• Report: #491424

Complaint Review: 21st Mortgage Corporation

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  • Submitted: Mon, September 07, 2009
  • Updated: Wed, March 02, 2011

  • Reported By: Fightthegoodfight — Metro Detroit Michigan USA
21st Mortgage Corporation
620 Market Street Knoxville, Tennessee United States of America
  • Phone: 8009550021
  • Web:
  • Category: Loans

21st Mortgage Corporation predatory lending, tila, respa, creative financing, unjust enrichment Knoxville, Tennessee

*UPDATE EX-employee responds: Let me guess...

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21st purchased the mortgage on my manufactured home from Comerica for $400 less than the original loan amount after I had been making my timely payments for six years. At that time, there was absolutely NO way that the home would have been appraised for the purchase value of the loan. It's my understanding that a loan cannot be made on a home for more than it is worth excepting certain special loan programs. A competent lender would have turned their nose up at such a thing.


I am not in foreclosure, I pay my mortgage payment every month in a timely manner, yet eight years later into the life of a fifteen year loan absolutely no monies are being applied to the principal balance! I have paid off a whole $3640 in eight years? Impossible!


I am CERTAIN there is some "creative financing" going on, including TILA violations, and have an appointment with an attorney next week.


AVOID AT ALL COSTS.


This report was posted on Ripoff Report on 09/07/2009 06:54 PM and is a permanent record located here: http://www.ripoffreport.com/r/21st-Mortgage-Corporation/Knoxville-Tennessee-37902/21st-Mortgage-Corporation-predatory-lending-tila-respa-creative-financing-unjust-enri-491424. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 UPDATE EX-employee responds

Let me guess...

AUTHOR: BrianAPaone - (United States of America)

...I bet your loan is a "simple interest" loan, classified as an "S" class loan with 21st.

If this is correct (and if you were formerly with Comerica then it probably is), then that is why you still owe so much on the original loan. S class loans accrue interest in a much faster fashion than typical "conventional" loans since it accrues daily, as opposed to within a more stable amortization schedule typically found in conventional loans.

For example: Let's say you're supposed to make your payment on the first of every month, and do so. With a conventional loan, you'd be okay with that; the amortization schedule for your interest is set in a way that ensures you don't run up any extra interest if the due date is, say, 31 days after the previous payment.

Under a simple interest loan, you're going to get hit for that extra day with extra interest, as typical S class loans (at least, the ones I saw at 21st) are set up to hit the borrower with extra interest charges on those "31st" days. (Granted, you get a bit of a break between Feb-Mar since there's only 28-29 days in between due dates - by paying within that time frame, extra AND some scheduled interest charges can be avoided!)

And you don't want to know what happens if you're late on an S class loan. Interest starts REALLY piling up if you fall behind, making it damn well near impossible to get back to level ground DURING the loan and resulting, typically, in a few thousand extra left over to pay AFTER the loan term has expired.

In sum - simple interest loans are to be avoided at all costs. Otherwise, it might cost you everything.
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