"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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"That's What We're Talking About!!"

Westminster, CO - YES!!  We are so very encouraged to see how our January 2013 stats increased over December 2012 stats in real estate closings!!
The good news is that more closings took place, the not so good news is WE NEED MANY MORE good Homes on the market to continue this positive increase in our local real estate market in the Great Denver Metro and Front Range areas!!

JANUARY 2013 DENVER METRO STATS

" Traditionally, January is a slower month than December, but January 2013 finished with the number of homes put under contract up 43% over December.  More evidence of this remarkable month can be seen in the 7,094 inventory of homes available for sale. This mark is the lowest in 23 years. Additionally, the weekly sales rate of 14.43 is the highest on record since 1990." by Denver Metro Association of Realtors®

You can review the stats by clicking on the Denver Metro Stats link above and other location, below!!  

This is a great time for those Home owners sitting on the fence . . . make the decision ro prepare your home to be marketed, NOW . . . rather than later in April and May, when ALL the other home owners decide to try and sell their homes!!  

You will only create MORE competition for the buyers that are out there!!  Time to review what my home seller videos and prepare your home to get the highest value in the shortest time that the buying market will pay!

Dan's Videos for selling your home and marketing you home though videos!! (click projector, above)

JANUARY 2013 DENVER METRO STATS

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"Do We Have a Challenge Or What?"

  Westminster, CO -  Oh BOY, now the fun begins!!  How many times have you come across a situation you just DO NOT KNOW much about, and must still take care of your client's needs, because you are their Real Estate Advocate for their short sale??
This has recently happened to one of my short sale listings!  The 2nd lien holder, GMAC, has released their service on this loan, right in the middle of negotiating the short pay-off!!
What is worse, is the new loan servicer of the 2nd lien holder, and that amout is probably around $32,000, is 21st Mortgage Corp!   Yes, this is a new loan provider for me to deal with.  Mind you, I do have a short sale processor to work my client's short sale process so that I CAN DO what we do best.... Marketing!!  If you clicked on their link, you would know that they are a lender for manufactured housing! (Kind of reminds me of Green Tree lending)

Of course, my short sale processor has NEVER heard of this company, so needless to say, but I will... nor dealt with them, and do not know anything of them, either!!
 My Client informed me, yesterday, that the debt collection dept. of 21st Mortgage called her to say she was behing in payments... DUH!!  She did tell them we were in the middle of negotiating a short sale with GMAC when they pulled the carpet out from underneath her.  Of course, they do not care!
The rep proceeded to tell my client that if they are working a short sale, and with them being the 2nd, they want the same percentage as the 1st lien holder is getting!  RIGHT!!  The 1st lien holder's debt is around $136,000, and we are under contract at $140,000.
So, with all this being said ... I can imagine the fun we shall have on this short sale process!! 

ANY THOUGHTS FROM YOU SHORT SALE EXPERTS THAT HAVE COME ACROSS THIS LENDING INSTITUTION??

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"A Westminster and Denver Short Sale Broker Advocate"

Westminster, CO - Confused - Frustrated - Lack Help, when trying to understand how to STOP A FORECLOSURE?
When you have been confronted with "life changing" events, a divorce, health costs, job loss or transfer, military depolyment, death of a spouse, loss of income, etc... what are you going to do to maintain your current home or make home loan payments?

Do you have a reduction in income and seeking a loan modification?  Check out DenverLoanModHelp!
Discover if you are a loan modification candidate prior to starting the process with your lender!  You may be able to NOT waste valuable time in trying to stop a foreclosure!!

Do you realize you have  OPTIONS??   (View the video channel) AVOIDFORECLOSURES!!

FOLLOW ME AT FACEBOOK.COM/MILEHIGHFORECLOSURE

FOR MORE DETAILS ON SHORT SALES AND LOAN MODIFICATIONS TO STOP A FORECLOSURE,

CONTACT ME, NOW!!

DAN HOPPER.COM OR ADVOCATE4REALESTATE.COM

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© 2012 RE/MAX Alliance. All rights reserved.

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Thank you for reading, "A Westminster and Denver Short Sale Broker Advocate"

A Tale Of Two Transactions in Arvada and Westminster, CO!

Westminster, CO- Things that go "bump" in the night, can make your hair fall out!  Or in my case, not shave until these transactions get CLOSED!!   Regardless, of the preparation and planning, sometimes there are elements that are just OUT of your ability to control.  Please, let me share!!

It all started, with a new listing in Westminster with some of my past clients, actually 14 yrs ago I sold their home and assisted them in buying this current property!!  We placed the home on the market in August, and after taking the appropriate adjustments, we were able to procure a buyer in early November. We are now under contract at $226,500. Of course, we need to procure a new home for my sellers so this transaction had to have a contingency built in!  Yeah, we were able to go under contract 2 weeks later and NOW, we are on our way to a closing around 12/27/12.  Under contract at $310,000!

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The Lender Fun Now Begins!!  My sellers are working all the necessary docs into the lender of their choice, and after about 2 days of reviewing the docs, again ... the lender has decided they made an error in income/debt ratios and the sellers can only qualify for $225,000 loan!!  YIKES!!  We just went under contract for a $310,000 property with 5% down!!

Yes, how in the world did we let this happen!!!  Someone did NOT review the credit report with the right kind of scrutiny as we come to expect from a LARGE Bank!!   This is just the start of a the strange process with many lenders to obtain 2 approved loans for both parties!

   My Sellers did end up with a Credit Union lender that after reviewing everything, decided they could qualify for $315,000, so all is good!!  WE THINK! 
Now, as we got closer to the original closing date, the buyer on my client's property wants to try and close before Christmas... not a bad noble idea.

So, a week before our new closing date on 12/21, the buyer was denied their loan, due to this buyer being on TITLE to a foreclosed property, last May!  Not on the note or the deed of trust, she was quit claimed on title after this loan was produced on an earlier date.  The Buyer's broker has NOW moved them to a Lender of his choice, and all is good!!  YEAH!!

We hope to close NOW by 12/27, the original agreed upon closing date!  NOT SO SOON, oh LENDER challenged!!   Since, my clients have gone with a CU, they use an MI company underwriter to bless the loan, and they are located in TEXAS.  Make another long part of this story shorter... they rejected the appraisal, (now, mind you... it came in at contract value $310,000), and SO NOW,  this CU lender is scrambling to use another MI company that DOES NOT need to bless the loan approval, and we will use their preferred investor underwriter!!  OH, let me mention, they are located in TEXAS, as well!!

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Why prolong this story... YES, they denied the loan because they did not like the appraisal, even after requesting the appraiser use more dated comps in his appraisal.  DID THE APPRAISER DO THAT?  NO, he took the lazy way out and just did an amendment to the appraisal!

OFF to the new lender search... so, we decided to involve the lender working the buyer on their home, and NOW we put pressure on that lender to perform!!  Oh, the new appraisal came back at $313,000.  They were happy!!

We are ALL holding our breath, since BOTH loans were approved this last week, and we have scheduled closings for this coming Tuesday!









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Thank you for reading, "A Tale Of Two Transactions in Arvada and Westminster, CO!

Home : Blogs : Dan Hopper, Denver Realtor® Advocate/Short Sale/Loan Modification : Short Sales Stop Foreclosure inShare Reblog_disabled Re-blogged 0 times January 2013 Economic Outlook for Westminster and Broomfield!!

January 2013 Economic Outlook for Westminster and Broomfield!!

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In taking literary license with Charles Dickens’ opening line in A Tale of Two Cities, the 2012 Broomfield/Westminster real estate market wasn’t the best of times or the worst of times,
but it did experience a marked improvement over the past several years.

Single family home sales were UP 14.10% in 2012 when compared to 2011 (4,029 vs.
3,531). Attached unit sales were down 1.04% for the same time periods (669 vs. 676). The
collective market was UP 11.67% (4,698 vs. 4,207).

The Absorption Rate (the length of time it would take for the market to fully turn) for
single family homes ended the year at 61 days for Broomfield/Westminster. 2011 ended the year
at 84 days. This was spurred my low mortgage interest rates and diminishing inventory.
For Broomfield/Westminster, the year ended with 678 single family home active listings.

This was down 17.02% when compared to the end of 2011 (678 vs. 817).

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Thank you for reading, "January 2013 Economic Outlook for Westminster and Broomfield!!"