All Forum Posts by: John C.

Was December 18 as I was told by the previous lender. Anyway I can check to confirm if it had been foreclosed or just sold?

I'm not interested in keeping the property, however, if they can keep the foreclosure off my credit report and not report a deficiency then I'd be happy. Are you folks telling me that they can actually do these 2 things?

What I don't understand is that how can they promise me those things if the previous lender foreclosed on it and sold the note to them? Am I missing something here? How can I find out if it was in fact foreclosed?

How do I know? The letter says transfer of servicing. So I would say the loan.

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

Per the website below it seems to say I still own it until it transfers to the new owner but wanted to know from someone in Michigan with first hand knowledge. http://www.michigantenants.org/foreclosure

I have a SFH rental that is forclosed and I am in the 6 month redemption period in Michigan.

1) Do I still own the house and the tenants still have to pay me until the ownership is changed or I can evict them if they do not?
2) Also, they are behind on the rent so if they don't pay the back payment I can still evict them and collect it via small claims court?
3) The tenants got a notice saying that payments need to be paid to the property management company (bank) but don't I still own it and should get it? Is that legal for them to do collect even though in redemption?

Thank you.

David,
What does a broker charge? Is the fee on the front-end or back-end and how about if it doesn't go through? I used to have a 740 score but went down because I use my credit to rehab the houses until I can get business credit or private lenders so right now I can't do it since I'm maxed and I'm sure the bank will see that and will not approve it. Once I sell the house my credit will go back up.

See if you can just replace the roof before you buy it. This is a risk but if you plan on buying it anyway and you have a contract then I'd be less concerned. Just a thought. Or have the buyer do it and change the price/discount/etc.

Has anyone signed up for his business credit coaching. He says you can get business credit within 4 months on avg. even if the LLC is new or doesn't exist. Is this for real or throwing away about $1200. He says he has contacts and knows what to say to the lenders and such. If it works it would be worth it.