So our GMAC second mortgage was sold to 21st Mortgage Corp, a Knoxville based company. We have had no contact with them, and have since moved from Florida to Texas. We were able to get a mod on our first mortgage with is so helpful so we are just waiting to see what will happen with the second. We received a (forwarded to our PO Box) letter from 21st Mortgage Corp letting us know that we haven't paid in 656 days and to please call, blah blah blah. We've been following the "Strategy to settle" and don't plan on calling them, but I'm curious to know if ANYONE on this forum has had any dealings with 21st Mortgage Corp. I did a search and could only find one thread from 2010. A Google search simply told me that they are absolute hell to deal with if doing a short sale. We can't be the only second that was bought by this company! =) Thanks in advance! This forum has been an absolute sanity saver the past two years.
21st Mortgage Corp, anyone?
- Thread starter KrisD
- Start date
KrisD
Thanks for your post.
I've never before heard of that outfit. If your 2nd is underwater, 21st won't FC. Per the strategy I recommend you not communicate with them until, and if, they make you an offer.
FYI, settling will likely be a long process so your patience will be required.
Thanks for your post.
I've never before heard of that outfit. If your 2nd is underwater, 21st won't FC. Per the strategy I recommend you not communicate with them until, and if, they make you an offer.
FYI, settling will likely be a long process so your patience will be required.
We are in the process right now with 21st, as well. We just stopped paying in Oct, so no real movement, yet, other than my credit score getting dinged for the late/missing payments.
@ Tom - 21st is a Buffet owned company and deals, mainly, with mobile homes from what I can see. They bought a bunch of GMAC loans, though, via the bankruptcy.
@ Tom - 21st is a Buffet owned company and deals, mainly, with mobile homes from what I can see. They bought a bunch of GMAC loans, though, via the bankruptcy.
Last edited:
Thanks for that information on 21st Hooligan! I recommend you both continuing following the strategy to a tee and you'll likely settle the account for as little as 5-10 percent of the outstanding balance.
Good luck!
Good luck!
Any update on 21st Mortgage? They purchased my $200K secondary from GMAC.
Prior to that, I hadn't paid or communicated with GMAC for 9 months. Since the transfer of the secondary mortgage, I have continued to not pay - and haven't paid that in 12 months. This means I am a total of 21 months delinquent.
No offers, no solutions.
I'm following the strategy closely - but really, how long do I have to wait? I'm pretty trapped at this point.
Prior to that, I hadn't paid or communicated with GMAC for 9 months. Since the transfer of the secondary mortgage, I have continued to not pay - and haven't paid that in 12 months. This means I am a total of 21 months delinquent.
No offers, no solutions.
I'm following the strategy closely - but really, how long do I have to wait? I'm pretty trapped at this point.
Hi avoid. It's been about 26 months since our last payment to GMAC. Within the past few months we've gotten a few calls from 21st, all with the same generic "call us" script. We are just waiting, too. It really stinks, because the last letter we received from GMAC was an offer to settle for 33k. Our amount owed is 112k or so. I felt like we were making progress with GMAC, but now we're just stuck.
Ugh, how frustrating.... Still, nothing more than the robo-calls from their collections department. I have found not a singe thread about 21st Mortgage settling on a secondary mortgage. Is there any, any feedback that can help me? Almost 2+ years late in payments, something like ~800 days late now.
21st Mortgage Corporation usually only finances Manufactured/Mobile homes, I am familiar with them but not sure about their practices or what type of feedback to give you for what you're looking to do.
I would follow TomEason's advice when it comes down to strategy on settling your second. He wrote an amazing article that has went viral about it, here it is: http://www.loansafe.org/forum/threads/strategy-for-settling-your-2nd.37996/
I would follow TomEason's advice when it comes down to strategy on settling your second. He wrote an amazing article that has went viral about it, here it is: http://www.loansafe.org/forum/threads/strategy-for-settling-your-2nd.37996/
I have followed the strategy to every little detail.
21st purchased my GMAC loan. I have a primary thats @ 370K out of an original 400K. Then a second that's 200K, and still owe 200K. The primary is with Ocwen, the second with 21st.
So total debt between the mortgages is 570K, and estimated condo/home worth about 475K-500K. So the place is definitely still underwater. Since they usually deal with manufactured/mobile homes - I am concerned about whether they even dig into this process.
Since there's not a miracle answer, I was seeking the following guidance.
1. Has anyone had success settling a second with 21st?
2. What happens if 2 years down the road, it's still underwater and there's been no settlement offer? (What's the next step?)
3. Is there limitations on the debt (7 years?) - and what happens if I exceed that point without action? Does the debt disappear, but they still hold the lien?
4. Is there a certain point I should end up reaching out to them, which would go against the strategy - but might make sense after an extended period of time.
Looking for any and all guidance with this servicer. I even receive voicemails where they don't properly announce themselves as collecting a debt. (Which is illegal, but just gets them a slap on the wrist)...
21st purchased my GMAC loan. I have a primary thats @ 370K out of an original 400K. Then a second that's 200K, and still owe 200K. The primary is with Ocwen, the second with 21st.
So total debt between the mortgages is 570K, and estimated condo/home worth about 475K-500K. So the place is definitely still underwater. Since they usually deal with manufactured/mobile homes - I am concerned about whether they even dig into this process.
Since there's not a miracle answer, I was seeking the following guidance.
1. Has anyone had success settling a second with 21st?
2. What happens if 2 years down the road, it's still underwater and there's been no settlement offer? (What's the next step?)
3. Is there limitations on the debt (7 years?) - and what happens if I exceed that point without action? Does the debt disappear, but they still hold the lien?
4. Is there a certain point I should end up reaching out to them, which would go against the strategy - but might make sense after an extended period of time.
Looking for any and all guidance with this servicer. I even receive voicemails where they don't properly announce themselves as collecting a debt. (Which is illegal, but just gets them a slap on the wrist)...
Hello avoid,
1. I do not think we have any stories of a 21st 2nd mortgage holder attempting to settle. However, I assume this strategy will be the same.
Your property must be in California with that loan amount, right?
2. They may foreclose, settle or charge off the loan and write it off as a loss. I have seen that happen more frequently lately. You just never know, but most likely since you are underwater a $100,000, it would be a wise business decision to foreclose.
3. Yes, my understanding is they have 7 years to collect if they went that route. If you didn't pay and they didn't foreclose than it will most likely either be sold to a debt collector or written off as a loss and they send you a 1099. It is hard to say what 21st will do or their method of operation since we have not had any other stories to reference.
4. That is up to you, but more people have success by not contacting them. It is a psychological tactic that works well and many homeowners here on LoanSafe have proved this.
I suggest you just hold off and wait for them to contact to engage them. This is like poker.
1. I do not think we have any stories of a 21st 2nd mortgage holder attempting to settle. However, I assume this strategy will be the same.
Your property must be in California with that loan amount, right?
2. They may foreclose, settle or charge off the loan and write it off as a loss. I have seen that happen more frequently lately. You just never know, but most likely since you are underwater a $100,000, it would be a wise business decision to foreclose.
3. Yes, my understanding is they have 7 years to collect if they went that route. If you didn't pay and they didn't foreclose than it will most likely either be sold to a debt collector or written off as a loss and they send you a 1099. It is hard to say what 21st will do or their method of operation since we have not had any other stories to reference.
4. That is up to you, but more people have success by not contacting them. It is a psychological tactic that works well and many homeowners here on LoanSafe have proved this.
I suggest you just hold off and wait for them to contact to engage them. This is like poker.
Well, my plan is to submit an offer to settle letter to 21st on the 1 year anniversary of our last payment submitted to them (next month).
I realize this is contrary to The Strategy, but it might help us get a handle on where 21st is with regards to settling these GMAC loans. On the other hand, it might not do a damned thing. We shall see.
I realize this is contrary to The Strategy, but it might help us get a handle on where 21st is with regards to settling these GMAC loans. On the other hand, it might not do a damned thing. We shall see.
Talked to the "debt collection" department today. They "couldn't accept" our offer - and are sending us a "loss mitigation" packet to fill out, in order to "see what our options are". I'm not giving them any financial information, I'm supposed to call them back on Monday after faxing the loss mit info.
I'm on the fence as to whether I fill out the loss mit package and just omit all financial stuff (which I assume will be most of it) and fax that in, or simply call them back on Monday and tell them I won't be supplying them with any of that info. I don't want to be too confrontational, just yet.
I'm on the fence as to whether I fill out the loss mit package and just omit all financial stuff (which I assume will be most of it) and fax that in, or simply call them back on Monday and tell them I won't be supplying them with any of that info. I don't want to be too confrontational, just yet.
Hello all! It's been three years since our last payment on our second and nothing has changed. The daily calls from 21st were getting annoying, so I blocked their number on my cell. We live in Texas now and are renting out our Florida house. We've received monthly letters from 21st letting us know we are however many days late and need to send in our payment now to avoid foreclosure (Yeah, right! Our property values in our old neighborhood are still terrible and we are easily 50K underwater on our first mortgage). I wish this would be over, but I'm certainly not going to contact them. Any changes with you, Hooligan and Avoid?
Nothing new here. I never sent them back the blank (or barely filled-in) loss mitigation packet and haven't received any more communication from them.
We might have someone interested in buying our townhome, so we'll see what they offer and might try to go the short sale route with 21st. I will update at that time.
Good luck!
We might have someone interested in buying our townhome, so we'll see what they offer and might try to go the short sale route with 21st. I will update at that time.
Good luck!
Still no communication from 21st, but something interesting did happen. They (21st) pulled my credit at the beginning of this month.
I'm not sure what that might be a sign of. This is the first time they've pulled my credit since we stopped paying in Oct of 2013. Weird.
Anyone have any thoughts?
I'm not sure what that might be a sign of. This is the first time they've pulled my credit since we stopped paying in Oct of 2013. Weird.
Anyone have any thoughts?