"Stupid Lender Rears It's Ugly Head, Again!!"

  Westminster, CO -  "OH BOY", says Scott Bakula, playing "Sam" from the old TV Series, "Quantum Leap", right after his leap into a significant person for the next week's TV episode.

Yes, the Saga with the Stupid Lender Award, continues onto a slow death!!  After, about 2 months of working this lender, 21st Mortgage Corp, out of Knoxville, TN., we have concluded they are NOT with the program to negotiate in "good faith" to assist a borrower from avoiding a foreclosure.  IN FACT, they force home owners INTO FORECLOSURE, whether they are a 1st or 2nd lien holder!!

Even, after the seller has requested assistance from one of our local Congressman, Senator Michael Bennett's office, we still received such ridiculous requirements from a 2nd lien holder!!

Review letter from Bennett's office and a "legal Eagle" from 21st Mortgage >> HERE!

I could not help myself but to display the most appropriate photo to define 21st Mortgage Corp!!

 So, after months of getting the 1st lien holder to work the HAFA approval, CitiMortgage, and they did, the HAFA agreement will provide $8,500 to the 2nd lien holder.  Now, mind you, the 2nd's balance is around $27,000.  That is about 31% of the debt owed.  NOT BAD, considering most 2nds receive anywhere from $3,000 - $6,000 with this type of balance due.

21st Mortgage Corp, came back and rejected this amount and said they wanted an additional $852.00.  After a week or so, we came up with how this would be satisfied and presented the new HUD-1 reflecting that additional amount going to 21st Mortgage.  They NOW would receive $9,352.00 or about 34% of balance due.  Again, NOT BAD!!

Here is the "STUPID" part of the story!! Their management just came back and said they have rejected what the HUD-1 reflects and they REQUIRE the same percentage as the 1st lien holder is getting.  That would be about 86%, or $23,000!!  They will not entertain anything less.  NOR, will they escalate this package to upper management.  Remember, we tried that with the assistance of a Congressman's office to NO AVAIL.   

Sad truth is, this organization, in the 2nd lien holder position, is forcing the Borrower (Seller) into the foreclosure as a final settlement to her distressed situation (unemployment and relocation to another state).   This lender is willing to forgo collecting ANY funds for settlement over collecting ZERO!!  

Maybe, their legal dept. has not understood that a 2nd will NOT have satisfactory results from a 1st lien holder foreclosure!!  I do not see them spending $142,000 to protect their $27,000 at the foreclosure Sale.  BPO on this property came in at $145,000, same as our contract with the Buyer.

A word of caution to the other Short Sale Brokers / Agents!  DO NOT waste any time working a short sale solution with 21st Mortgage Corp, and their leadership!!   Let the property go into the foreclosure!!  Sad, but it is reality!!

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Thank you for reading, "Stupid Lender Rears It's Ugly Head, Again!!"

"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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Thank you for reading, "The Saga Continues With Stupid Lender!!"

"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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Thank you for reading, "Disgusting Lender To Watch Out For!!"

"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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Thank you for reading, "Do We Have a Challenge Or What?"