In July I moved from Texas to Arizona (job forced transfer). I had doublewide in Texas financed by Chase Manhattan.in January Vanderbilt Mortgage bought the mortgage from Chase. I did not get notified until February because Vanderbilt sent the notification to my old address. At about the same time I found a buyer for the house in Texas. For a variety of reasons the buyer decided to assume my loan.
The buyer filled out all necessary paperwork, received verbal approval for the loan at the first of March and customer service told them the transfer would take about 30-days to process. Three months passed with both the buyer and I making weekly telephone calls to Vanderbilt trying to ascertain the status of the assumption. At first Vanderbilt Customer Service representatives told us the transfer would take place any day and to be patient. As time went on the excuses started coming. Vanderbilt even told me at one point they do not do assumable loans. After one particularly frustrating conversation where I called the representative on many of the inaccuracies, Steve in Customer Service told me maybe he (the other c/s rep) only said that because he knew it was what you wanted to hear and to get you off the phone. Finally, in May, I told the buyer to either find alternative financing or I would find another buyer.
During this time, I received an automated telephone call from Vanderbilt stating I had not made a full April payment. I had a cancelled check proving I made the payment in full well in advance of the due date. Upon returning their call, Vanderbilt informed me I owed $85 because an escrow account had been established for taxes. I informed customer service I did not authorize an escrow account and I pay my taxes personally. Furthermore, the taxes had already been paid for the year. They requested, and I provided, proof that the taxes had been paid. Several days later I received another automated called from Vanderbilt. I returned the call and customer service again told me I owed $85. I explained the issue of the taxes had been addressed and that I would not pay that amount. This time customer service told me the unauthorized escrow account was for insurance. I told them I had my own insurance and would be happy to provide proof of such. Shortly after this, I received a telephone call from the credit department stating the only thing holding up the transfer of the loan to the new buyer was the late payment of $85. Ugghh. They finally badgered me into paying the $85, with assurances I would receive the money back at the close of the transfer. Obviously, that did not happen. I continued to receive threatening calls from Vanderbilt every month because I refused to pay on the escrow account.
In June, the buyer's new lender requested a payoff quote. According to Vanderbilt, the payoff amount had increased $1,500 from January. I have never been late with a payment and have even made additional payments. Vanderbilt could not or would not provide a reasonable explanation. Customer Service stated they could provide me with statements for $25 for each month. I still have not received satisfaction on this issue.
Finally, after the new lender satisfied the loan in full I received a telephone call from Vanderbilt demanding payment. I explained the loan had been paid off and Brittany told me that she didn't care I stilled owed for that month's payment and if I did not make an immediate remittance they would repossess the house and ruin my credit. I asked to speak with her supervisor and Brittany hung up on me. I contacted the new lender who confirmed the payoff had been remitted to Vanderbilt over two weeks prior. I next contacted Vanderbilt and requested a supervisor. If possible, this person was ruder than Brittany. Several weeks after I confirmed the payoff to Vanderbilt had been posted I received a letter postmarked two days prior threatening to repossess the home.
I did not choose Vanderbilt, I would not choose Vanderbilt and I strongly advise anyone who is considering Vanderbilt as a lender to look elsewhere. I believe Vanderbilt's business practices border on criminal and will pursue the issue with both the Texas and Tennessee Attorney General's Offices.
0 comments