"The Saga Continues with Stupid Lender!!"
Westminster, CO - Yes, the Saga to this short sale continues. With the "slow boat from China" approach of CitiMortgage, and the disgusting approach of negotiating WITHOUT good faith from the 2nd lien holder, 21st Mortgage Corp, we are still unsure about reaching any success of this short sale approval from the 2nd.
The following is from an earlier blog posting, below:
"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. Learn more in detail here..."
Now, let's continue with our story. CitiMortgage has finally approved the short sale with the HAFA agreement in place. This HAFA agreement is giving the 2nd lien holder $8,500 to release the lien. Of course, this does NOT satisfy 21st Mortgage Corp!!
They believe that they deserve $852.00 MORE, than the $8,500.00. They have rejected this offer, due to the fact that the Realtors® are getting more!! $200 more to be exact!
OK, why would a 2nd lien holder blow a deal for $852? Who really knows! They took over the loan from GMAC, and I suspect that they BOUGHT the note at a discount and are just a debt collector from this point forward. They really do not care if this short sale moves forward or forecloses. Real Geniuses at the corporate level, here!
Our seller(borrower) contacted them to see who know owns her 2nd lien note, and was informed it was Knoxville Trust, LLC. Ironically, this trust has the same phone number and address as 21st Mortgage Corp. They own the note!!
We will work this as far as we can ... a little more negotiating with CitiMortgage on the HAFA agreement, who knows what will satisfy 21st Mortgage??
The saga continues ...
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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, "The Saga Continues With Stupid Lender!!"
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