I first purchased my "home" through International Homes, a division of Clayton/Vanderbilt, in 2002. Being that I had such poor credit, I had my dad co-sign the loan for me. I was assured at the time, that within 2 years of perfect pay, my dad could be released from his obligation and I could refinance my home at a cheaper rate. I was also told at this time, that all my taxes and insurance would be escrowed into my payments. I was also told what a "fine home" I was getting.
Then it all started.
I received my first tax bill last year. I called Vanderbilt to see what the deal was and was told under no uncertain terms would the taxes be escrowed into my payment. I thought, o.K., I'll just have to pay them, or the house would be gone.
Now, the second year has come, where we have bascially replaced everything "trailer" in the house because those plumbing fixtures hold up so well and have tried to repair ourselves all the little mishaps. I have never had a late or partial payment in two years and it's time to get my father off of the loan. I called Vanderbilt to do so, and guess what??? Under NO circumstances will the relinquish the cosigner from the loan. He is on there for the life of the loan. My homeowners insurance that was to be escrowed into my payments was actually paid in full for FIVE years and added to the balance of my loan. The magical audio tapes at closing that would have backed up my case, have mysteriously disappeard. The salesman who sold us our home, can not be located. Vanderbilt and all its subsidiaries prey on people with little or no credit. They prey on people who have never owned a home and do not have much experience in what to expect in purchasing one. The V in Vanderbilt should stand for vultures, because that is what they are. They have a complete monopoly on people when purchasing a home. They own the home lots, the mortgage company and the insurance company.
Thank God, I was finally able to build my credit up enough to refinance my home with a "real" mortgage company.
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