Vanderbilt Mortgage
Escrow Balance Dispute Ends in Bankruptcy and Abandoned Home

I originally had a mortgage with Chase, Vanderbilt acquired mortgage from them. I had my loan for 9 before Vanderbilt acquired it. I never had any problems until I had to start dealing with their customer service. I always included the home insurance through the monthly payment, (through a escrow) Then when the renewal for insurance was coming around, I started looking around to different companies for cheaper rates, Boy I found them almost 250. Cheaper a year! I called Vanderbilt and told them I was obtaining my own insurance and would be closing out escrow, they said fine, I had to pay off balance in escrow, I said great.

The problem was that through all my bank statements I could prove that I owed only $52. More dollars. Vanderbilt said I owed twice that much, $143. So I took all my papers to my credit union, and together we went through all ten years of history with mortgage and it came out that I really still owed $52. I called Vanderbilt and told them of my findings, they wanted to hear nothing of what I was saying, (after being totally cussed out by customer service) I really got ticked and asked for a payment history so the credit union and I could go through the payment history on their end.

You are really going to love this, I get this answer, "We do not issue payment histories, we find them to be a waste of time and paper" After arguing with them for six months, them hanging up on me, me hanging up on them, they say to me, we are going to repossess the home, I said fine, I already beat you to it, I filed bankruptcy on it this morning because you people suck! So now they are stuck with the house, (which has been sitting empty for two and a half years) and they are not making any money off the house now. I have since then gotten a new house with a different lender, and in a better situation.

In my only little way of any satisfaction, of sticking it to the man, my payment was $315. A month, 30 months later they are out $9450. Of my money. So if a class action suit comes around count me in!

Company: Vanderbilt Mortgage
Country: USA
State: Tennessee
City: Maryville

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