Indymac Loan Modification Help

[luckytap]

I started out trying to refinance my loan with Indymac and I was not late on my payment. They told me "no" because I had jumbo loan. I was put in contact with Eric Freidman who seamed very helpful and set me up with one of his staff. The staff had taken some of my credit information and set me up with a payment plan for four months for half of my payments, and they told me "When I am sixty days late they will take more credit information and if my credit information passes they would send out a preapproval. An under writer would need to see my current year to date pay and my current bills which would be no problem. I was told before I summit my information I should increase my salary. It has been hard to get to this point and I really want to keep my home but need i need some sort of payment relief! i would really appreciate any advice you may give me on what i should do to complete my loan modification.

Thank you,
Lucky Tap

[Moe Bedard]

Hi luckytap,


Welcome to the forum and thank you for joining..........

With IndyMac..........everything is done online..........the contact info and options are available here...........
IMFB Banking & Lending


for the new Making Home Affordable modification program you wouldn't need to be in default.............
but the first mortgage lien would need to be under $729,750 for this program...............
Is your jumbo loan more than this, if so, then IndyMac should have other options for a modification on your loan.........

[luckytap]

I was told that after 60 days they will review my case and if I meet the requirements that I would received a preapprovel until checked by the higher ups. If I did not meet their requirements that it is a one time deal for a loan modifications . Could you tell me what types of modification are normally presented from your experience . Thank you.

[Moe Bedard]

these are the guidelines that they are following for the modification program.............so there is one program........
http://www.treas.gov/press/releases/...guidelines.pdf

[luckytap]

Thank you for the site , In reading the information it sounds like this excludes me because my mortage is over $729,000.00 .I was oringaly told that my investors are working with home owners like myself ?.. Would the banks rather get stuck with a home that has a jumbo mortage than try to modify the loan for the owner .

[Moe Bedard]

they do modify jumbo loans............but the guidelines and modifications would be up to the investor on the loan............so you will have to see what the options are.

[luckytap]

The investors are the deutsche bank, From your experience how are they with loan modifications. If they turn down your loan mod what would you recommend to do.

[Moe Bedard]

If the investor isn't modifying loans.............then you will have to look into other options................

but from what you are posting............it doesn't seem to be at that point yet.........

[luckytap]

Will get with IMB the first week of April to give them my current financial information and l hope all goes well. Will get back as soon as I find out more information and Thank you for your advice.