My mortgage was sold by Plaza Home Mortgage to Vanderbilt Mortgage and Finance in July To say the transition was handled poorly is an understatementThe rudeness and level of unprofessionalism should be a red flag to anyoneSince I purchased my home, I've made two payments a month, one full payment and one "to be applied to principal only" additional paymentWhen I was with Plaza, there was no issue what so everHowever, from the first time I tried to set up on-line payments [and I also was given two different loan numbers which made it very difficult to deal with the company] I noticed that they only accept additional "partial payments" NOT payments "towards principal only" only onlineAfter being told by Vanderbilt on the phone: 1/ they're the same thing and 2/ they "promise" to adjust once received, I decided to mail in checks a month - one for the payment and the second specifically stating that it's to be towards "interest only and NOT a partial payment"I make copies of these checks and also print out the cashed checks for my recordsThey've only put the first additional check towards "principal only" and the rest were put to partial paymentsI've called to ask to have it fixed, and it's yet to be doneI was first told that I can't make the additional payment, and when I told them that according to the terms of my mortgage I can, I was told it would be "fixed" which to this date it hasn'tI researched their site to see that they have these "coupons" to print out and send as well for "Principal Only" HOWEVER on the coupon it states that even if you fill it out and send it in it is NOT a guarantee that your money will go towards "Principal Only" How is it possible that someone who is up to date on mortgage payments cannot make additional "principal only" payments? Vanderbilt apparently determines where they want to put your payment moneyIS this legal?
Vanderbilt Mortgage has held my home mortgage for plus years and I have not had a problem until I was contacted by voice message on 03/13/they were attempting to collect a past due debt My payments are set up thru a debit account from my bank Vanderbilt removes the premium the 1st of each month I put the money into the account thru automatic payroll deduction They said in May another customer had written my account number on the check submitted for their payment and it was credited to my account and I still owed for the May payment Ok, I supplied them with the account number and told them to remove the payment Received another voice message attempting to collect an unpaid debt Called them and was told the account was not allowing them to remove the funds It's the same account they have been withdrawing from over years Gave them the information again Was told a late fee was being added to my account for the months I was past due For years I have made sure the payments were in the account and I assumed they were doing their job by removing it as agreed No, I didn't catch the missed payment in May But should I be paying late fees because of their error? They were just as responsible for putting another customers payment against my account They have been rude each time I have attempted to contact them regarding this matter I don't feel I should have to pay the late fees
Horrible mortgage companyI have never had so many problems with an escrow accountThe company refuses to keep a balance in the escrow account to cover any shortage, instead they issue refunds for excess and then increase monthly premiums when the account is shortI called twice to try to have them keep a balance in my account for excess, but they are not allowed so they sayI've had my monthly premiums increased twice, this last go round they paid my property taxes twice in one year, late the first time and my escrow account is now short $2kOnce again, I did not receive a notice of shortage with the chance to pay to avoid the increase, I simply received the escrow account review with notice of increase paymentDue to the shortage caused by them paying my taxes late and issuing the initial refund after increasing my monthly payment once already, I now have received notification of increase to my monthly payment AGAINThis time for over $100/month! If you have options, do NOT go with this company!
My mortgage was sold by Plaza Home Mortgage to Vanderbilt Mortgage and Finance in July To say the transition was handled poorly is an understatementThe rudeness and level of unprofessionalism should be a red flag to anyoneSince I purchased my home, I've made two payments a month, one full payment and one "to be applied to principal only" additional paymentWhen I was with Plaza, there was no issue what so everHowever, from the first time I tried to set up on-line payments [and I also was given two different loan numbers which made it very difficult to deal with the company] I noticed that they only accept additional "partial payments" NOT payments "towards principal only" only onlineAfter being told by Vanderbilt on the phone: 1/ they're the same thing and 2/ they "promise" to adjust once received, I decided to mail in checks a month - one for the payment and the second specifically stating that it's to be towards "interest only and NOT a partial payment"I make copies of these checks and also print out the cashed checks for my recordsThey've only put the first additional check towards "principal only" and the rest were put to partial paymentsI've called to ask to have it fixed, and it's yet to be doneI was first told that I can't make the additional payment, and when I told them that according to the terms of my mortgage I can, I was told it would be "fixed" which to this date it hasn'tI researched their site to see that they have these "coupons" to print out and send as well for "Principal Only" HOWEVER on the coupon it states that even if you fill it out and send it in it is NOT a guarantee that your money will go towards "Principal Only" How is it possible that someone who is up to date on mortgage payments cannot make additional "principal only" payments? Vanderbilt apparently determines where they want to put your payment moneyIS this legal?
Vanderbilt Mortgage has held my home mortgage for plus years and I have not had a problem until I was contacted by voice message on 03/13/they were attempting to collect a past due debt My payments are set up thru a debit account from my bank Vanderbilt removes the premium the 1st of each month I put the money into the account thru automatic payroll deduction They said in May another customer had written my account number on the check submitted for their payment and it was credited to my account and I still owed for the May payment Ok, I supplied them with the account number and told them to remove the payment Received another voice message attempting to collect an unpaid debt Called them and was told the account was not allowing them to remove the funds It's the same account they have been withdrawing from over years Gave them the information again Was told a late fee was being added to my account for the months I was past due For years I have made sure the payments were in the account and I assumed they were doing their job by removing it as agreed No, I didn't catch the missed payment in May But should I be paying late fees because of their error? They were just as responsible for putting another customers payment against my account They have been rude each time I have attempted to contact them regarding this matter I don't feel I should have to pay the late fees
Horrible mortgage companyI have never had so many problems with an escrow accountThe company refuses to keep a balance in the escrow account to cover any shortage, instead they issue refunds for excess and then increase monthly premiums when the account is shortI called twice to try to have them keep a balance in my account for excess, but they are not allowed so they sayI've had my monthly premiums increased twice, this last go round they paid my property taxes twice in one year, late the first time and my escrow account is now short $2kOnce again, I did not receive a notice of shortage with the chance to pay to avoid the increase, I simply received the escrow account review with notice of increase paymentDue to the shortage caused by them paying my taxes late and issuing the initial refund after increasing my monthly payment once already, I now have received notification of increase to my monthly payment AGAINThis time for over $100/month! If you have options, do NOT go with this company!