Indymac Mortgage Modification - Home Loan Forum

angel83 · #1 (**permalink**) IP: 72.192.133.244 07-12-2008, 09:15 PM

I've been reading here and want to be sure I uderstand....is a loan modification just an extension on the exisiting ARM terms and rate, or is it a conversion to a fixed rate. I have Indy Mac and want to start the process ASAP. I don't reset till next year, but I have been told to start the process now. And under what circustances will they uusally do it? Does anyone thing this might become the "norm" for a while going forward to try to keep people in their homes? I am surprised it hasn't been done already. And if the home is in my name only,because DH credit is not so great, but file joint taxes, how is that viewed?

RudyJay · #2 (**permalink**) IP: 4.248.1.29 07-12-2008, 09:55 PM

Hi angel

It is always nice to see a new member..

A loan modification involves changing one or more terms of a mortgage. In my case we had an arm which adjusted in Dec. 2007 which we had difficulty paying with another scheduled adjustment in July 2008. Our lender is Chase. We turned in financials and letter explaining why we were having difficulties making the payment (due to adjustment and decrease in family income). In our case Chase lowered our interest rate until 2013 and then we will have a fixed rate for the life of the loan.

Every lender is different. Each individual mortgage has an investor who calls the shots for the servicing or modification of a loan. rj

angel83 · #3 (**permalink**) IP: 72.192.133.244 07-13-2008, 08:29 AM

thanks RJ,

Scary to think that in a huge way, we don't have control over the outcome. I am in So Cal, I'm certain we are upside down and won't be able to refi - it scares the heck out of me. I sure hope the lenders (I think I mentioned I have Indymac are one of the lenders who are willing to work this out....) Thanks again.

angel83 · #4 (**permalink**) IP: 72.192.133.244 07-13-2008, 08:59 AM

Question......in one of your posts you mentioned a new California law? hat law is that? and submitting recent comps? Why would you do that?

angel83 · #5 (**permalink**) IP: 72.192.133.244 07-13-2008, 09:13 AM

What does that really mean for those of us who have mortgages there and hope to do a loan modification?

Cat Damiano · #6 (**permalink**) IP: 67.177.243.104 07-13-2008, 09:48 AM

angel,,

Here is the thread for the new California ruling for modifications.....

Modification Legislation Passed in California 7/8

Also IndyMac is currently still working with current customers for the moment.........they are just not originating any new loans or opening any new banking accounts..........

Please ask any questions that you have here in your thread so that we can follow your story from start to finish...........

angel83 · #7 (**permalink**) IP: 72.192.133.244 07-13-2008, 10:26 AM

If the house is in my name only because spouse credit wasn't great at purchase, but now we file joint tax returns, how will that effect loan mod process since his income will obviosly show there?

angel83 · #8 (**permalink**) IP: 72.192.133.244 07-13-2008, 12:29 PM

and how does that compare to the number they were doing before they went under? Just curious if they or their buyer are going to be one of the challenges to work with? ugh....this is so frightening.

Cat Damiano · #9 (**permalink**) IP: 67.177.243.104 07-13-2008, 02:45 PM

Angel.................

I am answering all of your questions here in your thread.................and I will get to your other ones in a minute..............

Can you please put all of your questions here in your thread................it just makes things alot easier for me to get to your questions if they are in one place and not all over the board.............

You don't need to start a new thread every single time you have a question................just ask here..............we will see it and answer it for you..............

angel83 · 07-13-2008, 04:46 PM

Cat,

That is the problem, I am not seeing all the responses, the thread doesn't show the original question, it only shows all the posts I've made to various threads. What am I doing wrong?

Cat Damiano · 07-13-2008, 05:35 PM

Angel,

You don't need to label each question..............just come hear on your thread hit reply and ask your question............in the body of the post..........it will bump the thread everytime you ask a new question or post an update................we see every one............and it gets emailed to me to...........it is very rare that I miss any of the questions...............

The reason for doing this is so that all members can keep track of your story and updates in one thread.................it just makes it easier on us..........I answer on average 50-60 posts a day...........it is nice when it is all together and I don't have to look all over the board to piece together a story.........

In answer to your other questions............when they do a modification they will require the household income versus the household expenses regardless of who is on the loan..................and you would need to have a surplus of aroung $100-$250 left at the end of the month......they will not modify if you have a deficit showing at the end of the month...............

All of the contact numbers and emails I have given to IndyMac will be working again as of Monday except for the CEO which I have removed from my list................IndyMac is still working with their customers...........they are just not taking on any new Mortgage or Banking customers............but for the ones that are already with them..........it is business as usual for now............if anything changes on that front they will notify you.............but the FDIC has them accellerating the modification process for those that have mods that are underway...............so as long as you qualify that could be good news for you since you already have yours started.........

And I already posted the link to the California ruling you were inquiring about above in your thread for you to read................

Hope this helps.........

If you have other questions just ask them here..............

angel83 · 07-13-2008, 06:08 PM

Thank you again Cat,

I'll get this, sorry for the confusion, what a wonderful forum this is - If I am not set to reset till 11/09 should I even bother to intitiate yet. I called them on Friday...can you believe it before they announced their closing and they are sending me the package, but maybe I acted prematurely. I don't want to wait till the last minute though and after reading on here it seems like it takes a while. I am in San Diego and while I had every intension of doing a refi before my ARM set, of course I am like MANY others and can't because of the negative equity. I wonder if I should wait to see if lenders start to reduce principal or if I even have a chance in heck so soon before the reset to get the modification. Indy actually called and left an unsol recorded message yesterday about a seminar in San Diego today for all their loan holders, but I wasn't quick enough to find out where it was. I searched google and could not find any info on it anywhere. It is sooooo scary.

Cat Damiano · 07-13-2008, 06:25 PM

I agree it is definately a scary time for everyone in this situation...........and topping that off is the uncertainty of a lender that has gone belly up........so that is hard too....
........but what I do know is that they are helping even more quickly now........