Vanderbilt Mortgage
Payment after payment still owe original loan amount

I'm just a little confused or the math in Tennessee is done differently than I was taught. I purchased my home in January 1999 at that time my mortgage was with Chase, never had a problem.

Until Chase sold my mortgage to Vanderbilt, to my horror my payoff went from $49,000 quoted by Chase before the sell out to now about 5 years later up to $61,000 quoted by Vanderbilt.

Now, I am no rocket scientist but that can't be right. Especially since I am not now nor have I been behind on my mortgage. I haven't received any rude calls or talked with anyone rude. However, I have talked with someone who can not explain why this is anything other than "it is what it is."

Something about simple interest loans and payments need to be paid on time every month. So in order for my principal balance to have increased by $12000 how many late payments would I have had to make? I have paid in over $50,000 in the past ten years and my principal has only decreased by about $4000. Do you see anything wrong with this picture?

There is nothing simple about that interest!
Any suggestions?

Company: Vanderbilt Mortgage
Country: USA
State: Tennessee
City: Maryville
Address: 500 Alcoa Trail
Phone: 8009707250

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