Options to Foreclosure
Generally, there are alternatives to foreclosure, including selling the property, surrendering the property to the lender, or arranging for modification or payment plans. Of course, there are conditions and requirements that apply. Contact Kondaur to discuss these options. Keep in mind that each situation is different, and the options to foreclosure – if any – may vary from borrower to borrower.
Documents
The type of documents that Kondaur may request from you, whether you are in foreclosure or are engaged in an option to avoid foreclosure, include any documents related to a pending sale of your property, income documentation, and evidence of recent payments you have made on the loan.
Documentation includes but is not limited to:
- A letter stating the request for loss mitigation assistance and detailing the circumstances surrounding your current financial situation (Hardship Letter)
- Most recent two (2) years of tax returns
- Most recent two (2) years Forms W-2, 1099, and K-1
- Most recent two (2) months of paycheck stubs, and
- Most recent three (3) bank statements.
- A copy of your utility bill, dated within 60 days of this letter.
Toll Free Number
We encourage you to contact us as soon as possible at 888-KONDAUR (888-566-3287) so that we can discuss possible strategies with you.
HUD Counseling
If you seek the counseling of a HUD-approved counselor, please call (800) 569-4287.
Borrowers residing in the State of Washington can also call Washington Department of Financial Institutions at (877) 894-HOME (4663).
Loan Modification Program
Pursuant to California Civil Code Section 2923.52, et seq., Kondaur has established a comprehensive Loan Modification Program. The Program may be limited to certain borrowers who meet specific criteria. Our Program consists of the following:
Long Term Sustainability: The borrower must be able to evidence, through full documentation, the ability to make payments over a long period of time on the proposed modified loan.
Considerations: We may consider making adjustments to the interest rate or the principal balance.
Additional Considerations: Kondaur will also consider offering alternates to foreclosure, such as Short Sales and Deed-in-Lieu of Foreclosure transfers.
A Kondaur Asset Manager may be contacted regarding program details and specific qualification requirements.
New York Borrower(s)
The following is a list of fees, charges, or costs that you may incur depending on your loan documents, the use of the various services provided in relation to the servicing of your loan, and applicable laws and regulations. If you have a question about this information, please contact Kondaur at 888-566-3287.
| Fee, Charge, or Cost |
Amount |
| Late Charge |
2%, as stated in your loan documents |
| Bankruptcy fees |
Fees approved by the court |
| Foreclosure Attorney Fees* |
From $800.00 and up, varies by case |
| Foreclosure Costs** |
From $2,300.00 and up, varies by case |
All fees, charges, or costs are subject to change without notice. Additional amounts could be charged if you request services not listed above, or if additional services are necessary, such as in the case of property preservation, unless prohibited by applicable law.
* Attorney fees will be assessed on an hourly basis as necessary.
**Foreclosure Costs include but are not limited to title search and update fees, legal filings, serving of defendants, court/referee costs, sale publication, tax search, departmental/municipal lien search, recording of deed, and transfer tax.