21st Mortgage Corp, anyone?

KrisD

LoanSafe Member
#21
Same stuff, different month. We have continued to have no contact with 21st, and no longer receive the NOD letters on a monthly basis. We also are not receiving any phone calls. I'd love to get this behind us, settle it, and move on, but the best we can do is be patient. I honestly don't have a lot of faith this is going to work out in our favor (settled second and release of lien), but one can still hope!
 

hooligan

LoanSafe Member
#22
Update - still absolutely no movement with 21st. We haven't made a payment in 3.5yrs and they seem completely content to wait.
 

KrisD

LoanSafe Member
#23
Same here. Our last payment was March 2012. I received one phone call, as well as an email, in January, but other than that only notices of default. At this point we are considering attempting a short sale. It doesn't appear, based on the little bit of research I've done, that a short sale will be an easy task.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
#24
21st mortgage company is not the best company in my experience that I personally have had with them. I hope it all works out the best. Typically the servicer/lien holder has to agree to a short sale and 21st may not be willing to do that.
 

KrisD

LoanSafe Member
#25
Thanks Eric. Yes, I haven't heard good things at all. It's my understanding that the amount they expect to receive as a second lien holder is insane. We are so frustrated. I still have the first settlement offer letter from GMAC (asking 33k) and we were so glad things were headed in that direction. Now we just feel stuck. At some point we are going to have to figure out other options, I just don't know what. Comps in the neighborhood are still only selling for about 215k, and we owe 300+. We would love to get this behind us.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
#26
It sounds like 21st is going to be out a large amount of money and it would be in their best interest to either settle with you or foreclose on the property. My guess is they won't come out with a dime if you were to short sale or foreclose so really nothing is in their best interest outside of negotiating a settlement of what you owe.
 

KrisD

LoanSafe Member
#27
Reviving a dead thread.

Well, our original 112k second is now 200k due to fees/interest. 21st is perfectly content just sitting on the loan while fees accrue. We have finally decided we can no longer live in limbo, and the house is listed on MLS. It will be a short sale, and our fingers are crossed that it will sell. I’m at the point that I cannot wait to be rid of this home, whether it’s short sale or foreclosure; I have no faith that 21st will make this process easy, although we owe the first 183k and the home is listed for $265k. I’m smelling a foreclosure and possibly Chapter 7 in our future, but no matter what happens we have decided it’s time for the house to be left behind.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
#28
Would you mind if I asked if you have a manufactured property? 21st usually specializes in financing those types of properties with extremely high interest rates. Not sure if that's the case but I have always heard bad things attached to that name (21st mortgage).

I hope that from here the process is easy for you.
 

KrisD

LoanSafe Member
#29
Hi Eric. I apologize, I didn’t see your response when I originally posted. No, it’s not a manufactured home. It’s in a nice little beach neighborhood. GMAC sold a bunch of loans after their bankruptcy (I believe), and 21st bought thousands of them.
The short sale is a no go. We received a great offer in 3 days. Our first would be paid off. 21st would only accept the offer if they received 93% of their total due (ultimately 185k or something). Our agents tried everything they can think of. We are now out a tenant and haven’t paid our first mortgage since June 1. We can’t afford to do this anymore and have accepted that foreclosure is in our future. The foreclosure will cover the first and 21st will get the surplus. Just keeping my fingers crossed that 21st won’t pursue a deficiency and we can somehow avoid bankruptcy- although we do qualify for chapter 7 it would be detrimental to my husband’s business partnership if we filed. They have one year in Florida to pursue, so we will continue to be on pins and needles during that time. After that, we will figure out how to settle with any debt collector that might get heir hands on the dead loan.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
#30
Thanks for the update, makes a lot of sense what you're doing and how you're going about doing it. Bankruptcy isn't a bad option, especially if you have additional debt you can throw into it. Assuming it doesn't affect the business and you do file BK and include the home, you can purchase a new one via conventional 4 years after the discharge of bankruptcy instead of waiting 7 years after they foreclose (which who knows when they will actually do that).

Not sure if that information is any use for you if you have those plans in the future but I do hope it all works out the best and please continue to update us as it progresses. Other homeowners going through similar situations find us often and learn from what other people experience. Really appreciate you sharing your story.
 

Finch

LoanSafe Member
#31
Hi Eric. I apologize, I didn’t see your response when I originally posted. No, it’s not a manufactured home. It’s in a nice little beach neighborhood. GMAC sold a bunch of loans after their bankruptcy (I believe), and 21st bought thousands of them.
The short sale is a no go. We received a great offer in 3 days. Our first would be paid off. 21st would only accept the offer if they received 93% of their total due (ultimately 185k or something). Our agents tried everything they can think of. We are now out a tenant and haven’t paid our first mortgage since June 1. We can’t afford to do this anymore and have accepted that foreclosure is in our future. The foreclosure will cover the first and 21st will get the surplus. Just keeping my fingers crossed that 21st won’t pursue a deficiency and we can somehow avoid bankruptcy- although we do qualify for chapter 7 it would be detrimental to my husband’s business partnership if we filed. They have one year in Florida to pursue, so we will continue to be on pins and needles during that time. After that, we will figure out how to settle with any debt collector that might get heir hands on the dead loan.
Hello,
I have a mortgage that was bought and is serviced by 21st and I'm wondering if you have an update to your situation. I am 4 months behind on my payments and they offered me a Loss mitigation opportunity if I pay $8000 by Feb.2nd. And they also said 'there are limits to the availability of any modification for my loan'. I just received it in the mail today. If I had $8K I wouldn't be in this situation. As they told me over the phone, I have been a "good" customer since my loan was bought from Litton-GMAC-Ocwen and who knows who else. So, I'm just seeking advice from anyone who may "have a clue".
Thanks so much