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FlyOnTheWall · 08-21-2008, 01:43 PM

Sorry you keep having to move my posts ***, wasn't sure where to post the question.
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Here is what I found out today, 8/21

Indy has you visit their webiste first, where they ask for your ss number and loan number, to see if you are elligible for the FDIC mod.

Mine said I was (yeah)

BUT

You are then prompted to update your current financial info. Not a real thorough budget analysis, so I called them.

The Loan Soultion person was friendly and nice and she kept pushing to go over the updated financials. I explained I was self-employed, that I had not yet filed my 07 tax return, that my income varies, and I didn't want to put down wrong info if that meant getting a mod denied. I also further explained that's what happened via the HopeNow conversation - I ended up with a positive cash flow with no mechanism in place to account for variances in income, changes in monthly expenses etc..

She said whether it is via the web or the phone, updated financials were necessary to get a file open; if a loan mod is then possible (regulatory on their side); the loan is submitted to a "loan approval group" who analyzes the loan and the submitted financials, and if met with preliminary approval, they will ask to prove income via W-2's etc. She said as long as the income/expense is somewhat close, there shouldn't be a problem.

Knowing that Indy is lookiung for debt ratio on mortgage of 38%; and the low several hundreds of dollars of surplus banks like to see (THANKS, researching this site really helped

), I think I came in fairly close and will be able to make it work if I need to document it.

After submitting the info, she said Indy will mail out whether or not a modification is possible, 7-10 day turnaround (I'm in Riverside and know ittakes Pasadena mail 2 days to arrive here.)

------------------------

So we will wait to see what they say. If you recall, when I called earlier this month they said our loan could not be modified due to the investor.

Hoping for the best, and will keep ya appraised of the progress.

The loan rep could not say whether or not we are also on the short list to receive one of the letters/mods (I think she didn't know).

08-21-2008, 01:43 PM	#7 (permalink)
FlyOnTheWall Senior Member Join Date: Jul 2008 Posts: 71 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Intro before my IndyMac Journey Sorry you keep having to move my posts ***, wasn't sure where to post the question. ----------------- Here is what I found out today, 8/21 Indy has you visit their webiste first, where they ask for your ss number and loan number, to see if you are elligible for the FDIC mod. Mine said I was (yeah) BUT You are then prompted to update your current financial info. Not a real thorough budget analysis, so I called them. The Loan Soultion person was friendly and nice and she kept pushing to go over the updated financials. I explained I was self-employed, that I had not yet filed my 07 tax return, that my income varies, and I didn't want to put down wrong info if that meant getting a mod denied. I also further explained that's what happened via the HopeNow conversation - I ended up with a positive cash flow with no mechanism in place to account for variances in income, changes in monthly expenses etc.. She said whether it is via the web or the phone, updated financials were necessary to get a file open; if a loan mod is then possible (regulatory on their side); the loan is submitted to a "loan approval group" who analyzes the loan and the submitted financials, and if met with preliminary approval, they will ask to prove income via W-2's etc. She said as long as the income/expense is somewhat close, there shouldn't be a problem. Knowing that Indy is lookiung for debt ratio on mortgage of 38%; and the low several hundreds of dollars of surplus banks like to see (THANKS, researching this site really helped ), I think I came in fairly close and will be able to make it work if I need to document it. After submitting the info, she said Indy will mail out whether or not a modification is possible, 7-10 day turnaround (I'm in Riverside and know ittakes Pasadena mail 2 days to arrive here.) ------------------------ So we will wait to see what they say. If you recall, when I called earlier this month they said our loan could not be modified due to the investor. Hoping for the best, and will keep ya appraised of the progress. The loan rep could not say whether or not we are also on the short list to receive one of the letters/mods (I think she didn't know).