"Disgusting Lender To Watch Out For!!"
Westminster, CO - Wow, not much to say about this organization that is GOOD or POSITIVE, when working a short sale situation for your client!!
They are called, "21st Mortgage Corp", based out of Knoxville, TN. Their main business is to provide loans on Manufactured Housing!! Recently, and that is probably over the last couple years, they have gotten into servicing loans. GMAC, has been releasing their loan service business, and 21st Mortgage Corp has picked up some of that business!!
Now, here is where it gets interesting. When you review their website at https://www.21stmortgage.com/web/21stSite.nsf/GMACCustomer?OpenForm, you will see some disturbing policies, if you can stop laughing long enough, on what they will do in the event 21st Mortgage is a 2nd lien holder.
To make this a short story, their policy is to ONLY accept a short pay-off (now remember this is when they are in a 2nd lien holder position), that the value is equal to the 1st lien holder's percentage!! So, let's say that the 1st lien holder is getting 81% of their loan balance, 21st Mortgage wants the same percentage of their loan balance, on a short sale pay-off! OK<< have you stopped laughing???
We are NOW, experiencing this with one of our short sales, in which the 1st lien holder is CitiMortgage (they have been absolutely terrible in working their part, over 4 mos now), and 21st Mortgage the 2nd lien holder. The original was GMAC, then after about 90 days in default, they released their loan servicing to 21st Mortgage.
I am not so sure why anyone would pick up the loan servicing of a note that is in 90 day default, or maybe 21st Mortgage got to the investor and decided to BUY this note at a discount (8 - 10 cents on the dollar) to become debt collectors!! Either way, was a very dumb business decision!!
Their debt collecting efforts have been very abusive to our client, and they continue to contact her when she is explaining to them that home is on the market and there is a short sale team in place for them to communicate with and to leave her alone!! Do they listen to her.. NO!!
We have submitted a request to Senator Michael Bennet's office to expedite the abuse and unwillingness to negotiate in good faith the short pay-off!! We shall see what kind of efforts the Congressman will have with the CEO of 21st Mortgage Corp.
Bottom line .... they may end up forcing this to a foreclosure situation. BUT HEY, those geniuses at the top, will have the opportunity to make ZERO, when that happens! Maybe they should re-evaluate their JOKE of a policy on 2nd lien holder short pay-off percentages!!
The saga shall continue....
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Thanks for reading this, Dan Hopper.
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Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
Thank you for reading, "Disgusting Lender To Watch Out For!!"