21st Mortgage Corporation Mortgage Complaint

21st Mortgage Corporation Mortgage department,

Conventional fixed mortgage Loan modification,collection,foreclosure Maryland

I am a short sale negotiator negotiating a short sale. A short sale is when a property is worth less on the market than is owed ( i.e : home is worth $ - and Seller owes $ - ) and the seller is going through financial hardship. The bank will approve to waive the deficiency if the seller can present a buyer. My seller owes - to her - mortgage, - and - to her - mortgage, 21st Mortgage. The house is work -. She is behind on payments for almost a year and is well in the foreclosure proceedings. - has just approved the HAFA short sale ( government program ) for - to the buyer we are under contract with now and is giving the MA- amount that the - mortgage is allowed to receive by HAFA regulations : $8500.00, which is much more than the general rule of thumb where they receive 6-10 % ( I have never seen a payoff to the - reflecting more than the 10 % ) of the remaining balance ( -- ). 21st Mortgage is REFUSING the $8500.00 and is saying they will not approve short sale unless they receive the -, which - CANT even give, even if they wanted to. The seller is not legally able to give the - ( even if she had it ) because the whole reason a short sale is approved is because she does n't have funds to give to the - mortgage. 21st Mortgage would RATHER have the Seller go into foreclosure and receive $0.00 ( all proceeds would go to - NOT 21st Mortgage because the amount owed is much more than the property is worth ) than $8500.00. Keep in mind - ca n't even give them the insane amount of funds they are asking for.