First Franklin Sold My Loan

[sunshine]

Hi there all

I am new to this board, but have been viewing for months. Just want to say thankyou Moe and others for having a site like this to help. I bought my home August 2007. It was a great price for all the room it has. It's a two story 4 bedroom, 3 bath upstairs addition home. I really got in at 5% and closing right before things changed more. It took me 4 months to get a lender. I used to be a Certified teacher last year, but I didn't have a contract, so not many were willing to offer me a loan without a contract. So I accepted a no doc bank statement only loan from First Franklin. It is at 11.8% fixed 30 year loan, a libor in 5 years to adjust. I pay home insurance separately and property taxes separately. But the problem is, is my income had dropped to only half, because this year I am working as a subsitute teacher. I have called First Franklin many times to tell them that. But anyways, everything is late, my car payment, my utilities, credit cards, etc. First Franklin said at first they only do modification loans on people behine. So far, I am not late. I was going to send them proof of income. They said I might be able to qualify for a hardship. I didn't send anything int yet. Just received letters that First Franklin has sold loan this Feb. to Vanderbilt Mortgage Company. I sent my payment to Vanderbilt. I called Vanderbilt and they said they don't refinance or have any loan modification programs there. Does anyone know about this company Vanderbilt and how to get a loan modification started? My loan is one of the highest at 11.8% out there. Sounds so ridiculous. Presently I am trying to get some roommates. I may have to sell this home in August, when prepayment penalty ends. That's if I can go that long. I know my income has to improve. But I didn't know this would happen. I know it's really my own fault to be in this mess. Anyways, could someone offer there advice? And I thankyou Moe for all that you do.

Welcome to the forum and thank you for joining....

FF has imploded this Friday so I guess they were selling ahead of time....go figure. Vanderbilt is a mystery to me, they are not a know entity and I have never done business with them, have you been able to figure out who they answer to. A lot of them have recognizable parent companies....

If they say they are not doing the modifications or hardships, then I would QWR the loan, see if that gets them off their position...could, I will do some sleuthing and see who these lovely, generous, altruistic folks might be.

Meanwhile call HOPE 888.995.HOPE or ACORN www.acorn.org and see if they can intervene for you, they are reputable and respected and have some clout in these areas.

QWR -- there are examples of the letter in the Tool Box. In that letter demand your Life of Loan History, copy of Note, Deed of Trust, Riders, all Assignments of the Deed of Trust, TIL, Right of Rescission (if refi), Lender Final HUD-1, copy of initial loan application and final lender loan application, all disclosures and all loan documents in your file, copy of appraisal. Send this three times certified return receipt required and also send it to the Broker, Title Company and all others in the Chain of the Transaction.

This thread has a really good example:

My Countrywide escapade and Hi!

Have to ask this question, is this a manufactured home? The only Vanderbilt that I find is one for manufactured housing and servicing on those products. Also found the Daddy of that company Berkshire Hathaway...Warren Buffet, himself.....now that is a parent. From what I see if they are one in the same, then nope they are not doing modifications, they have web links outside of the site to the REPO's of which they appear to be quite proud of....

Please if you have a web site for your servicer, would you share it with me, we do allow servicer web sites on the forum it helps all of us.

[sunshine]

Poppy
Thanks for answering me. I looked Vanderbilt up also, and found manufacturing homes. No this is not a manufacture home. It's a regular home. The Company is Vanderbilt Mortgage And Finance,Inc. P.O. 9800 Maryville TN 37802
1-800-970-7250 Kevin Carroll. I sent my payment to them for the lst of March. So you say they are boasting about repossesions on another site? I called HOPE before and they basically told me they work with people who are behind on their mortgage. I'll try them again. I'll post later.

Thankyou

Sunshine

[Moe Bedard]

Sunshine,
Poppy has the right company, this is directly off of the website......

About Us
Vanderbilt Mortgage and Finance, Inc. is a Berkshire Hathaway Company that specializes in financing for manufactured homes. We have been in business for over thirty years and currently service over 300,000 loans.

Was the home new when you purchased it? How much was the price? Do you know for sure it isn't a manufactured home as some don't even appear to be it is hard for an untrained eye to tell.

These houses are built according to specialized guidelines (Federal HUD regulations in the United States) for manufactured housing.
To find the date of manufacture, look for a data plate located inside your home, usually on or near the main electrical panel, in a kitchen cabinet, or in a bedroom closet.
The data plate offers information about the home's heating, cooling, and other appliances and components. The data plate also shows you the wind zone and snow load for which the home was built.
A red HUD label with a stamped serial number should be attached to the exterior of the home.


A manufactured home is one that is constructed almost entirely in a factory. The house is placed on a steel chassis and transported to the building site. The wheels can be removed but the chassis stays in place.
A manufactured home can come in many different sizes and shapes. It may be a simple one-story, or it can be so large and complex that you might not guess that it was constructed off site.

*** is correct and the only other thing that I can think of is that FF was owned by Merrill Lynch and they knew there were going out...so someone decided to start divvying up the spoils before the event. Your rate is high and as such the yield is pretty doggoned good to the investor, I kind of wonder if it was sold to Vanderbilt for the joy of yield and whatever was owed by FF/Merrill Lynch to good old Warren Buffet....there are always relationships on the street, some good, some not so good. Warren is a shrewed fellow and not all that altruistic...no matter what PR he presents, ya don't get that rich and necessarily be a nice guy...

However, it is what it is and therefore I do recommend HOPE and I do not know that they are for only people that are behind, my understanding is that they work with everyone, and that would be to keep you from getting behind. Please call them and see what they say now. Let me know what they say and now that I know Vanderbilt is in the mix I have some homework to do as FF may have sold a whole bunch to them....ain't life grand....

Please keep us posted on HOPE and QWR the toad, and FF for that matter see what you documentation like the Life of Loan history looks like with them too. Just because they sold it doesn't mean you can not QWR them.