All Forum Posts by: Jay Cashmere

Called them last Friday and asked to speak with the person who was handling my loan mod app. was told the person is still waiting to hear from senior management and would call me when she has information. told the person that I wanted to resolve the issue before loan is transferred and can pay the balance. Received the call back on Monday and was told that bank will let Candour make the decision.  wired them the funds same day and account is current now.

I wonder how Candour handles loans without issues? Can I ask them to refi it . paying 4.125% for 30 year. credit score is in high sixes but expect it to jump after my current bank updates the credit bureaus. They have put credit reporting on hold since 10/20.

Can not understand why my current bank sold the note. home value is more than twice the loan. house would sell in a day in current market and there will be a bidding war.

Thank you very much. All of your comments were extremely helpful!

Thank you all for your very helpful information. 

spoke with current lender this morning. was told the loan will transfer in about 2 weeks. No decision made on loan mod as of today. Foreclosure is in suspension until loan modification decision made. I was told that I will have option to pay the pass due amount if the loan modification is not approved. My concern was that they would automatically put the house for auction if loan modification was not approved. I can take funds from my business to pay off the balance but it will affect the growth plans I had for the business.

Am I taking too much risk by waiting until loan modification decision is made?

 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.