I saw a few different posts after a search for IndyMac but none seem to similar to my situation. My apologies if this is a duplicate post.
After about a year of trying to work out a repayment plan/modification we were denied a modification because while the original hardship (unemployed for 9 months) was resolved my income after I was employed again was high enough to afford my payment. IndyMac offered 6 months forbearance while additional modifications were attempted with the investor (Fannie Mae). The day after our last payment was made we received a denial letter and a foreclosure notice. IndyMac said we didn't qualify for anything and unless we could come up with the past due amount ($36k) the home would be sold. The next day we got the notice the home was going to be sold March 19th. We planned to move and go about our lives because we didn't have any other options it seemed.
The day the home was schedule to be sold a modification offer came in the mail that we had to notarize and send back to Indymac and our payment is due May 1st.
The arrears are being added to the loan so the new amount is $444k. The terms of the loan to not change interest only, 8.125% balloon payment due 2036. The payment is going from $3000 to $3700.
I called and asked why the payment is going up so much I was given two answers: 1. My previous payment was less than 31% of gross income and it has to be that to qualify. I was later told that answer is false. 2. My payment is going up because the total amount of loan changed thus increasing the payment. I can't figure out how to calculate the payment though because I either fail at math or that answer isn't correct.
My concern is that the terms don't change (interest only) and the rate an adjust in 2 years +/- and I don't understand what I'm actually paying. I don't want to refuse the modification and risk losing my house after I feel like we've got a second shot.
I'm so frustrated/confused because even IndyMac can't answer my question. I feel like they know I'm over a barrel.
I'm crossing my fingers someone else might have some insight. Just want to be able to get my questions answered and start rebuilding our lives.
I wish anyone else going through this the best of luck, I completely empathize with your personal hell.
Sorry for the wall of text, this was somewhat therapeutic