Loans, Debt & Credit - View Single Post - IMB/OWB wont mod me even after forbearance of perfect pay record

pamelabe · 10-20-2009, 02:28 PM

1st 420k 8.625% IndyMac Bank/One West Bank $3018

taxes: $550mo
2nd 90k 3.5% CU of GA $699
stopped payments on first Feb 09
all credit card and 2nd mort perfect pay on time
9 homes are up for sale in neighborhood - none have sold in 9 mos

I just got word from Ken Germann, Escalations Loan Mod Negociator of Loss Mit of IndyMac/One West Bank that the investor (Wells Fargo) will not modify my home even after 4mos of a 6 mos forbearance plan in which I paid on time perfectly. He said my investor does not allow the pool of loans that mine is in to be modified in any way shape or form. I happened to be in a pool of loans in which they can not modify. This investor has approximately 11 of these pools and it has to do with credit backed securities in which this group of loans was purchased which does not allow them to modify. What??!()*&#%$^#?? I have already flipped out, surviving not only that news after working so hard with every request and countless phone calls since Feb 28 to restucture my loan. The house (basement) since has flooded twice in the Atlanta storms and leaked thru the chimney roof flashing. I am just about at the end of my rope and thinking maybe I should tell them to take their house and shove it!!

I have been soo stressed feeling like this isnt my home since starting this fight that I cant sleep at night with the worrying and waiting all the time. The effort to get ready to face the customer service people at IMB when they ask you for more info or repeat wrong information has completely drained me. After hearing the news I started to become emotionally de-attached from my house that I gutted out and re-built. For a while I didnt know what to do but since the last 3 weeks I have started to do the math as to the alternative in the event they do not modify me at the last minute. I started to look into buying another home for a lot less through seller financing before the foreclosure/deed in leiu goes on my record. I am going to a NACA workshop this Sat and Mon I have my phone appt. I have been fighting this fight all by myself up to now. The only other possible weirdness to my loan is that they were insistant of me being an investor as the appraiser said I started gutting the house too fast and wouldnt appraise as owner occupy because my stuff was pushed to the side when I pulled up the carpet and took out the cabinets. I AM OWNER OCCUPY! If anyone has and other suggestions please let me know. I have also already signed the case action lawsuit against IMB/OWB on this site.

10-20-2009, 02:28 PM	#1 (permalink)
pamelabe Senior Member Join Date: Jun 2009 Posts: 42 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	IMB/OWB wont mod me even after forbearance of perfect pay record 1st 420k 8.625% IndyMac Bank/One West Bank $3018 taxes: $550mo 2nd 90k 3.5% CU of GA $699 stopped payments on first Feb 09 all credit card and 2nd mort perfect pay on time 9 homes are up for sale in neighborhood - none have sold in 9 mos I just got word from Ken Germann, Escalations Loan Mod Negociator of Loss Mit of IndyMac/One West Bank that the investor (Wells Fargo) will not modify my home even after 4mos of a 6 mos forbearance plan in which I paid on time perfectly. He said my investor does not allow the pool of loans that mine is in to be modified in any way shape or form. I happened to be in a pool of loans in which they can not modify. This investor has approximately 11 of these pools and it has to do with credit backed securities in which this group of loans was purchased which does not allow them to modify. What??!()*&#%$^#?? I have already flipped out, surviving not only that news after working so hard with every request and countless phone calls since Feb 28 to restucture my loan. The house (basement) since has flooded twice in the Atlanta storms and leaked thru the chimney roof flashing. I am just about at the end of my rope and thinking maybe I should tell them to take their house and shove it!! I have been soo stressed feeling like this isnt my home since starting this fight that I cant sleep at night with the worrying and waiting all the time. The effort to get ready to face the customer service people at IMB when they ask you for more info or repeat wrong information has completely drained me. After hearing the news I started to become emotionally de-attached from my house that I gutted out and re-built. For a while I didnt know what to do but since the last 3 weeks I have started to do the math as to the alternative in the event they do not modify me at the last minute. I started to look into buying another home for a lot less through seller financing before the foreclosure/deed in leiu goes on my record. I am going to a NACA workshop this Sat and Mon I have my phone appt. I have been fighting this fight all by myself up to now. The only other possible weirdness to my loan is that they were insistant of me being an investor as the appraiser said I started gutting the house too fast and wouldnt appraise as owner occupy because my stuff was pushed to the side when I pulled up the carpet and took out the cabinets. I AM OWNER OCCUPY! If anyone has and other suggestions please let me know. I have also already signed the case action lawsuit against IMB/OWB on this site.