Loans, Debt & Credit - View Single Post - Indymac constr to perm

Moe Bedard · 10-14-2008, 04:09 PM

My pleasure!

When I mentioned that I don't see how you are getting this loan is that I feel it is really just a loan modification and not a new loan. My understanding is that most all Indymac construction loans were portfolio loans and they have the power to change these terms to however they see fit or should I say the FDIC does.

I feel that if this rate is something you cannot make and is destined to fail, then by all means you should not agree to it. But and that is a BIG BUT, it could hurt your chance of this other deal going through. What I don't get is that how the heck are they offering a loan like this right now to you. They don't exist in the market?

You may want to fight for a lower rate if that will help you keep your home or start the short sale process now possibly.

10-14-2008, 04:09 PM	#5 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 17,542 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Indymac constr to perm - Modify now or wait? My pleasure! When I mentioned that I don't see how you are getting this loan is that I feel it is really just a loan modification and not a new loan. My understanding is that most all Indymac construction loans were portfolio loans and they have the power to change these terms to however they see fit or should I say the FDIC does. I feel that if this rate is something you cannot make and is destined to fail, then by all means you should not agree to it. But and that is a BIG BUT, it could hurt your chance of this other deal going through. What I don't get is that how the heck are they offering a loan like this right now to you. They don't exist in the market? You may want to fight for a lower rate if that will help you keep your home or start the short sale process now possibly. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Loan & Debt Forum" LoanWorkout.org "America's #1 Loan Modification Blog" MoeBedard.com "My Work From Home Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.