Clayton Homes - Vanderbilt Mortgage
Charged $5,000 for Permanent Foundation That FHA Does Not Approve, Refinance Blocked

In 1999 I purchased a modular from a Clayton Homes dealer in Canon City CO. I was charged for a "permanent foundation" in the land improvements part of the contract. I had asked about FHA financing and was told that it was available but not worth the hassle, but the home would qualify if I wanted to refi at a later date.

Now I find while trying to refi to a lower rate that my permanent foundation that cost me $5000 isn't approved by FHA since it consists of pre-fabbed pads that were buried by the setup crew. My next door neighbor had a contractor build his foundation for a home twice the size of mine for around $4500 with a full perimeter footer and blocks up to the bottom of the house. Mine was skirted with vinyl.

I haven't had any foundation related problems with the home but now to qualify for a refi I need to spend another $5 grand to get it up to standards. Also while trying to get a refi going, Vanderbilt has not been very cooperative with the other finance company as far as trying to convert the home to real property for title purposes. This would only increase the value of the home. They hold the note on the home and land so there is no real reason to not let us convert the home's title to the land deed but they have refused.

I am glad I haven't had the same total nightmares some have had but it sure would be nice if we could get what we pay for. I curse the day my wife talked me into buying this home and putting our land in the financing. She also regrets it. I hate being lied to and ripped off, thank goodness I didn't buy a Clayton Home even though it was a Clayton dealer!

Company: Clayton Homes - Vanderbilt Mortgage
Country: USA
State: Tennessee
City: Maryville
Address: PO Box 9800

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