Warren Buffet’s Mortgage Company Refuses to Negotiate With Disabled Homeowner

Vanderbilt Mortgage, owned by tycoon Warren Buffet (recently ranked as the third-richest person in the world), is tossing a disabled man and his family out of their home, and refuses to negotiate a payment plan or find an alternative solution to the problem.

George James, of Calhoun County, South Carolina, was injured while at his job back in April of 2007, and had difficulty making the full payments on his home of eight years.  He and his family tried to work with Vanderbilt Mortgage, but the lender refused to negotiate.”Our loan counselors contacted Vanderbilt Mortgage to try to work something out and we were told, ‘We’re not going to discuss this with you … We’re not going to work anything out,’” he told WIS News 10, of Columbia, SC.  ”It’s a big letdown for me because it makes me feel like I wasn’t doing what I was supposed to do. You know, I worked hard. I worked hard. I worked two jobs.”

In times of severe financial hardship, mortgage companies have the ability to modify the terms of the original loan, extend the payment period, lower the interest rate, etc. - and Vanderbilt chose not to help the James family in any fashion.

George James’ home was sold at auction this afternoon, and he has 30 days to pack up his family and leave.  

Pat McCoy, of Acorn, George’s loan counselor, says that “other mortgage lenders and services are giving over a million American families a chance to work these mortgages out and keep them in their homes. We don’t know why this company, which is owned by Warren Buffet, has been so heartless when dealing with the James family.”

 Feel like venting at Vanderbilt?  Here’s their contact information.