Loan Modification Forum - LoanSafe.org - View Single Post

just the facts · 01-23-2009, 09:29 AM

Try not to get emotional about the whole situation...Think first before acting...Remember I've been at this for 9 months...

Couple of points:

1) IndyMac will have to agree & accept a deed in lieu. You can't make the actual decision so don't be too assumptive that this is something they will do.

2) If you are committed to the area you live in you should first try to get your loan modified. BUT you are going to have to default. Believe me, I agonized over this for 2 months but had no choice. I had a heart attack (literally, no joke) I was so stressed about it. Even though the FDIC (who runs Indy) states they are supposed to assist "homeowners who will likely default in the foreseeable future" they seem to gloss over this and only help people who are in default. I called the FDIC to try to get them to contact Indy to hold them accountable to this but you can only imagine how far I got with with this mess of a government office. Useless, waste of time.

3) After you default, wait 30 days and see if they will mail you a loan mod package. 60 days is the baseline, but it you can get all your info together it will save you time. They are more organized now and you may be able to just do this yourself.

4) At day 60 FedEx your loan mod package and follow up every week.

5) Missed mortgage payments but eventually getting back on track with a potential loan mod will be much better on your credit history than a deed in lieu or foreclosure. You can rebuild your credit from late payments in about 3 years but foreclosure can potentially haunt you for 7-10 years.

6) Don't worry about being foreclosed on. They will approach you for a loan mod before they will go down the foreclosure route. If there is absolutely no way they can work with you then this could happen but I've heard stories of people in their homes without paying the mortgage for over 12 months. Indy simply does not have the staff to handle this mess.

tonyfloresii follow the same advice. E-mailing Indy stooges will not get you anywhere...I know it's hard to accept, compute, comprehend but you're going to have to default to get anyone's attention or you'll just get kicked out of the system.

01-23-2009, 09:29 AM	#30 (permalink)
just the facts Member Join Date: Dec 2008 Posts: 27 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help with Indymac Try not to get emotional about the whole situation...Think first before acting...Remember I've been at this for 9 months... Couple of points: 1) IndyMac will have to agree & accept a deed in lieu. You can't make the actual decision so don't be too assumptive that this is something they will do. 2) If you are committed to the area you live in you should first try to get your loan modified. BUT you are going to have to default. Believe me, I agonized over this for 2 months but had no choice. I had a heart attack (literally, no joke) I was so stressed about it. Even though the FDIC (who runs Indy) states they are supposed to assist "homeowners who will likely default in the foreseeable future" they seem to gloss over this and only help people who are in default. I called the FDIC to try to get them to contact Indy to hold them accountable to this but you can only imagine how far I got with with this mess of a government office. Useless, waste of time. 3) After you default, wait 30 days and see if they will mail you a loan mod package. 60 days is the baseline, but it you can get all your info together it will save you time. They are more organized now and you may be able to just do this yourself. 4) At day 60 FedEx your loan mod package and follow up every week. 5) Missed mortgage payments but eventually getting back on track with a potential loan mod will be much better on your credit history than a deed in lieu or foreclosure. You can rebuild your credit from late payments in about 3 years but foreclosure can potentially haunt you for 7-10 years. 6) Don't worry about being foreclosed on. They will approach you for a loan mod before they will go down the foreclosure route. If there is absolutely no way they can work with you then this could happen but I've heard stories of people in their homes without paying the mortgage for over 12 months. Indy simply does not have the staff to handle this mess. tonyfloresii follow the same advice. E-mailing Indy stooges will not get you anywhere...I know it's hard to accept, compute, comprehend but you're going to have to default to get anyone's attention or you'll just get kicked out of the system.