Indymac Trial period offer not good - Loan Modification Forum

jimi1962 · 10-20-2009, 11:44 AM

I received my trial period offer from Indymac on Friday to be accpeted, signed and returned by October 24, 2009. The plan want me to pay $2900+ per month for three months. This is way more than my original mortgage and the amount negotiated by NACA. NACA asked for $2300+ which is 31% of our household income.

I am at a cross road and does not know what to do. It I reject the offer, my house goes into foreclosure. Even If we struggle to pay this amount for the next three months, what happens when we cannot afford to pay this again. I have waited for 8 months to get this lousy offer from Indymac.

I spoke to the negotiator at NACA, she could not come up with any help or explanation why Indymac did not honor the amount they submitted on our loan modification. All she wanted me to do is call a counselor at NACA. Cannot talk to a counselor till October 27, whish is way past the due date that Indymac gave to return the offer.

I need help, don't know what to do at this time.
Can deny this offer and start with another modification?
Has anyone been in this situation and have a solutiong to this ordeal.

Please give advice.

Thanks all for your support.

JJ

Evan Bedard · 10-20-2009, 12:06 PM

Hi jimi1962 welcome and thank you for joining.

Quote:

I need help, don't know what to do at this time.
Can deny this offer and start with another modification?
Has anyone been in this situation and have a solutiong to this ordeal

Yes I have actually seen many people turn down an offer and request something better. If you cannot afford the payment do not accept it..

jimi1962 · 10-20-2009, 01:07 PM

Thank you for your response. What will happen if I turn the offer down, can I re-submit another modification thru NACA and will the foreclosure process starts again?

JJ

Evan Bedard · 10-20-2009, 01:10 PM

Quote:

Thank you for your response. What will happen if I turn the offer down, can I re-submit another modification thru NACA and will the foreclosure process starts again?

JJ

How far into foreclosure are you?

jimi1962 · 10-20-2009, 01:32 PM

I have an auction date of 11/3/09. This has been postponed to 12/1/09 since I received the trial offer.

Evan Bedard · 10-20-2009, 02:38 PM

Wow that is very close. I do not believe the foreclosure process is going to start over. Did NACA say if you do not accept the offer they will proceed with foreclosure?

darkdays · 10-20-2009, 03:49 PM

The question comes down to not whether it is 31% but can you afford the payment? If it is over 31% of your income that is probably an in-house modification. Make sure you have WRITTEN confirmation that your auction date has been rescheduled. Too many horror stories about people in the middle of their trial payments to have someone show up at their door to tell them the house was sold at auction days earlier.

10-20-2009, 11:44 AM	#1 (permalink)
jimi1962 Member Join Date: Jun 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Indymac Trial period offer not good I received my trial period offer from Indymac on Friday to be accpeted, signed and returned by October 24, 2009. The plan want me to pay $2900+ per month for three months. This is way more than my original mortgage and the amount negotiated by NACA. NACA asked for $2300+ which is 31% of our household income. I am at a cross road and does not know what to do. It I reject the offer, my house goes into foreclosure. Even If we struggle to pay this amount for the next three months, what happens when we cannot afford to pay this again. I have waited for 8 months to get this lousy offer from Indymac. I spoke to the negotiator at NACA, she could not come up with any help or explanation why Indymac did not honor the amount they submitted on our loan modification. All she wanted me to do is call a counselor at NACA. Cannot talk to a counselor till October 27, whish is way past the due date that Indymac gave to return the offer. I need help, don't know what to do at this time. Can deny this offer and start with another modification? Has anyone been in this situation and have a solutiong to this ordeal. Please give advice. Thanks all for your support. JJ

10-20-2009, 01:07 PM	#3 (permalink)
jimi1962 Member Join Date: Jun 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Indymac Trial period offer not good Thank you for your response. What will happen if I turn the offer down, can I re-submit another modification thru NACA and will the foreclosure process starts again? JJ

10-20-2009, 01:32 PM	#5 (permalink)
jimi1962 Member Join Date: Jun 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Indymac Trial period offer not good I have an auction date of 11/3/09. This has been postponed to 12/1/09 since I received the trial offer.

10-20-2009, 02:38 PM	#6 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Indymac Trial period offer not good Wow that is very close. I do not believe the foreclosure process is going to start over. Did NACA say if you do not accept the offer they will proceed with foreclosure? __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

10-20-2009, 03:49 PM	#7 (permalink)
darkdays Senior Member Join Date: Oct 2009 Posts: 211 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Indymac Trial period offer not good The question comes down to not whether it is 31% but can you afford the payment? If it is over 31% of your income that is probably an in-house modification. Make sure you have WRITTEN confirmation that your auction date has been rescheduled. Too many horror stories about people in the middle of their trial payments to have someone show up at their door to tell them the house was sold at auction days earlier.

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