ED Magedson – Founder
21st Mortgage Corporation620 Market Street Knoxville, Tennessee United States of America
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/reports/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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