Mike
Winter Park,#2Author of original report
Fri, March 30, 2007
After a few weeks of rocky phone calls and strange claims 21st Mortgage finally called off the foreclosure. They said that since the transfer didn't go as smooth as they had hoped they will waive the late payment and any fees associated with it. The foreclosure has been called off, and starting immediately my Mother is current and on good status with 21st -- as long as she stays on time with her bills. I'm still concerned about the lack of regulations in the sub-prime and credit markets. People are being charged ridiculous fees and fines and are put in situations where they have to face a mountain of interest that's usually impossible to climb. Thanks again to 21st for understanding the situation and resolving all the issues with my Mother. I feel much better knowing that there are some people looking out for their customers' best interest.
Mike
Winter Park,#3Author of original report
Fri, March 30, 2007
There's nothing more to say on this topic, not everybody treats their customers the same. I'm glad that you are a responsible and friendly employee of 21st. I'm sure there are many more, but the fact remains that the possibility and likelihood of other employees overstepping their bounds are much higher than they should be without any checks and balances to counter their illegitimate claims and demands.
A.
Knoxville,#4UPDATE Employee
Thu, March 29, 2007
Did your mom contact 21st when she noticed the draft on the 16th did not take place? What was the explanation she received when she pointed out that error? What documents did she receive that stated the entire loan balance was due or there would be foreclosure? Is it at all possible that your mother or a 21st representative misunderstood any of the situation? Please understand that I am not discounting your situation at all. What I know is that I personally treat every customer fairly, and it bothers me that you would assume otherwise by saying 21st Mortgage is a terrible company.
Mike
Winter Park,#5Author of original report
Thu, March 29, 2007
I understand completely how much work it is to transfer all the data on thousands of customers into differentiating information systems and the painstaking process of hard copies, however if a company isn't up to the challenge it's my opinion that they should be held responsible for sloppy and/or irresponsible business practices, not the customer. If the conversion is really such a rocky slope then perhaps, at the very least, the ill-prepared/overburdened company should be a little bit more compassionate for their customers who suffer the consequences directly from their lack of organization. Also, if they don't have any information pertaining to the customer, how can they move forward with a foreclosure and/or eviction? And why do they have to be so rude and stubborn about it? All of this on top of the fact that the company won't even own up to it's own mistake about assuming responsibility for automatically drafting payments when they should know how long it can take for the transfers regarding drafted payments to cross over. If 21st showed any signs other than a lack of understanding, care, responsibility and patience then maybe things would go smoother. Also, treating customers who have been loyal to their mortgage for 10 years like trash because they can't take the time to work with customers on a one-on-one basis with valid facts and supporting paperwork is unfair, misguided and at the least the company should be fined. More regulation, that's where I'm going with all of this.
A.
Knoxville,#6UPDATE Employee
Wed, March 28, 2007
As you mentioned before, the deal w/ Coamerica was not official until mid-February. Many Coamerica loans were not even registered into the system until Feb. 16 because thousands of loans were acquired and all have to be entered into the 21st system. This is probably the reason for the Feb. 16 non-draft... generally, auto-draft information is usually on a 72 hour turn around for editing, adding, or dropping. Your mother probably couldn't get a loan # if she called before the actual transfer was made b/c 21st couldn't enter everything in and make an account official until the Feb. 15th date. As for being able to provide documentation of payments, please remember that 21st and Coamerica probably weren't using the same information systems, and I know that during past acquisitions, none or only parts of the history w/ past companies is in the 21st system b/c of those program differences. Also, every single loan document has to be scanned and entered into the account database by hand, and this can take some time. I would be interested in knowing more about the documentation that your mother received about her foreclosure b/c I find it strange that she would actually have been served a writ since the loan has been at 21st less than 2 months. I can understand frustrations with this situation and sympathize with your mother's worries. Imagine the 21st reps who are having to deal with hundreds of accounts with these questions and concerns daily!
Mike
Winter Park,#7Author of original report
Tue, March 27, 2007
I would also like to add the fact that in no way am I accusing 21st Mortgage of anything illegal. I would also like to point out the fact that what 21st Mortgage is doing is only possible because of the lack of restrictions and regulations in the sub-prime market. I would also like to add the fact that the ultimate president of 21st Mortgage, Warren Buffet, is an extremely revered individual who is personally responsible for over $30 billion in charities worldwide, and in no way am I accusing him of any wrong doing. I am simply stating the loopholes that are present, and while legal, shouldn't be and should be corrected. That is all.
Mike
Winter Park,#8Author of original report
Mon, March 26, 2007
I would also like to update the report with the fact that 21st Mortgage is extremely irresponsible and private with their records. Any transcripts or letters that provide proof for any late fees or payments are either non-existent or cannot be shown or described to the customers they are regarding. When accused of late and or no payments the customer has no information from the company's side to prove that the payments are either late or missing. Also, they acknowledge the fact that loan numbers, which are vital to establishing insurance and protection from these exact situations, are missing or not established yet for weeks and/or months after the buyout of said mortgage. Meaning, that even if a customer wanted to be absolutely on top of the situation with prior knowledge of the way these companies work (which is almost for sure a data-mined prerequisite for target customer) the company always has a contingency with the failure to provide insurance, even one single day after the official acquisition of the lean. The sick part of this whole charade is that there are probably other loop-holes and contingencies that I don't even know about...