The reason not paying works is this. When you enter into a trial your expected to be at least 60 days behind . Then after you make 2 payments in the trial (now 4 months behind) if you are in a MBS pool your mortgage has to be purchased from the pool in order to modify it or foreclose on it. This purchase is done by Fannie Mae as agent of the dept. of treasury to make a modification on a MBS pool loan. It was set up this way in the HAMP guidelines . so if you remain current it never gets purchased from the pool and as long as it stays that way it is not modifiable.
I am not current as I have been in default since Feb 2009! I have been in a forbearance which I paid on time perfectly but the 8th payment they sent back. I am currently under foreclosure for the 3rd time with my deadline of Oct 5th. I have contacted a bk lawyer to pull a chapter 13 if I do not get anywhere this time. Its now creepy that its been this long without a payment. I have written many poeple in banking industry which I will post on my big post in a day or two. Interestingly enough, when I contacted the foreclosure attorneys office (which they are newly appointed by IMB) they show my investor is now HSBC bank not Wells Fargo so Im wondering if someone else bought my loan now am out of this so called bs pool? Ill keep you posted. How about you?
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Who qualifies for the loan?
Get the best deals on bridging loans from principle lenders that make their decisions based on facts and feasibility of the deal at hand.
What is a loan modification?
A home loan modification is much like a mortgage refinance in that the objective is to find you a more affordable mortgage payment for your financial situation. In fact, it is often called a modified refinance.
How does someone get a loan modification?
How do you get a loan modification you need to see if you Qualify first, and you can take you Mortgage payment and divide that by your gross income to get a %... if that percent is above 38%, and you would benefit by a payment reduction to 31%, you could be considered for a modification. You can check out our site in the FAQ section about qualifying for a loan mod, and get a idea of what to do there is a 5 minute video there as well, and plenty of resources on here to point you in the right direction but first do what i said with your MTG payment and your income if your already at 31 or below 31%... you are in a better position than most people on this forum.
That is a quick start, to make sure your on the right track, also see if you owe more than your home is worth.
Find out who your investor is. (if FANNIE OR FREDDIE) Equity is not a problem generally speaking.
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You can do a quick check to see if your loan is with Fannie or Freddie at the links below. If neither is your investor you can send a letter to IndyMac and request that information in writing. I'm not positive where you'd send correspondence to IndyMac, but a quick call to customer service should give you the answer.
Does Fannie Mae Own Your Mortgage? Loan Lookup Tool
"Know what your bank does not want you to know"
Here is a thread all about the REST Report and members using it on Loansafe.
That is good news!! Hang in there!
where is my signature?
Hi I am new here and very much so need help. My first loan is with indy mac and a private investor hold my note, my second is with citi bank. We have a huge reduction in income and very soon will be late every time I call indy mac i get the run around each time I get a different answer whether or not my loan can be looked at for a loan mod. I got yes it does then the next day i called back to get an app the lady told me the investor does not participate in any loan mods at this time so if I am late they could possible do a repayment plan. I do not need that i need a loan mod, I also got a letter saying our investor Duetsche bank does NOT do any loan mods at time time. We are stuck we are completly upside down so no refi and our second wont do a loan mod since our first wont do anything. We dont want to lose our house and are very worried. What can we do please help!
Duetsche does modify, email or call me I'll look to see if your numbers even make sense, or post here, and I'll save you some time.
I was scheduled for foreclosure sale and complained to OCC and OTS. I received a call within 2 days with an "escalation" specialist. I am submitting my 7th loan mod package this week. Let's see what their excuse is on this one. They did give me a 3 months forebearance offer which expires this month. Any advice? I know Duetsche owns the loan and IndyMac is the servicer.