Quick summary of where I am at. I have my 1st and 2nd with Indymac. I sent in my paperwork for a loan mod on 9/12/08. The 2nd was approved within 2 weeks. I am still waiting on the 1st to be approved.
Unfortunately, my circumstances have changed since requesting the loan mod. My current company (which I am a partner in) has been hit hard by the economy and I have not been able to pull a paycheck for the past couple of months. I don't know when my 2nd will be "reviewed" or even if it will be approved, but given my new financial situation, I won't be able to qualify.
Knowing this, and the fact that I still have not received my NOD letter, when should I offer the Deed in Lieu to Indymac. A short sale is impossible as my home is over $260K upside down.
Any suggestions are appreciated. This whole thing is just devistating to me.