21st Mortgage review: is a fraud 17

I AGREE WE ARE GOING THROUGH THE SAME THING. I AM TIRED OF 21ST MORTGAGE HARASSIMENT AND THREATS.

I agree 100%

# 21st Mortgage is still in business, and I believe they have re-opened their Direct Lending department to handle limited capacity. However, I sincerely doubt they will be doing lending on the scale they were doing, since new guidelines severely curtailing the amount and term of new loans went into effect this month.

# 21st's "team leaders" (basically senior bill collectors in charge of a small team of 5 to 7 "regular" collectors) will definitely say things like "pay or risk foreclosure action", but typically it takes upwards of 4-5 months for a Portfolio Manager (the "team leader"'s boss and individual responsible for deciding much of the action that takes place on an account anyway) to "send an account Legal", or forward an account to the company's Legal Department for either replevin (repossession - takes about 2-3 months to complete, used when land is not collateral on the loan as well as the home) or foreclosure (used in land/home packages, can take 5 months to a year or more to complete) action.

# The bulk of Obama's lending relief packages apply to "stick-built" or permanent real estate, which typically appreciates in value as time passes. Because of this appreciation, it's much easier for a traditional stick-built lender to refinance underwater permanent real estate since some kind of profit can be more reasonably expected by the company doing the refinancing. Unfortunately for niche lenders like 21st and their customers, there aren't any programs for depreciating assets like mobile homes that offer the same assurances. For example, many of the company's land/home packages and many of their "Simple Interest" portfolios they bought in the earlier part of the decade appraise well below the "under water" mark because of depreciation in the cases of the former, and because "Simple Interest" loans are more valuable to a company like 21st when payments fall behind.

# Good luck trying to refinance a mobile home in this economic climate. The reason niche lenders like 21st exist is because most traditional banks don't want to stick out their neck on an asset that depreciates like a car, but costs as much as a stick-built home. If a 20- or 30-year loan on a stick-built property goes bad 10 years in, the blow is lessened somewhat by the fact that even in a fallout like the US saw with the housing market, there is still a reasonable recovery rate on said property. If a 20- or 30-year loan on a mobile home goes bad, the lender is not only going to be stuck with a recovery rate well below 50% in most cases, but in the event of a home-only loan (no land involved), the company may be in for a total loss. So, that's why it's so difficult to refinance a used mobile home.

Some advice:

# To get the calls to stop permanently, I would recommend sending - via certified mail - a cease-and-desist letter that demands all phone calls and letters to not only yourself, but ALSO "friends, family, neighbors, employers and co-workers". Receipt of this letter by the company obligates them to adhere, and since it's being sent certified (it doesn't cost more than a few dollars total, and the peace of mind it buys is well worth it in my opinion), there's a paper trail in case one of their collectors either calls or sends a letter. Texas is particularly difficult on collectors that violate the FDCPA (highly recommended reading, by the way, when dealing with a company like 21st).

BE CAREFUL IF EMPLOYING THIS METHOD.

21st's policy is to "begin the 'foreclosure' process" (it kills me every time one of their supposedly better-educated "team leaders" calls it that in the case of a home-only loan) 31-32 days after a payment is late in the event of a "C&D" customer.

What this means is that they will send the "Notice of Default" - the first of two mandatory letters in the process - 31 days after a payment is late, which gives a customer 31 additional days to "cure the notice" by paying ALL past due payments to that point. (The reason they wait 31-32 days is so they can include the next month's payment on the NOD, in the hopes they can force the customer to become completely current. If the customer fails to cure the full notice - usually too difficult to do since another month's payment is tacked on by that point - the company is then legally justified to continue with the process.)

If the NOD is uncured, the company sends a "Notice of Acceleration", which gives the borrower 10 days to pay off THE ENTIRE BALANCE OF THE LOAN. I know of only one individual who cured a Notice of Acceleration, and they were exceedingly lucky to do so. At this point, however, the company realizes that no one's going to pay off the NOA and the company is VERY shy of incurring the thousands of dollars involved in repossessing a home and restoring it for resale. The collector assigned to such an account will typically work with the account at that point to make payment arrangements, though the collector and their bosses will definitely press for payment in full before the end of the month. (A collector's goals are based on how many accounts are current before the end of a given month, which is why they press so hard to get an account current before then.)

If the NOD and NOA both expire, the account holder is then given one last chance to get current before being sent to the Legal Department, who will then make an attempt to work with an account for eventual repayment before being sent to the proper attorney for the proper legal action.

So in short, a cease-and-desist notice will give you peace of mind, but the company will label your account as such and may be more likely to play hardball with your particular account. Use with caution and know your rights - especially in Texas.

Just got a loan from 21st morgage and sign the contract. After reading the contract i am really dissapointed. my loan amount is 30, 000 and my interest rate is 16.5 percent. by the time i finish paying for the loan, I will have paid them 77, 000 what a ripoff. My hands are tied behind my back what can i do?

It is the policy of 21st mortgage to only address customer complaints in a confidential discussion with our customer. To appropriately respond to a complaint may require releasing confidential information, which is strictly forbidden under federal privacy regulations. We will attempt to contact the referenced customer to resolve this complaint.

Read over you contract carefuly. !6% is ludacrist. I would see an attorney immediately. Did you use your land for collateral. Check to see if they over inflated the appraisal of your property. If so they did this to push your loan through. That is fraud.
I am in the foreclosure process now. They claim they lost my Promissory Note. We are fighting this and the other things I mentioned. Plus some other fraudulant issues.

21st Mortgage is a very dishonest company. If you can back out please do if it's not too late.

I totally agree with you they are harrassing me and threatening legal action and i am only 30 days behind and it was due to me being unemployed and a severe medical condition. Any one know if they can take legal action is i am 30days behind

Thank you for using the Better Business Bureau's Online Complaint System.
Your complaint has been assigned case # 8041398.
Correspondence regarding this complaint will be emailed to : dgrant68@gmail.com
Please print a copy of this for your records.

Filed on : January 21 2014

Filed against :
21st Mortgage Corporation
P. O. Box 477
Knoxville TN 37901

Complaint Description:
Harassment by repetitive daily calls, text messages, and multiple emails. The mortgage is only 20 days delinquent and are threatening foreclosure. I am the co-borrower for a mortgage through 21st Mortgage. On October 28, 2013 the borrower abandoned the property. I contacted Jill Branson on November 1, 2013 to discuss the borrower vacating property. After several days of calls, and emails I was able to obtain a copy of the mortgage. I requested my options to for selling the home. I was informed that being a co-borrower I am unable to sell without written consent from borrower. I attempted to contact the borrower from November 1, 2013 - January 21, 2014 by email, phone, and written letter. I received no reply to my requests. On January 10, 2014 Dan Milias from 21st Mortgage contacted me demanding payment for January. I explained the situation of having a buyer for the home and needed to sell. I was rudely informed that I am not able to sell due to borrows rights. I expressed concern of being "locked" into this mortgage with no way out. I asked if he has been contacting the borrow. He explained "NO", I am the financial responsible party and need to make my payment. I explained that I have been trying to contact the borrower to sell the home and need a written letter to release the sale of the home. He explained that this is not his problem and I need to make payments. I have sent several emails to Mr. Milias detailing the issue requesting assistance from 21st Mortgage to sell the home. The interested purchaser has now lost interested and Mr. Milias is calling my work, cell phone, test messaging, and emailing me at work demanding payment. I asked that being 21st Mortgage has contact with borrower, please get a letter to release the sale of the home. He refuses to do so and contacts me multiple times a day for payment. I have informed Mr. Milias that his harassment is unjustified being the loan is only 20 days late. He has now hit me with a $400+ in late fee charge. This mortgage is 3 years old and has never been late. I am now forced to use a 3rd party payment company that charge an outrageous fee for their service. 21st Mortgage will no longer take my credit cards, checks, wire transfers, or direct bank account withdrawals. The monthly payment has now almost doubled for just this month. This is outrageous and they are unwilling to work with me. I have been left with no other option but to seek legal representation.

In 2005 after Katrina we took up payments on a mobile home financed through 21st Mortgage, what a disaster, they said there was 7, 000 owed on it, so we thought great at 4000. a year we can pay it off fast.Well 4 years later they said we still owed 17, 000, WHAT? We thought we are stuck, we did not want to ruin our credit so we continued to pay on it, we thought ok 4 more years today 7/10/2014 we asked for a balance they said 14, 500... how is this possible, we cant keep doing this.we will be dead before it is paid off, But we will be homeless if we don't continue to pay.Does anyone have an idea what we can do?

These are pretty scary complaints. We just purchased a manufactured home financed from 21st. We never received a payment book or a copy of the contract we signed at the closing. Our first payment was due 3 weeks after the closing but we never received any paper work with payment date information. I was called on the 4 th week after the closing and I made a payment over the phone and also had to speak to two different people and was spoken to very rudely even though it was their fault for not sending any payment information. Now the second payment was due last week, the coupon book gives a grace period and I was making the payment tomorrow (my husband is a truck driver and sometimes we miss one week on paid loads) anyway I made the payment again and they brought another person on the phone to harass me even though I had already made the payment 5 minutes before they told me grace periods were only for DIRE EMERGENCY SITUATIONS. I am thinking I already want to refinance with someone else but since DODD FRANK it's nearly impossible to find a lender on a manufactured home without a huge down payment. If anyone knows of another lender that actually understands sometimes it takes one extra week to make a payment please respond.

My mobile home in Texas has been financed with 21st Mortgage Corp. since 2003. It has been insured by Foremost Insurance Company since 2003. Both my home payment and insurance premiums have been automatically paid via monthly drafts from my USAA Banking Account since 2003. The Foremost Insurance Policy and Premiums have been automatically renewed annually since 2003. Foremost Insurance Co. has been mailing renewal affirmation of the insurance on my mobile home to the Insurance Dept. of 21st Mortgage Corp. every year since 2003. The 21st Mortgage Corp. Insurance Department Mgr./Supervisor has been aware of this procedure since 2003. However; 21st Mortgage Corp. Insurance Dept. Mgr./Supervisor has been attempting to "SLAM" me with their own insurance since -- you guessed it -- since 2003! Every year since 2003 I have received an unsigned- intimidating letter from 21st Mortgage Corporation's Insurance Dept. Mgr./Supervisor, threatening me with his/her intent to insure my home and add the cost of premiums to my house payment. I understand why the 21st Mortgage Corp. Insurance Dept. Mgr./Supervisor does not affix his/her name and signature to the harassing letters. I too would be embarrassed to reveal my name, if I were so incompetent as to not resolve this 15-year old problem by simply posting an account, reflecting that the insurance renewal is an automatic annual procedure, and that Foremost Insurance notifies 21st Mortgage Corp. upon renewal. I am at the limit of my patience, having to deal with this recurring harassment by the 21st Mortgage Corp. Insurance Dept. Mgr./Supervisor, without action leading to a permanent resolution of the problem on his/her part. I question if this is a fair reflection of the efficiency, competence and consumer relations attitude within the 21st Mortgage Corp. as a whole? The "Buck Stops At The Top, " but "'Stuff' Trickles Down.'" Timothy W. Williams needs to employ a competent and efficient Insurance Dept. Mgr/Supervisor who will resolve this problem. Otherwise; the "Buck" is still at his desk! Shame on him! Louis Brittingham; CW3 USA (Ret), Killeen, Texas

My loan was sold to 21st. I did not sign with them. I have had the loan for 6 years and recently had a major medical issue. I am almost 3 months behind.
I refuse to talk to them or sign for their letters.
Does anyone know of any loopholes when you personally didn't sign with them? (I'm grasping at straws at this point)

21st Mortgage is worse than the mob! Threatening letters, constant phone calls, Lies about modification paperwork! When will the Feds step in and investigate this criminal enterprise! I applied for a modification several years ago and they claim I refused the offer and didn't send proper paperwork in a timely manner so they modified it themselves by cutting my term by ten years and raising my payment $200!

these crooks even forged my initials on a contract that I refused because of the interest rate was 2% higher than what I was told. While trying to explain the discrepancies, the rep. told me to send the contract back to them and I would receive a new contract with the corrections made. 2 days later I received a phone call demanding the copy to be sent back as well, I told them I threw it in the trash, I was informed that any time they tell me to send something back that means all documents. After I hung up the phone I retrieved the copy from the trash and kept it for any future problem that might arise. after 2 weeks I received a payment booklet and still no corrected contract.
When I finally received my contract it was the same as the first one, this one was signed and initialed but not by me!
My advice is to get a good attorney, also file complaint @ www.mortgagefraudtaskforce.com/
We have rights

Got a mortgage with them in December. Never paid after the 15th. Latest payment we made has been on the 8th. Now they are harassing us with rude phone calls and saying we are being put in collections every month because we don't pay by the 1st. Threatening phone calls and harrasmen. We are seeking an attorney to talk to about this b.s.