Kondaur called me. - Loan Modification Forum

smokin2k6 · 08-18-2009, 02:04 PM

Im still trying to figure this company out.. They are a scratch and dent mortgage company from what i read that takes over the note. They took mine over recently. I couldnt afford my payments since Jan, and they filed on me for foreclosure in May. I owe about 500k more than my home is worth.

They told me they would give me a deed in lieu and that it would come up paid in full and wouldnt be reported to the credit agencies.. I didnt believe that!

But I would have no judgement/defic and they would take care of the second mortgage as well (which i didnt think you can do a deed with 2 mortgages) They said they would nego the 2nd and absorb the costs.

Also they offered me Money to pay for my moving costs and first months rent.

What do you think? I can wait for a shortsale (stay rent free for a while)but if this gets me out from under everything and not owing anything should i not just take it. Plus avoid BK

Any thoughts on Kondaur?? Why would they be so willing when every other bank isnt?

Thanks!

dogatemy · 08-18-2009, 04:58 PM

Quote:

Originally Posted by smokin2k6

They told me they would give me a deed in lieu and that it would come up paid in full and wouldnt be reported to the credit agencies.. I didnt believe that!

You should hire a good attorney. I would take their offer (assuming you're having financial troubles) but only after receiving paperwork in writing and my attorney is sure the paperwork annuls any further responsibility for the debt.

jaskoo · 08-18-2009, 10:01 PM

Kondaur bought my loans too. From what I understen they buying $.40 for $ and turn property on market or foreclossure. I will now more in few days.

smokin2k6 · 08-20-2009, 06:04 AM

Thats what I heard too.. But I wonder if they talk a big game or actually help people.

jaskoo · 08-26-2009, 06:25 AM

Don't believe them. Make them give you in writing, whatever they promised.
they have good negotiators, but they don't keep promises. Be aware. Everything in writing. Good thing you can contact them anytime, and they will work with you. Good luck..

snapple candy · 08-26-2009, 08:10 AM

I agree smokin. get an attorney. This sounds too goo to be true. Maybe they have figured out a way to collect on PMI insurance and then resell the property.

Considering you are this much underwater, I dont understand how they could do this but I say go for it, if it is real and its in writing. Get cash for keys AND avoid BK. This sounds like a dream.

jaskoo · 08-28-2009, 06:39 AM

work with them. I just completed short sale with them. they are investors and they will do what ever is best for they interest. good luck.

08-18-2009, 02:04 PM	#1 (permalink)
smokin2k6 Junior Member Join Date: Feb 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Kondaur called me. Im still trying to figure this company out.. They are a scratch and dent mortgage company from what i read that takes over the note. They took mine over recently. I couldnt afford my payments since Jan, and they filed on me for foreclosure in May. I owe about 500k more than my home is worth. They told me they would give me a deed in lieu and that it would come up paid in full and wouldnt be reported to the credit agencies.. I didnt believe that! But I would have no judgement/defic and they would take care of the second mortgage as well (which i didnt think you can do a deed with 2 mortgages) They said they would nego the 2nd and absorb the costs. Also they offered me Money to pay for my moving costs and first months rent. What do you think? I can wait for a shortsale (stay rent free for a while)but if this gets me out from under everything and not owing anything should i not just take it. Plus avoid BK Any thoughts on Kondaur?? Why would they be so willing when every other bank isnt? Thanks!

08-18-2009, 10:01 PM	#3 (permalink)
jaskoo Member Join Date: Mar 2009 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Kondaur called me. Kondaur bought my loans too. From what I understen they buying $.40 for $ and turn property on market or foreclossure. I will now more in few days.

08-20-2009, 06:04 AM	#4 (permalink)
smokin2k6 Junior Member Join Date: Feb 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Kondaur called me. Thats what I heard too.. But I wonder if they talk a big game or actually help people.

08-26-2009, 06:25 AM	#5 (permalink)
jaskoo Member Join Date: Mar 2009 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Kondaur called me. Don't believe them. Make them give you in writing, whatever they promised. they have good negotiators, but they don't keep promises. Be aware. Everything in writing. Good thing you can contact them anytime, and they will work with you. Good luck..

08-26-2009, 08:10 AM	#6 (permalink)
snapple candy Senior Member Join Date: Feb 2009 Posts: 1,316 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Kondaur called me. I agree smokin. get an attorney. This sounds too goo to be true. Maybe they have figured out a way to collect on PMI insurance and then resell the property. Considering you are this much underwater, I dont understand how they could do this but I say go for it, if it is real and its in writing. Get cash for keys AND avoid BK. This sounds like a dream.

08-28-2009, 06:39 AM	#7 (permalink)
jaskoo Member Join Date: Mar 2009 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Kondaur called me. work with them. I just completed short sale with them. they are investors and they will do what ever is best for they interest. good luck.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode