Calling Is Your Most Important Step
Whether you've already missed a payment or are anticipating difficulty in the near future, speaking with a loan counselor today is the most important step in protecting your investment. Your Kondaur Account Manager is empowered to quickly implement solutions to help you avoid default and preserve your
credit standing.
You Have Options
Realistic and flexible options are available to Kondaur Clients who are having hardship challenges. Once we've learned your situation, we will work with you to help you keep your property and your mortgage in good standing.
Click on options below for more information
Hardship FAQs
If I have financial problems, can Kondaur help?
Yes. Our Account Management staff is available to speak to you about options and to possibly make a referral to our Asset Management Department, where trained asset managers can discuss payment solutions. You can contact our Account Management staff directly at 888-566-3287.
If I find that I will not be able to make my payment on time, should I tell you?
Yes. It is important that we know if you are having temporary financial difficulties. If you will not be able to meet your obligation on or before your monthly payment due date, please contact us immediately.
Will calling you hurt my credit or start the foreclosure process?
Consultations with Kondaur Account Managers are not reported to credit agencies nor will calling affect your loan status with Kondaur. However, late payments and some work-out solutions will be subject to credit reporting. Your Kondaur Account Manager can discuss credit rating implications with you.
When should I complete a Hardship Form?
Your Kondaur Account Manager will advise you if you need to complete the form. Financial Hardship forms can be completed online or by phone. They can also be mailed or faxed to Kondaur.
Hardship Process
- Speak with a Kondaur Account Manager to discuss your situation and learn about your options. Have your loan number available when you call.
- Depending on your situation, you may need to complete a "Financial Hardship" form. The Financial Hardship form can be completed online, or by phone with the assistance of your Kondaur Account Manager.
- Complete and return any additional documents required by your Kondaur Account Manager.
Most loan work-out solutions can be implemented very quickly, so you can get on-track to protect your property and credit ratings.
Common Options for Avoiding Foreclosure
There are several options that may be pursued as an alternative to foreclosure:
Pre-foreclosure Sale (Short Sale or Short Fall Sale)
Sometimes the best tactic to avoid foreclosure is the sale of the property. You have the right to sell the property to someone else up until the foreclosure sale date. If the potential buyer's offer is not sufficient to pay off your loan, we may agree to accept less than the total amount due under certain conditions. This situation is commonly called a "short sale".
At Kondaur, we work to make short sales as quick and easy as possible.
Real Estate Professionals – Kondaur has a dedicated team and hotline to help you get offers evaluated quickly and facilitate smooth closings.
Forbearance Plan
We may grant you additional time to catch up on past due payments under an agreement called a forbearance plan. These plans are normally limited to a period of three to six months. You may be required to submit current financial information to determine whether you are eligible for this option.
Modification
A loan modification changes the repayment terms reflected in the note. If you are unable to pay the total amount outstanding or your loan has matured, this may be an option. Your loan could be modified to extend the term, convert an adjustable rate mortgage to a fixed rate loan, amortize the monthly payment over a longer period or add the past due balance to the outstanding principal balance to bring the account current. You may be required to submit current financial information to determine whether you are eligible for this option.
Deed-in-Lieu of foreclosure
If you are unable to afford the current contractual payment and there are no other liens reflected on title to the property, we may allow you to deed the property back to us to avoid the time and expense of a foreclosure action.
We are hopeful that we can help you work through your current financial difficulties but we need your cooperation to do so. Remember, time is of the essence.
The sooner you contact us, the faster we can work together to get your account back on track.
Please contact us toll free:
888-566-3287
Documentation Required for Workout Assistance
The following list of documents are typically required from customers
requesting assistance with a loan workout due to financial hardship.
The documentation can vary by state and situation, so be certain to
contact your Asset Manager for a complete list.
Residential Properties
- Information about any financial hardship which may also include a hardship affidavit
- Income documentation including the most recent pay stubs, bank statements,
tax returns, and W2s from all borrowers and co-borrowers on the loan
- Signed and dated IRS forms 4506T or 4506T-EZ
- Most recent quarterly or year-to-date profit/loss statement
(for each self-employed borrower)
- Declaration page or a copy of current hazard insurance policy
Commercial Properties
- Information about any financial hardship
- Personal and corporate tax returns for all borrowers and guarantors for
the past 2 years, including all schedules
- Three recent bank statements (personal and business - all accounts)
- Income & Expense Statement (P&L) for the past two years and
interim financials for the current year
- Rent rolls for the past twelve months
- Commercial Annual Financials
- Declaration page or a copy of current hazard insurance policy
If you have other types of income, cannot locate the required documents, or have questions about the paperwork required, please contact us at 888-566-3287.