How can I fight my mortgage company, Vanderbuilt Mortgage? They are going to foreclose and won't work with us

Question

My husband's work moved us to AZ in November, and so we put our house up for sale. We will now be 3 months behind on our house payment at the end of this month. The mortgage company is unwilling to work with us at all on anything! They want over $2,000 by the end of the month to avoid foreclosure. We have already paid 40,000 (4 1/2 years paid on it) for this house and owe more now than when we financed it! We asked them if we could hold off on payments until the house sells, and the answer was no. We asked if they could take less than is owed for the house so that it would sell and they could have all the money (we owe 84,000 for a tax value 79,000 home), and the anwer was no. This company is VANDERBUILT MORTGAGE, and they are so AWFUL! They bought the mortgage from our company we financed with, and we are just stuck! Is there anything we can do legally to avoid foreclosure? I am just amazed how mortgage companies can abuse people so easily and get away with it

Thanks Skip but they won't take any less than the 2,000, and we can't afford to pay for 2 houses in 2 different states. We would love to ask less for the home, but we have to get enough to pay the mortgage off when we sell it, hence the reason for asking the mortgage company if they would take less than what was owed.

Answer 1

You say you owe more now than when you financed it, so I assume you had a mortgage that allowed negative amortization. What I am wondering is if you owe more, or even nearly as much, than your asking price? If you don't have an appreciable amount of equity in the house that you'd like to recover, you could offer Vanderbuilt a deed in lieu of foreclosure. You lose the house, but you don't have the black mark of foreclosure on your financial record. On the other hand, if you do have significant equity in the house, you'll want to follow the advice given earlier in this exchange and do whatever it takes to sell asap. The foreclosure process takes a few months, and even after you've been foreclosed you have a period of redemption, usually six months, in which to pay the mortgage off. If you can sell soon, hopefully you'll make enough to satisfy that mortgage. Good luck!

Answer 2

The key to this whole thing is the fact that you are behind on your mortgage.

You claim Vanderbilt Mortgage is awful, suppose someone owed you $2000.00 and wanted you to wait while there MIGHT be a sale on the property.

I am sure that if you made a concentrated effort you could come up with half of that amount and buy some additional time.

The tax has nothing to do with the price or what you owe on the house.

The important thing for you to do now is find away to get some type of money to your mortgage company so you can save your house from going into foreclosure.

Why have your house not sold? Is it priced right, perhaps you could lower the price. Do you have a compentant real estate agent?

The only thing you can do legally to avoid foreclosure is to bring your mortgage current.

They might take half of what you owe as a good faith pledge toward bringing your mortgage current.

Call them, see how much money they will accept if you signed a forebearance agreement. This will allow them to bundle all back payments any late fees that might have accumulated into some what of a second mortgage. You will also be able to set up a payment plan for this bundle. In addition to paying this new amount you must also pay your mortgage payment as you did before what ever that amount is.

When you call the mortgage company as to speak to the Loss Mitigations Department, make your proposal to this department head, not a person that has been hired to answer the phone and say "NO"

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

I'm sorry about your situation with Vanderbuilt Mortgage and understand your feelings. I will first point out their required stance in this and then try to give you a few options. They own a loan that has a built in remedy in the instance of default feature. What you want them to do, and what they can do, are not on the same page, yet. They seem to be eagerly awaiting the trigger date to begin a process of foreclosure as things seem. You are afraid they will and have given them a head start by being frantic. Pause a second and remove fear and emotion from the equation. They dont want to really start the foreclosure process but will if forced to. They soon will have the legal right to foreclose,and cannot agree to your proposal as it has no tangible security in their minds. What you paid, owe, and its assessment are not factors to their bean counters. Their customer service might be horrible but they own the card table and you have a losing hand in this issue if you let them push your buttons. The solution here will not be in blaming them even if they are as awful as you say. Please dont think I'm trying to back them up here, I'm merely pointing out some harsh facts. Lets look at a few ways that might change your situation now. As another respondent stated, call their loss mitigation dept and talk to a manager. For them to start anything beneficial they need something in good faith. Send them 1 payment and buy yourself an extra 30 days market time. Their opinion might be well if you cant pay for 2 houses at least pay on the first one. They could be thinking how did you qualify for 2 homes and now arent able to pay us. They might think well it isnt our fault you moved, etc. That game wont get anywhere toward resolving this, not for them, not for you. Get the anger out of your system and then with a cool head and fresh perspective figure this thing out. Heres a few tips, A - Get that place marketed by a real agent, 60 days with no offers is too long. B - Send a payment, at least 1 before the end of the month. C - Have your attorney call their loss mitigation dept and negotiate for you a forebearance program. D - Dont let them hear you panic, that screams to them that you wont make another payment. E - Keep in mind they are bluffing to get you to make your payments current, the danger here is your close to their legal right to foreclose. They dont really want to, but cant tell you that, or nobody would make a payment. If you try to get their permission to send anything less than 2 payments they will always say no. Make them refuse a single payment sent and you might have more leverage but it has to be sent asap, ideally with a letter from your attorney. If you make an adversary out of the other party all you can negotiate is war, try turning the tables on them a bit and find a livable and equitable solution.

Answer 4

Vanderbilt Mortgage Foreclosures

Answer 5

It seems like they bought your note intending to foreclose and make money on the sale of the property. It also could mean that they think they could make more money if they were to take possession of the property and sell it.

Threaten bankruptcy and see how they respond.

Regards

Answer 6

That's a great question

Answer 7

Interesting, I was wondering the same thing myself