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Monica Hill's Blog
21st Mortgage? Yikes!
Posted on January 10, 2014 at 1:58am 0 Comments 0 Likes
I have a short sale, my Seller, with Ocwen in first and 21st Mortgage in second position. We have a strong offer, all documents submitted, HAFA compliant, and we're waiting on the second (21st) to agree to it and release the Seller from all liability (part of HAFA guidelines). We got word yesterday that 21st Mortgage wants the same percentage of repayment to original debt that the first (Ocwen) is getting. Right now, they're getting about $6,000 against a debt of $45,000 but they want about…
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In my particular case it was worth it for my buyer to pay it.
Hope this helps, you will need to talk to a manager in order to get this approved. It is a risk but it worked out for the property that I closed on, good luck, let me know how it goes.
21st Mortgage Corp
620 Market Street
Knoxville, TN 37902
Reference
Loan #
I am sending this letter to confirm the status for the position of 21st mortgage corporation regarding the short sale of the property located at ________________________. I heard from ___________ the other day and also spoke with her on the afternoon of 8/6/14 04:35 PM Outgoing (800) 955-0021 for 12:32 minutes and confirmed with her that the portfolio manager has approved the enclosed request and put into your system on the internal notes that if 21st century mortgage receives 5533.95 prior to closing towards the principal reduction, that 21st Century Mortgage will accept $6000 instead of the current counteroffer requesting $11,533.95 and will reissue a new approval letter stating exactly that. She also said that there was no wiring capability at there at 21st Mortgage Corp, so the funds in the amount of $5533.95, would need to be sent to 620 Market Street, One Centre Square, Knoxville TN 37902 by a certified check and that once funds were received, the new letter would be issued. You will be receiving a check in the mail asap. Can you please let me know when you receive it. Thank you so much and I hope that we can get this wrapped up soon.
On the particular property that I closed on, it was getting ready to have a sale date set and so 21st may have been more flexible with the amount that they were willing to accept. They were owed 55k, and they settled for 11.5k. Same thing, the 1st was only willing to pay out 6k, however 21st received the balance between the 6k and the 11.5 in the form of a cashiers check a few weeks before closing and then they rewrote the counter offer letter to state that they were only due 6k. Below is a copy of the letters that were sent
21st Century Mortgage Corporation
620 Market Street One Center Square
Knoxville, TN 37902
Attn: Melissa
COUNTEROFFER TO COUNTEROFFER DATED 7.1.14 BY LEE MILLSAPS 21ST CENTURY MORTGAGE
Re:
Loan No.
Dear Melissa,
A principal reduction of $5533.95 is being requested by the borrower. The borrower will pay $5533.95 as a principal reduction in exchange for a letter in writing accepting the principal reduction, in exchange for a payoff short sale letter stating that 21st Century Mortgage will accept $6000 instead of the current counteroffer requesting $11,533.95. Funds in the amount of $5533.95, will be wired by , (attorney info here). through Citizen’s Bank as a real time transaction in exchange for the written short sale acceptance letter of $6000.00.