Here's a great Vanderbilt Mortgage/Clayton Homes story for you!!!
Ok we're looking for a home (kinda on a time table, landlord rented out from under us) and because credit isn't the greatest are turned down by almost everyone! You did notice the ALMOST right, you guessed it Clayton/Vanderbilt said yes.
Well we didn't have a large amount of money to put down like they would need so we were told about their LAND-IN-Lieu program. That's where a family member agrees to put up their land to help secure the loan and you then have little out of pocket. Got permission to use family land without a problem.
Every thing goes full steam ahead. After enduring two weeks of looking for what our sales rep wanted to put us in we decided to look for ourselves. Rep wanted to put 5 of us in a 4br 2 ba singlewide, we wanted a 4 br 2ba doublewide (used, repo. More affordable right. WRONG).
We found a home that fit what we were looking for on another lot. Was given a price of 35,000 set up, delivery, refurbishment was supposedly included. Rep got the info on the home and sent it to Vanderbilt for approval, got it no problem. Rep called on Monday and said to be in for closing on Tuesday afternoon. Not telling us any of the information about the loan so we figured the last good faith estamite would be close to what we were going to get; again WRONG.
At closing we were told Vanderbilt had short termed us only allowing 10 years to repay loan and interest rate was 11.75%, payments would be 667 a month for 1st year then add escrow after that. And the price had jumped from 35,000 to 43,000. Good Faith had said 10% interest on a 40 something thousand dollar home and payments of 499.00 a month.
Now comes the real good stuff. We got a little behind due to medical reasons and the fun/nightmare with how this company really is started. First they called our house non-stop, then they called work, my mother, and my brother. They have harrassed my mother to the point she is stressed out over a loan that's not even her's. They also BROKE a major LAW The PRIVACY ACT they told her they were going to foreclose on our home if they didn't recieve the payment by the NEXT DAY at 12:00. WOW a whole 24 hours, from when they disclosed PERSONAL FINANCIAL information, to remit payment. Isn't that so generous! They told my brother the same thing!
Here's my favorite though, a few days later they call our home again with wonderful attitude and demand payment to be sent with-in an HOUR, because my other bills are obivously paid cause they are talking to me on the phone, so that means I still have phone service and power, and it also means that I AM STILL EATING because if I wasn't eating I wouldn't be breathing and talking to them! I was told to sell what I could, borrow what I could and if need be go to a CHECK CASHING SERVICE/PAYDAY LOAN SERVICE (or as I like to call those places A LOAN SHARK).
Here's a little tip for all of you Vanderbilt is terrorizing. Call the FTC and FILE a COMPLAINT, also look up the laws of your state concerning PREDATORY LENDING, and there are national regulations concerning PREDATORY LENDING go to naca. Scroll down to just past the end of the welcome note and you will see the word consumers in bold black print, then you will see in bold red print consumer resources, when the page loads under Consumer Resource Center you will see 4 articles listed click on THE DOUBLE DIRTY DOZEN PREDATORY LENDING PRACTICES. It's great info that every one should know. Sorry this was so long but honestly the truth is I shortened it and didn't tell everything.
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