Hope Now

[daglo]

Originally Posted by IndyMac Nightmare

daglo,

I could use your help! We too are with IndyMac, have been turned down as not qualifying "under HAMP guidelines," are at almost day 90 of foreclosure, which IndyMac started within a month of our filing for modification, after the required wait of being two months behind.

We want to submit appeal ASAP to the right folks. And we would like to find a way to halt the sale or the foreclosure process, which IndyMac filed for stating we were "unresponsive" while we were waiting for THEIR response to our mod request.

I am in CA. I will follow up on your Austin, TX contact info. Any other info?

Thanks!

Our HUD counselor said that a Chapter 13 filing will stop a foreclosure sale. I don't know if this is a possibility with you, but to save your home it will work. If your home is under water, and you have a second, the Chapter 13 will eliminate it. A HUD counselor submitted our appeal when we were turned down the first time, and although it took four months, we were approved. We received a foreclosure notice, but it was halted. We think it also had alot to do with our congressman whom we wrote to. I can't prove that, but I got his reply and he told us he contacted Indy Mac, the next week, we were approved! Who knows. Just don't give up.

[so-cal-gal]

Originally Posted by darkdays

Indymac Nightmare,

Some people you should contact: eric.friedman@imb.com; brandon.latman@indymac.com; claudia.mann@owb.com; attorney(s) who filed the foreclosure on Indymac's behalf. The only thing I can say that has been of any benefit to me is that Indymac's attorneys have engaged in more communication with me than any one at Indymac. Bottom line is they represent Indymac so would not halt the sale or foreclosure process. I contacted my state banking commissioner who has requested that the foreclosure be halted so that my mod can be reviewed. I have been denied 3 times now. My state banking commissioner was given different financial information for me, no surprise there. I'm not familiar with foreclosure laws in CA. Are you a judicial or non-judicial foreclosure state? Are your state courts rubber stamping or questioning foreclosures? If you don't know whether you are a judicial or non-judicial state go to your state website and find out. I will try to see what I can learn from some google searches.

I am in CA and can answer your questions on the foreclosure situation in the courts here, but not necessarily all of the bankruptcy aspect.

We are a NON-judicial state (actually, I believe my attorney said we have BOTH, but the typical action here is non-judicial). When suing to block a foreclosure, the courts are insisting on seeing a case that they are SURE the borrower will WIN, not anything that they perceive to be simply a 'delay-tactic' that will end in foreclosure anyway.

My case is BREACH of CONTRACT so I have been able to block a foreclosure and the modification contract terms in the contract that was breached are what are in force with the PRELIMINARY INJUNCTION ruling.

I believe the modification applied for should be honored by the lender as cause to halt the foreclosure, at least as long as they don't deny the mod and have the timing such that you can not even apply for a different mod before they proceed to sell the house. There is language in a bill that went into effect in July that says they are not to foreclose while you are attempting to get a modification. That bill made an EXCEPTION FOR ANY PROPERTY WHERE THE OWNER HAD FILED FOR BANKRUPTCY, EXCLUDING ANY SUCH PROPERTY FROM THE PROTECTION.

You need to check into the statements that the servicing company is supposed to affirm when they are filing the NOD with the county. From my own experience, the bill does not have any real enforcement. Although I was actually waving a BREACHED modification CONTRACT in the face of the servicing company, they claimed there was no modification contract and proceeded to try to foreclose. I had to sue for the breach of contract instead of even bothering with the dispute over their foreclosure actions while a modication contract was in existance, let alone PURSUING another mod. Since there is NO law that requires that you must be offered a modification contract, all the servicer has to do under the new bill, it seems, is to affirm that they could not find a way to offer you a modification.

A better protection for you seems to be afforded by the NACA group while you are attempting to get a mod. They have the foreclosure effort halted while they work on finding out if a modification can be done. If you are trying for an MHA mod, you may need to go with HOPE instead. Make sure that any group you approach like NACA or HOPE know of the foreclosure timing and put you in for escalated processing and do whatever they can to halt that foreclosure processing.

I do not know if there is any way to use bankrupcy as a way to prevent a foreclosure here. Bankrupcy can be used to strip a second mortgage, but I do not know of it being used here to STOP a foreclosure. You would have to be able to convince the court that the outcome of the bankruptcy would enable you to make your mortgage payment, as it is.

Otherwise, to actually STOP a foreclosure, you need to sue, you need to request a TRO and request a hearing for a Preliminary Injunction. That court would then look at the basis for your suit. If it appears to only be a delay tactic, the suit can proceed but the TRO and PI will not be granted.