Another Vanderbilt Mortgage question

[okiemom2008]

The last thread about Vanderbilt has me worried. I have a vacant mobile home with them on land in Texas. It is for sale..but no one can get finananced. We have not paid on it since October. They call all the time...call relatives...tell us to get on food stamps and so on...

We are letting it go in the bankruptcy. The land it sits on is with a local bank..we are letting it go also. It is set up very nice wit a wood fence. metal skirting and so on...house in great perfect condition.

However, since we are letting the land go and the house go in the bk do I have anything to worry about? Vanderbilt is a strange company so I am kinda worried about what they will pull

[okiemom2008]

anyone?

[2Bshinyandnew]

What is it you are worried they are going to do? I'm pretty sure if you plan to, or already have filed for BK and are not keeping the home or the land, you should be fine. In the other recent Vanderbilt Mortgage thread, the poster had not filed yet.

[kenshirley]

I was the poster in the other thread.
My property and the home were separate too.
I was told by a title company manager that if I had not sold the land that perhaps the lien holder of the home may try to buy the land so they did not have to move the unit which can get costly.
In this case I had an offer on the land and got some equity for it with the new owner knowing he was going to have to wait for Vanderbilt to remove the home so he could use it and that was OK with him.
He had tried to assume the loan and they would not let him do it. He will buy new or build a stick house on the location.

[okiemom2008]

I was the poster in the other thread.
My property and the home were separate too.
I was told by a title company manager that if I had not sold the land that perhaps the lien holder of the home may try to buy the land so they did not have to move the unit which can get costly.
In this case I had an offer on the land and got some equity for it with the new owner knowing he was going to have to wait for Vanderbilt to remove the home so he could use it and that was OK with him.
He had tried to assume the loan and they would not let him do it. He will buy new or build a stick house on the location.

That is what I was worried about. The land is financed with a local bank. There is no way I can sell it anytime soon considering there are probably 50 other lots right next to it that have new wells and septics and mine is 5 years old.

I have not made a payment on the land or the house since October. I don't know what to do.

[2Bshinyandnew]

I don't know what to do.

Have you filed for BK yet? If yes, that is pretty much all you need to do.

[kenshirley]

Get to an attorney. We are waiting for our appointment now which is right after Xmas.
My time frames are similar to yours and I have been told here that they will wait until payments are typically 1 to 3 payments back, then make a demand for payment in full. I just passed the demand for payment in full with them and that has taken some 65 days to get there with them. I have heard nothing further so far but they can't call me as they don't have my new number so they have to communicate by mail.
After that they may try to put it into court so they can get a judgement to take money out of any accounts you may have.
This all takes lots of time to get there.
Get to an attorney is my advise and find out what your particular situation dictates by the laws.
I know many say file yourself which is fine but we did not want any lose ends or surprises here so we elected to get an attorney.
From my dealings with Vanderbilt trying to first sell the home (yes no financing anywhere could be had) and then no assumptions when two different parties tried and had long term jobs, good debt ratios and credit scores.
I don't think Vanderbilt cared one way or another. All they wanted if I was not going to keep up the payments (never been late in 8 years) was out of the home too.
They treated me and my buyers very rude and I will not talk to them again, ever.

[kenshirley]

Have you filed for BK yet? If yes, that is pretty much all you need to do.

In some cases that can be easier said than done. I called every attorney in our not quite rural area. None returned my calls/messages after a week. I finally kept calling until I got to talk to someone.
Here in this area the fees to file are running $1500 to $3000 with an attorney's services and I certainly did not have that kind of money. They all wanted the money up front. All they would do without that is give you a free consult or charge you $100 for that.
I finally found that going north by some 50 miles saved me some money and got me an attorney who has a good reputation for BK work. But I made our appointment to see him some 6 weeks ago now. That time can be very agonizing for many as it was for us.
It appears at least around here that BK attorneys are very much in demand at this time.
Good luck.

[kenshirley]

By the way, I have tried to stay in contact with Vanderbilt throughout this process. I have sent them mail and email which they ignore.
All they care about is that you are behind on payments and they want to know when you will make one.
I am not certain that the people they have sending me information have even ever seen or care about the mail that I have sent to them.

[okiemom2008]

Get to an attorney. We are waiting for our appointment now which is right after Xmas.
My time frames are similar to yours and I have been told here that they will wait until payments are typically 1 to 3 payments back, then make a demand for payment in full. I just passed the demand for payment in full with them and that has taken some 65 days to get there with them. I have heard nothing further so far but they can't call me as they don't have my new number so they have to communicate by mail.
After that they may try to put it into court so they can get a judgement to take money out of any accounts you may have.
This all takes lots of time to get there.
Get to an attorney is my advise and find out what your particular situation dictates by the laws.
I know many say file yourself which is fine but we did not want any lose ends or surprises here so we elected to get an attorney.
From my dealings with Vanderbilt trying to first sell the home (yes no financing anywhere could be had) and then no assumptions when two different parties tried and had long term jobs, good debt ratios and credit scores.
I don't think Vanderbilt cared one way or another. All they wanted if I was not going to keep up the payments (never been late in 8 years) was out of the home too.
They treated me and my buyers very rude and I will not talk to them again, ever.

I know what you mean. Ours has been for sell since May. Every single person that tried to get financed got turned down..They wanted someone to put down 50% before they would finance.

They call me all the time...leave messages like..you have not called and we need to speak to you immediately today before 5 click. We call them back and they tell us to get on food stamps and ask a church for money.

We are retained the lawyer on the 29th and we are filing as soon as we can save up the rest. Probably Feb 1st. The land I have financed we bought for 18,500 in April 2004 and the payoff is still 15k. It has a baloon payment in April 2009. I wondered if they would try to buy the land considering the house is attached and set up nicely. We put metal skirting on it hoping that would help it sell but it was just the financing. They turned down everyone. They would have been better off if they would have approved someone.

How do you deal with the calls?

[kenshirley]

I don't get calls. We moved to another town when we left the home and doing so gave us another phone number which was a plus for us in this case.
Change your phone number. It's cheap and worth the cost.
Tell your friends and such that you may have listed on your credit app the facts and tell them not to give out your phone number under any circumstances.
They will try many tactics with your friends and such to get your new number.

[okiemom2008]

I don't get calls. We moved to another town when we left the home and doing so gave us another phone number which was a plus for us in this case.
Change your phone number. It's cheap and worth the cost.
Tell your friends and such that you may have listed on your credit app the facts and tell them not to give out your phone number under any circumstances.
They will try many tactics with your friends and such to get your new number.

Yea they have already called family members.I am afraid they will call my grandmother who is 75 and I really do not want her to know. So that is the reason I have not changed it.

[kenshirley]

It's better you tell them than they find out the hard way.