Vanderbilt is one of the most underhanded, in-ept, poorly run mortgage corporations that we have ever dealt with. Our nightmare with them began after they purchased our original mortgage loan from (competitor's name deleted - see below), a company we never had any complaints or problems with.
We were contacted by them at the begginning of February approximately 1 year after they had assumed the loan and failed to mention anything to us in advance regarding this.instead, they blamed it on our first mortgage company stating it was their responsiblility to make sure the loan was credited accordingly and up to date before they assumed the loan, again, we never had a problem with the original lenders. It was during this call that we asked them to send us the new contractual agreement between us and them, including their interest rates which may have rizen, and the terms and conditions. It is April 8th and we are still awaiting that document.
Since we have previously dealt with many mortgage companies, we know for certain that a 'Welcome to.." letter from the new mortgage holders laying out the new terms and conditions, ect., would be sent to us immediately following the takeover. We never recieved anything of this sort from Vanerbilt. Little did we know, this was the beginning of their passing the buck on everything.
It began to futher spiral downward with our second call from them on 21 of February suddenly we were talking to someone else new. We were now told we were one month behind and needed to catch up since our first mortgage company failed to credit some of our payments properly therefore placing us a month behind all the time. We never missed one payment, ever.
After that conversation, a few days later they called us again giving the impression that everything was finally straight and that they miraculously found the lost payment and our account was brought up to date. We asked again for a copy of our assumed loan with them that laid out the interest rate, ect so we would have a copy of our contract with them... How wrong we were, it began to get much worse.
When I called I was again directed to some other new person. I briefly explained the reason for my call and asked for a new payment booklet and the promised copy of our contractual obligation to them. We were sent a page of what looked like 3 mortgage payment slips taped on a regular sheet of typing paper run off on a copy machine. Still no contract, so I began to make many copies right away since this was the only payment book I had at the time with the correct amount and in the interim, they would send us a new payment booklet.
A few days later we were contacted by someone new stating that this was an incorrect payment amount and they had mailed a payment booklet in the adjusted correct amount. We ended up recieveing 4 booklets all with amazingly different amounts. I continued to use the copies I made from the page they originally sent me since this was the amount we had verbally agreed was owed. When the harrassing calls became daily (mind you, we talked with a different person each time they called or when we would call them). I was never given the opportunity to speak with the same person that I had dealt with during prior to the new call.
I began to document in writitng every call from Vanderbilt, who it was, what department they were in, time, date and conversations, I knew I was going to need this information, especially with any new threats they might make. I had had enough of the daily calls so I fired off a letter, registered/return reciept requested stating that we would no longer accept phone calls from their company nor discuss anything regarding the loan until we recieved the information we had told them about countless times, we wanted everything documented in writing. We have since been threatened twice with forclosure proceedings, we have faxed at their request copies of our homeowners insurance policy 6 different times and dates, again, never to the same person. To this date, they disregard the no contact letter and have again started the harrasment by phone.
When we spoke to these individuals and reminded them about the no contact letter, and their promise to send everything to us in writing, they still wouldn't budge. Then, they attempted a newer strategy, suddenly, the insurance on our home was now not enough and they would have to increase our payment to cover the difference, forcing us to take out 'their'insurance coverage. To date, I am still filling out and sending their copied payment slips in the amount they said originally was correct and still keeping our original insurance as is.
Now, (what a surprise) they again claim we are still behind a month because somehow our check did not go through we had to send in a money order (an amount elevated to pressure us into the new insurance and that this would again, bring the account up in full) but we had to send in a money order this time. The kicker is, now they claim that no one in their company would ever tell a customer to send in a money order and since they couldn't find it, they wanted me to fax a copy of the money order so they could begin the trace to find the missing funds. We are now in the process of working with a a reputable mortgage company that is full aware of Vanderbilt's in-ept process of doing business.
From February of we have talked with so many different people within Vanderbilt Mortgage and no one seems to have any documentation of the last conversation with us so each time we are forced to start once again at the begginning. This company is one of the all time absolute worst mortgage corporations to deal with and I would run and not walk away from doing business with them. Every time there is a discrepancy, they have the power of placing that incorrect information into your credit report.
I am in the process of seeking an attorney to find out if any grounds for a class action lawsuit exsists. If anyone is interested in finding out more about this, please feel free to contact me through email and tell me about your experience with Vanderbilt. I would also like to get your contact information and perrmission to give this information to an attorney if they want to take 'our' case. My email address is as follows: (email address deleted - see below) I would love to hear your stories.
Best regards,
Kris
Montross, Virginia
U.S.A.
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