M mother's loan was sold to Vanderbilt by Chase Manhattan in or about November. Her monthly payments had been set up to be automatically deducted from her checking account. It recently came to my attention that payments were not deducted from her account from November until March resulting in what Vanderbilt calls an interest deficit. Since March, all of her payments have been applied to this "interest deficit", with nothing being applied to principal.
On August 15 I faxed a written request to Vanderbilt requesting:
(1) A copy of letter (s) / notification (s) sent to my mother advising her that Chase Manhattan had sold her loan to Vanderbilt Mortgage;
(2) A copy of letter (s) / notification (s) of instruction advising her that in the interim, her payment would not be automatically deducted from her checking account as then set up and where/when to manually make her monthly payment (s) to avoid incurring an interest deficit;
(3) A copy of letter (s) / notification (s) advising her that she would be penalized by the sale to Vanderbilt and payments made after the finalization of the sale would first be used to cover the interest deficit caused by the transition of the sale to Vanderbilt;
(4) A full itemized accounting of all transactions on my mother's loan account.
I have received nothing.
Today, after being put on hold for 10 minutes and being forced to call back, I was advised that my request has been sent to the "research department" - that they only had an accounting from March to the present and that the extra monies my mom was sending each month was not applied to principal by Chase but instead was considered a "payment" so when Vanderbilt bought the loan, her payment was not due until March.
My mother does not recall ever having been advised by Vanderbilt of their purchase of her loan, let alone any interest deficit - there just seems to be something inherently wrong with this whole thing. I see by reading other reports that others have had the same problem with Vanderbilt. I would be interested in joining a class action (I have power of attorney for my mother) &
0 comments