Loan sold to Kondour during loss mitigation process

[Jay Cashmere]

 I had some financial difficulties in 2019 and defaulted on 3 payments.  I was offered forbearance for 6 months in 2020. My financial situation improved in 2020 and have been making regular payments since 10/20. A few months ago, current mortgage lender asked me to submit a loan modification application for the 3 missed payments from 2019/20 and 6 months of forbearance which I did .  I received a letter from them acknowledging the receipt of application but it mentioned that foreclosure process had been initiated.    An underwriter called me 2 weeks ago telling me that everything looked good and that she will recommend adding the unpaid balance to the tail of the loan. She said she will call after the meeting with the management that was scheduled later that day. That call never came but I received a letter from them indicating that the note was sold to Kondour Capital.  A quick search showed Kondour is not a conventional lender.  I am very concerned as we have young kids. 

Wondering what this means for us. I have no problems in making mortgage payments and could pay the past due amount as well.  I appreciate your comments in anticipation.

[Rick Pozos]

They are probably covering their bases. If the loan mod does not go through, they are already on track to do the foreclosure. You said you have the money for the back payments, PAY IT!!

This will get rid of any and all concern on your part. They can not foreclose if you are current on your loan.

This very scenario is going to play out all across the country in the next 24 months. BUT you are lucky that you have the money to catch up completely. Most people do not have 9 or even 6 payments that they can make. Some people ARE going to get foreclosed on if their situation has not improved significantly and are not able to catch up.