Help with Indymac

[angel83]

Ok, I'm in San Diego and I would be willing to gather with others in San Diego to go to whoever, wherever we need to to address this lender. Anyone up for a road trip? Phone call to someone in the media? Newspaper....suggestions? It's time for us to take charge.

[HealthierChoices]

Update as of Today 1/20/09 to my previous post from IndyMac Bank....

(My complete story is under the thread "Living In Las Vegas"....)

I am presently current on my mortgage, but about to default as I can no longer make these high payments. I was in an auto accident in August injuring my neck and back. This has prevented me from working the extra hours I was previously.

After getting no where with IndyMac, *** suggested I contact the NACA.

In preparing all of my information for the NACA, I found that there were even more issues with my loan that I was NOT made of aware at the time of closing. (Rest assured that the next time I ever by a home, I will be reading everything LINE BY LINE at the table!)

I found that I have a balloon payment due at the end on each of these loans along with all the other pretty lousy terms!

Additionally, since April of 2008, my home owners insurance has not been paid.

Even though there are many changes going on at IndyMac and the list of contacts possibly not accurate, I took the chance and sent my hardship letter to all that *** has listed as well as to the CEO Mike Berkes. (The email to Mike Berkes was sent through the IndyMac bank system. After logging into my account, there is an area where you can contact him.)

Several emails came back to me, but a few went through and I received two responses today.

The first one was a bit discouraging as was what I previously posted here - no greetings, salutations, or even a signature on this one - but the email came from Mitch.Oringer@imb.com

1/20/09

"Unfortunately IndyMac Federal Bank is only able to offer loan modifications to customers who are seriously delinquent. At this time we do not have any options available to modify your mortgage although we are continuing to work with Investors to explore more options to provide for customers."

About an hour later I received this email from another representative:


"Good afternoon, Ms. XXXX:

Your email dated January 17, 2009 to Michael Bekes, First Vice President of Corporate Customer Experience, was forwarded to me to review and respond. I appreciate the opportunity to address your concerns.

From your email, I understand you have the following concerns:

(She basically summarized my loan issues here into three points.)

While I review these issues, please provide the following:

I am committed to reviewing your concerns and providing you with a resolution update on January 27, 2009 or sooner.

Respectfully,

Rachel Hofmann
Customer Advocate
Home Loan Servicing- Kalamazoo"

----------------------------------------------------------

This was a bit more encouraging!

I will continue to complete my application for the NACA and have it submitted while I see if IndyMac is able to assist me in anyway.

Hope this helps someone out there to stay positive!

I am not giving up yet and will keep looking for the best solution! : )

[HealthierChoices]

Another update to share as of today 1/22/09

Sadly, it was not good news from IndyMac Bank.

IndyMac Bank again said that there are no programs available to me at this time since I am current with my loan.

All they did was restate what the first person told me - that unless I am seriously deliquent that there is nothing they can do.

Their only other suggestion was that I apply to refinance - which in my letter I had already told her I was denied. I had applied for what was supposed to have been a new program called "The Current Refinance Program".

They also stated that my homeowners insurance was paid and current - which I verified with my homeowners insurance company it was cancelled on April 20, 2008 for non-payment. So my home has been unprotected.



I wrote back and the person I was working with and she is suddenly out of the office for a few days.

I cannot even express how angry I feel right now.

If IndyMac bank is no longer working with anyone - homeowners, lawyers, etc. I don't see how the NACA can even help.

I'm ready to tell them to just take the house back as a deed in leu of foreclosure.

Anyone have any Advice??

I am listening!

[tonyfloresii]

To be honest with you I am currently in that same situation, but I have had no lucky with contacting anybody else there do you still have the email address of the people you did send emails to. Is it possible you can forward the email address to me?

[just the facts]

Try not to get emotional about the whole situation...Think first before acting...Remember I've been at this for 9 months...

Couple of points:

1) IndyMac will have to agree & accept a deed in lieu. You can't make the actual decision so don't be too assumptive that this is something they will do.

2) If you are committed to the area you live in you should first try to get your loan modified. BUT you are going to have to default. Believe me, I agonized over this for 2 months but had no choice. I had a heart attack (literally, no joke) I was so stressed about it. Even though the FDIC (who runs Indy) states they are supposed to assist "homeowners who will likely default in the foreseeable future" they seem to gloss over this and only help people who are in default. I called the FDIC to try to get them to contact Indy to hold them accountable to this but you can only imagine how far I got with with this mess of a government office. Useless, waste of time.

3) After you default, wait 30 days and see if they will mail you a loan mod package. 60 days is the baseline, but it you can get all your info together it will save you time. They are more organized now and you may be able to just do this yourself.

4) At day 60 FedEx your loan mod package and follow up every week.

5) Missed mortgage payments but eventually getting back on track with a potential loan mod will be much better on your credit history than a deed in lieu or foreclosure. You can rebuild your credit from late payments in about 3 years but foreclosure can potentially haunt you for 7-10 years.

6) Don't worry about being foreclosed on. They will approach you for a loan mod before they will go down the foreclosure route. If there is absolutely no way they can work with you then this could happen but I've heard stories of people in their homes without paying the mortgage for over 12 months. Indy simply does not have the staff to handle this mess.

tonyfloresii follow the same advice. E-mailing Indy stooges will not get you anywhere...I know it's hard to accept, compute, comprehend but you're going to have to default to get anyone's attention or you'll just get kicked out of the system.

[tweedle]

Update, got an Indymac loan mod pkg in the mail same day got 2 denial letters.
Called and the rep said the denials were for another loan mod but the pkg was still offered. However I should send a check for the amount of new payment which is 250 less a month with a reduced rate at aprox 5%. Only drawback is that they are offering this as a possibility and they can keep my payment and still deny it. Another clinker - My single income is not enough and using my boyfriends income (gross household income allowed) may put us over. They are not doing any principal reductions, zero. they are tacking on the payments unpaid to the balance of the loan. Pays off in 30 years. Does not include taxes or insurance. Still trying to decide if I want to give it a shot. Oh and they also want proof of lease and 3 mos deposited rent shown on bank statements.

[tonyfloresii]

I have taken your advice to a certain degree, after I have spoken to the company I hired to get this done for me. They apparently got through to someone over there they cleared the system on my loan mod and told them to put in some numbers on some website through IndyMac. Apparently there was some discrepancies on my income that I had reported back before I hired this company but IndyMac told them if you put these numbers in then the system. Then the system should accept it and we should have an answer within 2 weeks. After me raising hell on both sides it appears to be paying off, in addition to this I have obtained an Real Estate Atty. and he stated to me what they did to me was completely illegal its called homecoming. I honestly do no know exactly what that means all I can say if the loan mod does not workout we are going to be filling a 1st class action lawsuit. At this point it will become a legal matter and in most cases it gets resolve before going to court because of the cost of the Atty. So I will keep you posted with updates.

[HealthierChoices]

Originally Posted by tonyfloresii

what they did to me was completely illegal its called homecoming.

Are you saying that by giving you the run around on whether or not you could modify is what was illegal?

Could you clarify what the term "homecoming" means?

Thanks & Best Wishes on your modification!

[tonyfloresii]

I will call the attorney today to find out more details. I will post more info once I find out

[just the facts]

Yes, I'm interested in the definition "homecoming" and who specifically told you this?