General Info - Ideas with this Lender? 21st Mortgage - 2nd lien position

From the sounds of it my current experience is somewhat typical from what Realtors are finding with this lender.

Here is the current scenario

I have a property worth $100,000, AHMSI is the first lender, and yes 21st Century is the 2nd. The first will (usually) allow $3,000 to the 2nd, but this 2nd lender wants $17,493.75 to approve it. I am guessing they bought the loan for pennies on the dollar (as it originated with the now defunct Taylor Bean & Whitaker out of Ocala, FL)...and now 21st Mortgage is looking for their payday on the note buy.

A company in California was processing this, now we are going to be processing it ourselves. The first buyer got tired of waiting, so we are on to buyer number 2.

Question: Have any of you had other negotiation with this lender in your experience been successful? Any specific contacts or tactics?

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I am currently working on a file that is very similar to this.  AHMSI 1st and 21st 2nd.  21st is stating that their policy is that whatever discount the 1st is receiving, they want the same.  The 1st in this case is receiving 70% of their payoff so 21st wants to receive 70% of theirs.  I am trying to get ahold of higher management to work a deal.  My thought is that their are called a JUNIOR or SUBORDINATE lien for a reason and they CHARGE for that risk.  Amazing that they think they should take the same loss a a superior lien.

Any resolution or help with upper management. They are currently forcing one of my into foreclosure as well asking for a 25k contribution on the second. I need someone with some sense.

Any resolution from either of you?

We are letting the 1st foreclose to see if 21st will budge.  So far they are holding tight.  Probably the worst bank to deal with so far and I have done tons of these.

Just received a short sale denial letter from 21st Mortgage (2nd lien position).  The 1st lienholder will receive 100% of their unpaid principal balance, and 21st Mortgage will receive 44% of their unpaid principal balance.  They are declining the short sale because they are not being offered the same percentage as the 1st lienholder.  Are you kidding me?  If the Sellers could pay the full unpaid principal balance on the 2nd this wouldn't be a short sale!!!  Any updates with management and/or escalations with this lender??

I have them in 2nd on a FNMA loan. I'm prepared to lose my mind on them. 

You won't get anywhere with them and if you do I'll send you a bottle of champagne. Just walk away from that combo, it won't fly. They WANT to foreclose.

I'll figure something out. They are a berkshire hathaway company. I'm coming across a ton of bad business practices coming out of their takeovers these days. I"m a man of capitalism but you can't spew the bs that warren buffet on the national and political scene then act like this, bad business. 

They own this company who refuses commission splits with coop brokers http://www.inman.com/2012/06/29/iowas-largest-brokerage-sued-over-c...

I just removed my lockbox and sign off of one with 21st as the second. I am a pit bull by nature and I could NOT get around them. Google their bad business practices too. don't even get me started on  fannie mae.

That can't be the guys name. 

I had to read it 3 times to see what you meant. Hilarious! 

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