All Forum Posts by: 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 So, they rescinded the foreclosure, gave me a $1000 check for keys, didn't put anything into my credit report, so far no 1099, they paid off the 2nd heloc ( $9000 for a $45000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.

There is no assignment of rent clause. I think that is usually in non primary residence loans.

From below website.
"Once the lender gives the owner a written notice of default, the lender has the right (except in Michigan) to receive the rent directly from the tenants. Lenders have to give written notice to the tenants, and they typically do so by letter, posted notice on the property, or in person."
http://www.nolo.com/legal-encyclopedia/tenants-foreclosure-paying-rent-30133.html;jsessionid=E37389DD9F951A061B2042E824CE5080

I didn't ask about morality and you do not know my situation to make that judgement. [EDITED] Sometimes you have to make business decisions you don't like. Maybe I've been losing on the house for a few yrs. and now cutting my losses, maybe I thought about the consequences, maybe ..... Thanks for throwing stones without any knowledge. Appreciate it.

Is there a good book/course in buying notes? Can a joe schmo buy a note for a particular house from a bank like Bank of America or other big banks or little ones too for a house that is going into foreclosure or in it? Thank you.

I bought a house as primary residence and after 2-3 yrs. of living in it I rented it out, been about 4-5yrs. It has been foreclosed on Dec. 9,2010. Now I am in the redemption period until June, 2011. So, I still have tenants ad they are still paying me. Do I keep that money or can the note holder get it from me? If they can get it is it just the amount in the redemption period? The house is in michigan. The bank is Republic Bank (Sold to Citizens Bank), Note bought by Kondaur 2 days before foreclosure ended. If the note says nothing about the rents I receive can they still sue for it and win?

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?

How do I pm you?

I talked with them yesterday and they said the previous lender started the foreclosure but they finished it. Does that make sense?

Can I have them just buy my redemption right?

To me it sounds like an REO but does that mean they can promise me that the foreclosure will not be on my credit report?

We have a 6 month redemption period. So they have to wait until then to take the property. So that's why I can still get rent from my tenants but they want the house sooner I'm sure so they can make real money.

This is the last email I got. So it sounds like they want to do a short sale of sorts? So, does this sound legitimate? So how does the possession of the note and foreclosure sale happen so fast? Does that mean they foreclosed or previous lender foreclosed?

Kondaur only hires the most experienced, and customer service oriented employees from the industry to work with their homeowners. I wanted to address the questions you have as a result of the email I sent to you last night. Most major banks and servicers will pursue you with a 1099C for deficiency, and follow through with legal action civilly. We hire staff that are creative and find a win/win situation for both Kondaur and the homeowner. It is how we acquire the asset (your Note) that allows us the latitude to work with you the way we do. In return for your cooperation and your tenant's to vacate the home in good (broom swept) condition and within a reasonable period of time we will do these things:

Not pursue you for any deficiencies (no 1099C or law suit)
Not report any derogatory payment activity, or foreclosure activity
Possible fresh start package for tenant- depending on condition of home and they vacate quickly
We need to send one of approved agents in your area to photograph the interior of the home to verify condition so we can review the possibility of a fresh start package for tenant
We can even arrange for a realtor to help them find a new home to rent to expedite the process

We will not know exactly what the deficiency amount will be until the home is sold. So the sooner we sell it, the sooner we can release you from the lien of record. This is the fastest way to credit repair and improving your credit score. We took possession of the note on 12/6/10, and the foreclosure sale occurred on 12/9/10 so technically on that day we owned the Note. If we were going to report foreclosure activity would come from Kondaur. At this point we are willing to forgo that reporting with your cooperation.