Loan Modification Forum - LoanSafe.org - View Single Post - Loan Modification Program for Distressed Indymac Mortgage Loans

melaniejp · 01-16-2009, 12:37 PM

My name is Mel .. I am now 3mths behind on my mortg. 1st & 2nd and have just received a default notice (notice of intention to foreclose) I have been trying to get a loan mod with INDY MAC Bank. I have also spoken with a 995 Hope counselor who stated 1/5/09 they sent a recommendation to INDY for a loan mod. When I called my bank they state they have no record and offered a conditional forebearance. The payments are the same but at the end of the 4th month it would be a balloon payment of close to $10k..
I have to give them an answer to today about accepting a verbal agreement. Is this something I should do. Or try to still get a loan mod... I get nowhere when I call INDY MAC and get different answers from each person I talk to in the LOSS MITIGATION DEPT.
Help!
Thanks
Mel

01-16-2009, 12:37 PM	#9 (permalink)
melaniejp Junior Member Join Date: Jan 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan Modification Program for Distressed Indymac Mortgage Loans My name is Mel .. I am now 3mths behind on my mortg. 1st & 2nd and have just received a default notice (notice of intention to foreclose) I have been trying to get a loan mod with INDY MAC Bank. I have also spoken with a 995 Hope counselor who stated 1/5/09 they sent a recommendation to INDY for a loan mod. When I called my bank they state they have no record and offered a conditional forebearance. The payments are the same but at the end of the 4th month it would be a balloon payment of close to $10k.. I have to give them an answer to today about accepting a verbal agreement. Is this something I should do. Or try to still get a loan mod... I get nowhere when I call INDY MAC and get different answers from each person I talk to in the LOSS MITIGATION DEPT. Help! Thanks Mel