Consumer complaint received 2022-08-10
Company: 21ST MORTGAGE CORP.
State: IL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
This loan was predatory from the very beginning ( XXXX XXXX ) plain and simple. My wife and I ( XXXX  citizens at the time of origination of the loan XXXX XXXX XXXX ) were rushed through the process at the time and did not know then, that we were being taken advantage of by all parties involved both XXXX XXXX XXXX, and especially 21st Mortgage Corp . However, the fact that we were exploited due to our lack of knowledge has become crystal clear to me at this point. 
The loan originated in XXXX XXXX. The national average mortgage rate during that time period was between 3.34-3.4 % - this is according to economic data provided by the federal reserve XXXX XXXX XXXX XXXX  ). However, the rate of our loan was 7.85 % ( more than double, XXXX to be exact, the national average at the time of the loan processing and approval ). I was XXXX XXXX XXXX at the time and had no information or education provided to me on how these financial instruments work. In addition, my wife was anxious to move closer to her family at that time, and all parties involved new this, used it to their advantage, and rushed us through the process. Because of the way the process was handled, the agreement was an adhesion contract my wife and I had no bargaining power or room for negotiation. The documents were put in front of us for signature in a rushed manner as a take it or leave it deal. 
Due to a serious health issue, I was told by my doctors that I would have to move again ( as a matter of life and death, literally ). Therefore, we had to move back to Illinois within 6 months of the origination of this loan. When we relocated back to XXXX our niece informally took over making payments beginning approximately XX/XX/XXXX. We asked the mortgage company at that time if there needed to be any formal/legal changes made to the mortgage and/or title, to which they responded no. My niece continued to make payments, and 21st Mortgage willingly accepted payments, as scheduled for the next 9 years. Then, my niece missed a few payments due to hardship, mostly brought on by financial issues related to the pandemic and unemployment. And that is when the harassment began. The past few months have been a terrible experience. We have received aggressive, threatening phone calls and letters in the mail. And throughout this process, my niece continued to try to catch up on payments, only to have the payments rejected or sent back by the mortgage company with more threatening letters and phone calls. I still have health issues and my wife has passed away ( about 2 years ago ). The mortgage company never bothered to contact me about this or try to formalize any changes. I am XXXX XXXX XXXX now, and I can not deal with the level of abuse and harassment from the mortgage company it has an impact on my health and well-being. Because the mortgage company never bothered to make any legal changes to the mobile home title, or the financial instrument, they have no legal claim or right to pursue my niece in the nasty, disgusting manner in which they have been doing for months now. And I am in no condition to, nor do I have any interest in attempting to work with a company that treats this people this way now, and treated my wife ( deceased ) and I in the beginning. The deplorable behavior of the mortgage company is what lead me to do the research that lead me to Consumer Financial Protection Bureau because it is clear to me now that the entire process was predatory from the outset. And is now beyond predatory, it is harassment and abuse. 
Not only was the mortgage rate exorbitant, and should be considered predatory, but the value of the mobile home was also grossly overstated at the time of the loan. As per a study published by a leading national lender in XXXX of XXXX, the national median average of a mobile home was {$53000.00} XXXX XXXX XXXX XXXX XXXX. The mobile home is a XXXX XXXX XXXX. At the time of the loan, the mobile home was already XXXX XXXX XXXX! And was sold to us at the price of {$55000.00}. That is above the median national average price of a mobile home in XXXX! Now the trailer is XXXX XXXX XXXX, needs significant work/repairs and certainly is not worth anywhere close to either the purchase price or the national average according to the only authority on mobile home values- the XXXX XXXX XXXX XXXX XXXX XXXX ). Given that the value of the mobile home is so low now. And that approximately {$66000.00} dollars have already been paid on the financial instrument. Because the original loan document did not explain how much of the payment went toward principal and how much was interest I can not due a precise calculation of the allocation to each. But I know that we have both overpaid for the trailer and the interest cost. To further complicate the matter, the loan originated in XXXX XXXX, I currently reside in XXXX, and the current occupant and the mobile home is located on a Native American Reservation ( of which the occupant is a Tribal member ). The mortgage company is located in XXXX. Putting together the jurisdictional puzzle here is an issue in and of itself.

Company response to consumer: Closed with explanation