Help with Indymac - Loan Modification Forum

MEMEI · 08-27-2009, 10:43 AM

Has anyone had any success doing a loan mod with Indymac bank? I will begin a negotiation as soon as I am able to gather enough info. I have a negam and am underwater with my home value of over 250k.

kimber2222 · 08-27-2009, 11:03 AM

I'm in the middle of a modification with Indymac.....received paperwork last week for the HAMP modification and sent in my first trial payment the day I received the paperwork.

The fact that you are upside down 250k....I think that works in your favor, but I should say that I wasn't able to modify my mortgage until I was over 45 delinquent. I was struggling to make my payment for months, but after I missed my payment it seemed like that is when someone was willing to help me.

I'm keeping my fingers crossed and hope that after my trial payments...I will be able to get my loan permanently modified to a payment I can afford.

If you have a current assessed value, that shows that your house is upside down $250k....make sure to send that in with your other documents....that's what I did.

Paul Molinaro Esq. · 08-27-2009, 06:05 PM

NO LEGAL ADVICE HERE - JUST GENERAL INFORMATION - ANY SIMILARITIES TO ANYONE'S ACTUAL SITUATION IS JUST ONE HECK OF A COINCIDENCE.

Neg Am Mods are very difficult... the reason being... if a borrower can't afford the artificially low neg am rate, there is no way to afford the higher IO rate or the PI rate even at 3% or 4%... these were and are truly toxic loans.

- Paul

08-27-2009, 10:43 AM	#1 (permalink)
MEMEI Junior Member Join Date: Aug 2009 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Help with Indymac Has anyone had any success doing a loan mod with Indymac bank? I will begin a negotiation as soon as I am able to gather enough info. I have a negam and am underwater with my home value of over 250k.

08-27-2009, 11:03 AM	#2 (permalink)
kimber2222 Member Join Date: Jan 2009 Posts: 22 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help with Indymac I'm in the middle of a modification with Indymac.....received paperwork last week for the HAMP modification and sent in my first trial payment the day I received the paperwork. The fact that you are upside down 250k....I think that works in your favor, but I should say that I wasn't able to modify my mortgage until I was over 45 delinquent. I was struggling to make my payment for months, but after I missed my payment it seemed like that is when someone was willing to help me. I'm keeping my fingers crossed and hope that after my trial payments...I will be able to get my loan permanently modified to a payment I can afford. If you have a current assessed value, that shows that your house is upside down $250k....make sure to send that in with your other documents....that's what I did.

08-27-2009, 06:05 PM	#3 (permalink)
Paul Molinaro Esq. Attorney Join Date: Mar 2009 Location: 980 Montecito Drive, Suite 206, Corona, CA 92879 Posts: 133 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help with Indymac NO LEGAL ADVICE HERE - JUST GENERAL INFORMATION - ANY SIMILARITIES TO ANYONE'S ACTUAL SITUATION IS JUST ONE HECK OF A COINCIDENCE. Neg Am Mods are very difficult... the reason being... if a borrower can't afford the artificially low neg am rate, there is no way to afford the higher IO rate or the PI rate even at 3% or 4%... these were and are truly toxic loans. - Paul __________________ ______________________________ Paul J. Molinaro, M.D., J.D. Attorney at Law, Physician, Broker ______________________________ Fransen & Molinaro, LLP 980 Montecito Drive, Suite 206 Corona, CA 92879 pmolinaro@LoanLaw.net 1-888-756-2652 ______________________________ The information contained in this post is NOT to be taken as legal advice. My posts are for general information and educational purposes only. If you need legal advice, please contact an attorney.

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