for Bi weekly payments to Vanderbilt.
Due to financial hardship (loss of business)....We signed an agreement through the court to keep our trailor and send in payments to their mailing address..
>> Went well for some months... till now!

March 7th they took out of our checking account a payment .. which overdrew our account!Hence a overdraft fee of $30.00!!
March 4th I sent out a payment to their Maryville Tnn address as I have so as agreed upon..
I don't know why they did an unathorized pull?!..
I do plan on calling them today along with our Bank.. (we also had plans on closing this account soon)

This upcoming Monday/Tues will be another payment due I am VERY CONCERNED SINCE WE DO NOT WANT ANY MORE PULLS FROM THIS ACCOUNT... and I don't want to send a payment out today if they are going pull again!! How do I correct this problem?..
Been reading complaints against this company .. now I am really worried!! Help! thanks for any insight
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Vanderbilt Mortgage is HORRIBLE
Posted by on
KNOXVILLE, TENNESSEE -- I agree with all of you Vanderbilt has to be the worst mortgage company ever. They harass you, and also I was supposed to be on a fixed rate and they raised my payments $100 last year. I really hate this company everything you can think of bad to say about this company is true. I Hate them.
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JR in Orlando on 08/31/2009:
Even with a fixed rate, your payment can go up if you pay property taxes or homeowners insurance premiums though the mortgage company. Could the payment increase be as the result of an increase in these costs?
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I hate Vanderbilt
Posted by on
Vanderbilt is the worst, most unprofessional company in the whole wide world of business. They repoed my mobile home and filed a judgment against me and took my vehicle from me to sell for what ever they could get. I tried working with these people but it is hopeless. It is time to put a stop to them, anyone willing to get on board please post your complaint and let's do this. NOW !!!!!!!!!!!!!!!!!!
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Anonymous on 07/11/2009:
We're you behind on the mortgage?
Eloise on 07/11/2009:
"Vanderbilt is the worst, most unprofessional company in the whole wide world of business."

I'm at a loss. If you own the bank money than they have the right to reposses 'their' property. This may seem cruel, but it doesn't make them unproffesional.

Yet again, it is the Banks fault that people don't make their payment. Take responsibility for your actions.
Anonymous on 07/11/2009:
Unless Vanderbilt lost your payments, they have the right to repossess your property. It isn't the bank's responsibility to negotiate with you to help you catch up on payments. They may try to help you out, but they can only do so much. As Eloise says, you have to take responsibility for your own actions and not blame someone else when you fail.
BokiBean on 07/11/2009:
Repo'ing a mobile home, getting a judgment, and taking someone's car cause they haven't paid on the judgment takes a long, long time.

At what point were you going to pay them anything? Are you sure you were trying to work with them?
DebtorBasher on 07/11/2009:
You said you tried working with what way?
The mobile home and car is not yours until you've paid it in full.

It ain't no joke, if you don't pay that note! *Matt and Sonia Agree*

patchesgirl8 on 06/23/2012:
Who can expect a low income person pay a 9% loan. If the interest rate were lowered then the consumer could keep up with the payments. At least by filing bankruptcy you could keep the home and car.
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Leaving the House
Posted by on
NEWPORT, MICHIGAN -- I am looking for help.

My husband and I bought a manufactured home 9 yrs ago, we paid 80,000 for it. Our intentions were to gain equity to move it on our own land.
We tried and it didn't appraise out so we placed it up for sale, it was not our intentions to live in a manufactured park...we wanted a home and equity!

NOW we have found a home, and no one to buy the current manufactured home. We want to move in, but cannot afford 2 mortgages, even though the bank says we can. We plan to leave it up for sale until something can be done.

IF we leave it, and let the bank take it back, does anyone know what the repercussions would be?? Has anyone left a home, and what has happened??
I live in MI where home sales are on the decline, and manufactured homes are being repossessed so selling on your own, or through a realtor is almost impossible. I would really like some help here.

Vanderbilt says they can not help us until the home is in repo status, well that doesn't really help us now does it>?? we need to know if this is a good move, moving into a new home, and leaving current one, or if it will bite us in the butt in years down the road??

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*Brenda* on 06/05/2007:
BAD idea.
Anonymous on 06/05/2007:
What does that mean that Vanderbilt can't help you until the home is in repo status? What kind of help are they going to offer?

Anonymous on 06/05/2007:
What Brenda said.
Starlord on 06/06/2007:
Agreed, very bad idea.
leavethehouse on 06/06/2007:
OK saying bad idea...WE KNOW IT IS-- but we need someone who has done this what the reprucussions were or maybe Vanderbilt helped them sell it??? We just don't want to have wages garnished and all that jazz over this house!
WE really want this new one, it is a brand new build in a nice neighborhood and the oppurtunity will NEVER come along to buy for this price again!!!

PLEASE ASSIST US with comments or ideas of what we can do-
grandma005 on 06/06/2007:
Try selling it for what you owe not what you paid for it. In the nine years what you paid out in payments probably equals what you would of paid in rent.
chemman on 06/06/2007:
one thing you can do is see if the mortgage company will take a short payment for the balance due. I've never done it myself, but have known people in the past that have worked out deals with their banks. If they owed 100K and could only sell the house for 50K, the bank would take that and write off the rest as a loss, but you would be liable for the taxes on the 50K because the government views that as "income" to you. I'm not sure if banks are still doing this nowadays with all the sub prime loans going belly up. I wish you luck, I had to sell a house in MI and move to another state for work and I had to take a loss on it, luckily it wasn't too bad and I was able to absorb the hit.
poppapia on 06/06/2007:
If you walk away, the mortgage company will put the house into default. Once this is done, they will sell the house for whatever price they feel is fair, which often is pennies on the dollar, and then will come after you for the difference. At that point, they will get a judgment against you, and it may very well lead to garnishment. Also, once they sell the property and have a deficiency judgment, legal fees may make this amount close to what you owe now, especially if they sell the property for little or nothing. It will have a huge negative effect on your credit rating, and will either force you into payments you may, or may not, be able to afford, or into bankruptcy. Not a good idea; try to get the house sold.
grandma005 on 06/06/2007:
Can you rent it out? Even if you have to rent it out for less than the mortgage payment you will be better off. If the bank takes it back you will still have to pay for it and not own it too. You can not just stop paying. This is a problem that will not go away. If you can not sell or rent it then you will just have to forget about buying a house and stay where you are. I don't think banks will do a short sale on a mobile home. Mobile homes are like cars-they go down in value every year instead of going up in value. If I was going to buy a mobile home I would never buy a new one. You can get a like new one for half the price. Like a car the only way you can get your back from a mobile home is to live in it and use it.
chemman on 06/06/2007:
Good point Grandma, I forgot when I was responding that the house in question is a mobile home. You are correct that the bank probably will not take a short sale on it. Renting it out might be the best option, even if you can't get enough to cover the payment, maybe you can get enough to be able to afford both it and the new house.
*Brenda* on 06/06/2007:
Isn't RUINING your credit a good enough reason NOT to do this?
runaway on 06/06/2007:
No matter how you do this, you will not come out well.
People I've known that have done this (let it be taken over by the mortgage company) have ended up in bankruptcy court in order to save the new home.
Can you "rent with option to buy"? This may attract people who want to own, but can't afford it (down payment, or creditwise) right now. If you take this route, make sure you have a good contract, and involve an attorney.
bill on 06/06/2007:
If you let Vanderbitl foreclose on the house just because you don't want it anymore then you are ripping off the mortgage comapny. They don't want your house. They want the principal and interest for the loan they gave you. You entered into a contact to repay the loan and you are legally and morally required to do so. What you are trying to do is in my opinion stealing.
furnitureman on 06/06/2007:
I agree with bill. Be an adult. I want a 20 year old blonde but I have a 40 year old brunette. I plan on staying married
leavethehouse on 06/06/2007:
SO many opinions, and its NOT That we just DON'T WANT the house, we want out of this park..and I have had the home up for sale for 3 years, and have offered to take less than I owe, I am only asking pay off on it, but have told people if they cannot give me $70,000 I will take a look at all options, and work somthing out.
I don't intend on just walking away without trying I am trying to do what's right, its just not a good area, the park has been through numerous managers and has let a lot of bad people move in because no one else wants in and it has turned into a big headache for the good ones!
I wish I could find someone who has done this and can guide me with first hand knowledge.

Thanks though for all your options
grandma005 on 06/10/2007:
I am sorry but there is no way out. Either live there or rent it out. Nobody is going to pay you 70,000 when they can go buy one for 35,000.
zonibrat on 06/10/2007:
Check with real estate attorney on MI law regarding garnishment/liens on foreclosure cause in AZ if you lose your home - law says you are done. The lender can sell, as they usually do, for way less than the value, but in AZ they cannot get anything else by lien or garnish. (there is a standard clause in every contract that says they can - but only if that particular state allows) My ex's mortgage co wouldn't help out either when we tried to resolve the issue by doing the right thing - they screwed up the escrow so badly it was in arrears over $2000 and they jacked mtg up from $600 to double with a 30 day notice!
You mightlook into getting a space in desirable park & leasing it for a while with purchase possibility to renters. Do a good lease with sufficient security, etc. and do check with a lawyer or at least paralegal. (Colleges usually offer types of law clinics for low or no cost from upper classmen ready to graduate)
If you just walk away and leave it in the park, it will be considered 'abandoned' and your State Statutes will clarify your standing legally on the issue, credit would be shot too. If you belong to credit union - see if they have any newsletter that you might be able to advertise for free in to members.
And lastly, Phoenix has number of Grant programs and Housing helps to get people into a home of their own with sweat equity & City extending the loans to cover which are paid off over long term years - check with your city, county & state. Perhaps you would be able to get an offer from a government agency on behalf of someone on the program. It would be a win win! (my ex father in law's home was purchased by City for low income 1st time home buyer and it was no problem to do it. Good luck
tbtobin on 06/18/2007:
I have the same problem. I am not trying to rip off the mortgage company. Here are a few things that are going on in my situation: 1. The home isn't worth what I owe on it. Mobile homes depreciate, there is almost never any equity. 2. It is not real-estate because it is not attached to the land so selling it is like selling a used car that still has a lein on it.
3. Because it is in a mobile home park, I am not allowed by park rules to rent out the home.
4. The park is owned by Clayton homes which also owns Vanderbilt Mortgage which holds the mortgage on the home.

The only thing in my favor is that the loan is Assumable; that is someone can apply through Vanderbilt Mortgage and take over the payments.

I have been advertising my home for 2 years now, have made many upgrades, maintained the home well, and have had over 15 people interested enough in the home to apply to take over the payments. All of them have been turned down. I know some of them have had horrible credit, I expected that.

I only had fair credit when I bought the place 11 years ago. Companies are more than willing to sell you a new mobile home with less than perfect credit but they want you to have better than fair credit to assume a mobile home loan. The obvious problem is, why would someone with good credit want to buy a used mobile home?

It is to the advantage of Vanderbilt Mortgage to not approve anyone to take over the payments on the home hoping I will abandon it so the park which they own can take over the home and rent it out themselves for a higher income stream than they get from my mortgage and they can write off the note.

So yes, it is my fault that I put myself in this situation. My credit is now in the 700's and I am having a new home built. I can qualify for my new mortgage without selling the mobile home but I cannot afford both in reality and I am not allowed to rent out the home.

So should I put my future on hold and not buy an asset that will build equity? It will take me several more years to pay the mobile home down to a level where I can sell it and not lose money or I can close on my new home, get a lawyer, do a short sale on the home if Vanderbilt will allow it, or let them foreclose and face the consequences up to and including bankruptcy and live with ruined credit for the next 7 or more years but at least have a home that will build equity and get on with my life. I was young and stupid when I bought the place and I thought a 25 year mortgage was a good idea at the time and the mobile home industry didn't try to discourage me either so they deserve whatever the consequences are of these lending practices.

Did I mention that most companies that refinance mobile home loans will not refinance Vanderbilt Mortgage's loans due to some sort of agreement they have. Also to refinance, you can't be upside down so I would have to pump another 5k into a home that is losing value every year. Would you put 5k worth of repairs into a used car? It is about the same thing.

So walking away from the home isn't a great idea but if you find yourself in my situation, it happens to be my best option, suffer the relatively short term consequences and start putting my money toward something that will secure me a stronger financial future.
fedupwithvm on 08/27/2007:
I am in the same exact situation as you are. We have had our home for sale for the past five years and never even had anyone interested in it. It is a real nice home but nobody wants to pay that much for a manufactured home when they can get a repossesed one for just about nothing. Anyway we had a new home built and we were told by our new mortgage company and the company we bought the new home through that Vanderbilt cannot do anything like garnish your wages if you foreclose on the home. We were told by vanderbilt that we could do a short sale. We were had an offer but Vanderbilt wouldn't accept it. They would only go about $10,000 less than what we owe so our only option is to let it go. I was also told that they will call and harass me for about six months telling me they are going to garnish wages and all that mumbo jumbo but they will eventually give up. It says right in the mortgage agreement that if the loan goes into default I am no longer liable. So you might want to read your mortgage agreement and see what it says about that. Let me know how it goes for you and I will keep you up to date on my situation. Oh and by the way the company I bought the new home from used to have Vanderbilt as one of the mortgage companys they delt with and I was told by the manager they are no longer accepting new loans and are going out of business.
me on 03/10/2013:
I have to put my 2 cents in here. Either way you go, it's a gamble. I would suggest that you speak to a realtor or real estate lawyer. A lot of these mortgage companies or banks are no longer doing manufactured home loans, because of the risks. wanting to move is not the only amo that you need to sell your home for less than owed. If you can prove hardship (change of income), and convince the bank that this is the only solution other than walking away from the home..
property owner on 06/19/2013:
I told Vanderbilt mortgage I wanted to surrender home in may. it is now June they have padlocked the door and have not moved the home off my property. they called about late payments and then when I surrendered home I hear nothing
Chrissy on 09/04/2013:
Manufactured home not able to sell. Want to walk away. Needs repairs if I stay. Paying more for lot rent than what I'm paying for the home. Raising the lot rent every its over $600. a month. Loan on the home is little over $500. No body can believe that my lot rent costs more than the manufactured home. Sad I can't rent it. Sad I can't move it on my own larger property until home is paid for! Mobile community is making out big time by raising lot rent yearly. They love when people walk away. They lease homes that people walk away from. They don't put them up for sale.
Forrest on 09/12/2013:
Thanks for the post
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Customer service sucks
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NEW YORK -- When my husband called vanderbilt tov tell them he was out of work due to an injury and ws waiting for a compensation check and would be late they were unbelieveably rude to him. The woman he was talking to told him that was too bad he had to make the payment on time regardless of his injuries or whatever the problem was. (Now he had to call all the companies he pays bills to and not one of them acted like vanderbilt.)This woman told him he had to get her supervisor on the phone and when he came on he was even more rude than she was. This so called supervisor could have cared less and acted like it was his own personal money. This mortgage was originally with Chase Manhattan and when they sold their mobile home financing division it was bought by vanderbilt. To make a long story short if you exoect at least half way decent customer service then do not do bisness with vanderbilt. I work am a telephone customer service rep for a nationwide bank and if we ever treated even our nastiest customers the ay vabderbilt treats all of theirs we would be fired on the spot.
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Sail27 on 03/23/2007:
You did the right thing by pre-alerting the mortgage company to your situation. So many people paint every situation with that same paintbrush of "This wouldn't happen if you'd just pay your bills". Easy to say, harder to follow when real life kicks in.

Things happen in life we cannot predict. I was injured over 2 years ago in a bad accident and initially had severe difficulty. Had to take three months of short term leave at 75% salary. Called my mortgage company about it and they were more than accommodating and deferred two months of payments. Don't let someone else's bad attitude on life affect you. Good luck to you both!
grandma005 on 03/23/2007:
Some mortgage companies don't care. They want to foreclose so they can resale for a profit. I think that when you loose a mobile home they also get the land that it is sitting on too. That is where the real money is.
bill on 03/23/2007:
You may not be able to predict thing in life happening, but you can prepare for them. You should always have enough money in a saving account to cover 3 months of expenses in case of injury or loss of job. Another good idea is supplimental insurance, like AFLAC, that will cover expenses while you are out of work.
poppapia on 03/23/2007:
Grandma, they can only take the land if a lien is filed on it. Many times, lenders loan to mobile home dwellers who live in trailers on leased or rented space, and the bank can't take property they're not entitled to.
allaboutright on 03/29/2007:
everyone is you think you are adding to the story? How many payments were you behind before you called with the medical problem? I had a sistuation like this with Vanderbilt as well. Here are the TRUE facts. My account was current and had been, my husband fell between 8 to 10 feet at work and was taken to the hospital. Everyone knows how workers comp is handled and they take their time. We called Vanderbilt and talked to them about what happened and had several options that we had come up with to continue to make the house payments but they would be late. Vanderbilt helped us out and worked with us to keep the account current, they offered several options that we had not thought about! Bottom line remember that you borrowed the money and you agreed to pay the money back! You can not call thinking that they owe you something, they don't they helped you when you wanted to buy the house, ordid you forget that? I guess I just look at this a little different, I took ownership of my shortcomings and refused to blame anyone else. When I contacted Vanderbilt I was treated with respect and I think many places that do collections hav respect if we as the customer show them respect.

Maybe if you were to contact them again and this time try having a plan to make the payments and see if they have options they could offer that could help you out.
kf4pld on 08/21/2007:
These people at Vanderbilt Mortgage are nothing but the lowest, non-caring, hard-hearted people in the industry and by the way, has anyone else noticed that they kind of or at least could have some type of conflict of interest. First, they sell homes under the name "Clayton Homes", secondly they finance them and it's so convenient that if you have to have homeowners insurance added to your mortgage that they have their own agents/brokers all in the same building. I had to have "simple" surgery a little over 6 years ago which turned out to be quite serious once the doctor (butcher) got inside me and almost killed me on the table 3 out of 3 times that he had to operate within 24 hours. This has left me disabled going from $75k per year salary to Social Security disability which took 2 years to get. I had the 3 month amount of money put away but with it taking 2 years to get social security started, I was 21 months short. I've managed to scrape and claw to keep our home. I also have 2 small children which caused my wife to have to quit her $30k job to take care of because the doc really fixed me up. Anyway, the people at Vanderbilt have threatened to forclose many times because my payment was not in their little hands within minutes after midnight on the first of each month even though the paperwork that I signed says that my due date is the 23rd of each month. I lost automobiles but not my home and kept food on the table for my wife and my kids. They would not work with me in any way, shape, fashion or form. I even had them call me and threaten every thing under the sun. As an example, they called me on the 2nd of the month and by the way, Social Security doesn't pay everyone on the first of the month, if you had it prior to a certain date you still get it them but otherwise they have gone to the 2nd, 3rd or 5th Wednesday of each month, anyway a little background information there, but they called and this was their exact words, "Well you better spend the night tonight packing everything up because we're going to have someone there first thing tomorrow morning to pull your homne off of your lot and take your land too." I told them they were crazy and started laughing at them and then she started screaming at me and who ever was monitoring the call also jumped in and started screaming at me and I mean loud enough that my wife heard them 3 rooms away over the TV and the children playing. I was current by the grace of God and there was no reason for that. I hung up on them, called back and after being on hold for 15 minutes talked to a guy, gave him the name(s) of the individuals and stated that I wanted to file a complaint, he begins to laugh and said, "we all heard the call and there was nothing wrong, in fact we're still laughing about it." I asked for a supervisor about 4 times and was refused and they finally hung up on me. This s just one of MANY BAD expriences I've had with them. They say that they don't deffer payments and even had one guy tell me that he had just had 4 homes repoed in Louisiana after Katrina came through because the people refused to pay and they did not deffer payments. I thought that was the most cold hearted thing that could have been said. I have MANY other experiences, all bad but I must go for now and watch and wait for the next call from them.
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