After many issues with 21st Mortgage over the years, this occurrence was the one that topped all problems with this predatory lending company. 21st Mortgage violated the covenant of good faith and fair dealing by acting with the motive to with hold insurance proceeds to cause default on the loan and foreclose. There actions prove motive by making unreasonable request that contradict their insurance claim process form, delaying the process of the check, and failing to communicate in a reasonable manner after many attempts to resolve the situation by us. 21st also lacked reasonable basis for the delay in processing the claim check when their notice states checks are processed in 72 hours. Security in the property was not impaired, payments were current at the time of the claim. Nor did we ever imply we were unable or unwilling to continue to make payments. Lenders are obligated to use insurance proceeds to promptly pay for damages to the home. Insurance proceeds are meant to restore the property to its undamaged state. As a result it ensures the value of the property is not diminished, and the owners are able to use the property . Our damage occurred when a tornadoes produced strong winds and our mobile home received strong winds no damage as a result. I’ve made a timeline of events of the situation. 4/26/16- Date of loss/storm hit us. 4/29/16- Made claim 5/16/16- received 1st check 6,394.75 5/16/16- notified 21st of checks asked about how to send checks. 5/25/16- received 2nd check of 485.00 6/9/16 – 21st received checks we mailed, signed receipt. 6/10/16 – received letter from 21st of how to send insurance checks, also noted that checks under 7,000.00 could be disbursed whole. Regardless 21st said they would only send half. Letter also states checks are processed in 72hrs. We sent all documentation by email because we received their letter after we had sent the checks. We also told them them a 2nd check was being mailed. We were never notified of them receiving it. 6/16/16- we received 3,000.00. When we should of received the total amount . Basically from 6/16/16-8/16 we called daily, we responded to delinquency letters, and in August a guy from 21st showed up on Sunday afternoon. We showed him the documentation, showed him what repairs had been done, and emailed a copy of all the paperwork. No response, no answers, and no money. I do have emails saved. Even an mail from an account manager who said I didn’t make a payment for may when I already had and sent her the receipts. Also in the insurance policy it’s states that the lie holder can only cancel the insurance once they take procession, in February when it was cancelled, we still had procession and they hadn’t filed notification in the paper yet. Even after Justin Tramell came out to the home in August on a Sunday (again an example of bad faith) we explained the situation, he could verify damages, and repairs, and emailed a summary of paperwork that they sent us as proof. Currently the home has a replevin which they have failed to properly serve us, by mail is not accepted. Filing a lawsuit against 21st mortgage. Filing complaints with many agencies that govern mortgage companies, insurance, and banks. I encourage others to start with filing complaints everywhere. When I’m done it will cost 21st mortgage more money just to have someone chase the complaints down. 21st mortgage has left a long paper trail sealing their fate, lawsuit in process.
620 Market st Knoxville, Tennessee USA
Real Estate Services