Foreclosure sold to Kondaur Capital - lets make a deal questions

[John C.]

The house is in Michigan, Wayne County.
So the company below, Kondaur Capital Corp., bought my mortgage at the foreclosure sale. They called me and wanted to work with me to get the house sooner than waiting for the redemption period to end. They said "In exchange for your cooperation we would not to submit any foreclosure information to the 3 major credit reporting bureaus. We will not pursue you legally concerning any deficiencies that may exist concerning the above mentioned property."

1) Am I mistaken but doesn't the original mortgage holder control if there will be a foreclosure on my credit report?
2) Also doesn't the original mortgage holder decide on the deficiency?
3) Anyone familiar with this company? Do they do what they say they will do?
4) Can I sell them my redemption right and if so how much? If I wait I am getting the rent money right now.
5) What terms should I ask for?

Kondaur Capital Corporation
One City Boulevard West, Suite 1900
Orange, California 92868

[Janis Litchfield]

Most mortgages contain an Assignment of Rents clause. Assuming yours does, Kondaur can quickly get an order to confiscate your rents meaning you won't be able to collect them during the six month redemption period. You should check on that before you delay Kondaur and make them your adversary.

[John C.]

I bought this house as a primary residence. I didn't see anything in the mortgage about assignment of rents. Is it called something else?

[Justin S.]

Try looking under "Deed of Trust" or "Trust Mortgage". It will be in the recorded document. If you do not have a copy, then go to your county recorder website and search for document by your name. It should pop up.

Here is the link: https://rod.ewashtenaw.org/recorder/web/login.jsp?submit=I+Acknowledge

[Cindy M.]

JC- Go to [LINK REMOVED] and read about who Kondaur Capital really is. They buy "scratch and dent" loans which means that the loans have fraud or other defects in them and so they have taken on the liabilities of those loans as well. They are hoping that the homeowners will not want to keep their houses and will not fight them so that they can steal your house. Get in touch with [EMAIL REMOVED] and ask her your questions about them. I am in litigation with them and I wouldn't trust a word they say.

[John C.]

I finally have it finished. It took them a verrrrry long time. They said it would be done April 2011 but didn't get finalized until November 2011. So, they rescinded the foreclosure, gave me a $1000 check for keys, didn't put anything into my credit report, so far no 1099, they paid off the 2nd heloc ( $9000 for a $45000 amount). They did everything they said they were going to do but it took a lot longer. And they said I could keep the rent. So, it worked out for me.