Vanderbilt Mortgage and Finance
Refused to Refinance Acquired 16.25% Loan Despite Original Lender's Promise

In the year 2000 my wife and I were looking to purchase a new mobile home. We found a nice home for $55000 in September. We ended up putting money down so we financed $43600. We had a bankruptcy in 1997 and was discharged in 1998 so we had to pay a high interest rate, but at time of purchase we financed our home with Tammac Corp in Wilkes Barre, PA with the agreement that if I paid all my payments on time for one year they would bring my rate down to the going rate, basically refinance me if I proved myself.

Well before my year was up you guessed it Vanderbilt had purchased my loan at 16.25% interest rate. I paid all my payments on time. I called Vanderbilt and told them about the promise Tammac made and they told me they do not refinance acquired loans.

Ok no big deal I will refi with someone else; wrong! Seems that every other mortgage company out there is affiliated with Vanderbilt in some way and will not touch my loan. Vanderbilt has a monopoly going with them. Their finance practices stink and it is not fair to the working man and woman.

I am not the only one this has happened to I have a couple of neighbors that have this problem to. What can I do? This September will be 5 years I have lived here and I have only $1500 of the principle paid yes I still owe over $42000 on this house. We love the house but the payment is killing us, $570 for mortgage and $450 lot rent.

Well if anyone has had the same problem let me know. If Vanderbilt would just give me the going rate I would be happy. I don't know how much longer I can keep paying this much for this house. Advice from Lawyers, consumers, and banks are welcome. We need to stop this monopoly before Vanderbilt owns the United States of America and raise our taxes.

Company: Vanderbilt Mortgage and Finance
Country: USA
State: Tennessee
City: Maryville
Address: 500 Alcoa Trail
Phone: 8009707250

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