21st Mortgage Harassment by repetitive calls and unwilling to assist co-borrower Knoxville Tennessee

I appreciate the reply to the post an outling the contract.  This however does not excuse the harrassment, unforfessionalism, and outragious fees.  Forcing an individual to use a specific 3rd party payment company is pretty shady.  I have never seen a mortgage company create such much turmoil.  Each time i discuss this matter with 21st Mortgage, their per day fee changes along with my rights as a c-borrower.  To make matter worse, if their position is to NOT to get involved then they should stand that ground.  However, this is not the case.  They are playing the borrower and co-borrow to try and get double payments.  Knowone deserves to get multiple phone calls at work with an individual harassing you and threating you.  This is the reason I would like to warn people about 21st Mortgage.  Refinaiance if you are doing buisness with them.

Thank you again for your help advice.  I have obtained an attorney to assist with this.  This has been far from a wonderful experiance working with them.  I do not wish this on anyone, expecially if you signed as a co-borrower.

First, I have no affliation with your lender. I am a consumer that is familiar with mortgages so here is a brief run down of how this works. You probably want to speak to an attorney and have him explain the promissory note and mortgage you signed so you have a complete understanding of your responsiblities.

1) The lender (or servicer of the loan) does not have the authority to initiate sale of the property at this point. In fact, they can do nothing at this stage but collection actions for payments; and if payment is not made, then they can initiate foreclosure action on the property in accordance with the default provisions of your note and mortgage. Once the foreclosure is completed, then the lender has the power and authority to sell your property.

2) You are the co-borrower. If you read the note, somewhere in the note it will say that you are "jointly and severally liable" for the repayment of the loan. That means the lender can come after you or the borrower or both of you for the loan payment and eventually the entire loan balance plus fees and default interest if applicable.

3) You can put the property on the market for sale with the cooperation of the borrower. It is up to you, not the servicer of the loan, to contact the borrower and make those arrangements directly. The servicer can not help with this at all. The servicer not only doesn't have the authority, but they don't have any sort of ownership of the property. The loan is a lien (mortgage) on the property and that is it. The servicer has to follow certain steps in order to foreclose on their lien/mortgage.

3) If the borrower won't return your calls or emails or other communication; then consider hiring an attorney to get in touch with the borrower. Perhaps the borrower will sign a power of attorney over to you to give you authority to sell the property.

4) The lender can not unilaterally remove you from the loan. You would have to refinance the property out of your name in order to get removed from this loan.

The very best thing you can do now to preserve your credit is to make the payment to buy you time to speak with an attorney to get all of your available options. If you don't make the payment the lender does have the right to come after you and/or the other borrower for payment. That was one of the rights you granted the lender when you signed the promissory note and mortgage. I hope you find a good real estate attorney to help you in your quest to get the borrower to face their responsibilities along side your responsibilities to repay or pay off this loan. Good Luck.