Help with Indymac

[irisrobin]

Hi I live in San Diego. My loan will recast in May 09. But I am trying to be proactive by getting this loan redone now.
Loan: $477,000.
2nd: $60,000.
Current value: $349,000.
Not currently late on payments. I am making the minimum neg am payment. I already tried to renegotiate through "Hope Now" Which was declined by IndyMac. Maybe because I am not late as of yet. My income was only 139.00 negative.
Any Advice? Thanks

[shintoooo]

As of now, you have to be late before they consider a loan modification.

[angel83]

can someone else chime in??? I didn't think we had to be late...please verify.

[Moe Bedard]

It is on the loans that FannieMae and FreddieMac are the investor.............they are only looking at the 90+ day defaults......it is up to the investor on the loan.

[irisrobin]

Thank you for your responses. I understand it is up to the investor. My inverstor is Wells Fargo. IndyMac is just the servicing company. Any luck or advice with Wells Fargo as being the investor? I wonder if they are only working with people that are late. Also, if they want me to be negative or positive on my budget sheet? I can change some of my expenses (less gas,food).

[Drnacho]

It would be great if we can gather some real data points. I began the loan mod process with IndyMac 2 months ago, and they rejected my first application because I was not late in my payments. I have been in contact with them these pas ttwo weeks, and they indicate they have changed this approach,m but I haven't seen anything yet to confirm.

[irisrobin]

This is the same thing I have come across. I have been dealing with them for about 2 months. They rejected my first application but they will not say because I am "late" they say continue to make your payments and that my investor (Wells Fargo) is the one who actually has the last say to approve my loan mod. So Indy Mac sent me a Loan Application I filled it out week of Nov 17,2008 we will see what becomes of that! It is supposed to be one of "The new programs"

[jwmrn]

Is there any hope for people that have not been late with mortgage payments ??? It appears that these companies want you to be first irresponsible and ruin your credit and then that's the time they will even consider in helping out...what a shame. It makes me sick to my stomach that hardworking people are being victimized ...

[Drnacho]

There's always hope! I received this week my second rejection letter from IndyMac, with the same justification. I've had it!

I decided to hire one of the lawyers recomended in this forum.

[jwmrn]

To: Drnacho
Please continue to update us regards to your loan mod. process. I am curious to see if hiring a lawyer offers better results than doing it on my own. If you dont mind me asking, what's the average fee lawyers charge?

[Drnacho]

Originally Posted by jwmrn

To: Drnacho
Please continue to update us regards to your loan mod. process. I am curious to see if hiring a lawyer offers better results than doing it on my own. If you dont mind me asking, what's the average fee lawyers charge?

I recommend that you go ahead and start the process on your own. You will see that a lot of the information you will need, will be needed by the lawyer as well. Who knows, maybe you will be more succesful than others here. But prepare to be patient. IndyMac will not offer a loan mod that easily.

I'll keep everyone posted.

[angel83]

I have one of the laywers here and have gotten two denial letters. I also have a huge violation in my loan docs. So far no difference. It is riduculous with rates as low as they are, that these banks won't work with us. It really is a shame and it makes me sick too. I costs them next to nothing to change it. Please let us know if you get Indmac to do it. I am thinking about calling a local TV station.

[Drnacho]

Were you ever late in the payments?

[tweedle]

I just went ahead and let my payment go over 30 days. Sent in the mod ap and called to follow up. Was told I could skip the payment missed and given a 1/2 of my payment figure and dates to send in this month and next month. Which I wont do until I hear from them with an agreeable mod. If not they can keep it.
They told me I would get a response in the mail within 30 days.

[horions59]

I missed my December 1 payment and made a partial Jan 1 payment. I quickly got a letter back from IndyMac stating that they cannot offer a load mod in response to two separate letters.

How do you even GET a loan mod application? I am starting to regret sending a partial payment as maybe I should just pay down credit card debt or hide the cash under a mattress. How many months late do you have to be in order to get their attention?

Thanks!

[tweedle]

How I got the loan mod ap is that they mailed to me. And coincidentally, that was the last time I spoke with any rep that seemed empathetic and actually encouraged me to not go down without a fight.
My 2 follow up conversations have gone as follows:
Offer to accept 1/2 payments and told I would hear from the "Decision committee" within 30 days via us mail.
(Its past 30 now with no letter)
The last couple of days I am getting form letters, and threatening collection letters as though my phone contact, loan mod ap and promise for a reply from the "Decision committee" never happened. They also never seem to have in their notes any of my previous contact or conversations.
So they are making it appear that I am refusing to contact them.
The loan mod ap had to be mailed to Austin Texas.

[tweedle]

In the news new owners of Indymac. Failed IndyMac sold to investor group for $13.9B - washingtonpost.com

[HealthierChoices]

With this sale of Indy Mac Bank today - any thoughts on how does it look for us who are trying to renegotiate our mortgages?

I'm wondering if I've now missed my opportunity.

[just the facts]

I'm a bit hesitant to post since my last post was not accepted. However, I've been through the IndyMac pain since June of 2008.

Facts:

1) I tried doing this by myself and wasted about 100 days w/IndyMac and their inefficiencies and cluelessness beginning in June 2008

2) Yes, you must be delinquent to be a top consideration. Although I tried to get a representative from the FDIC to contact IndyMac (not to mention other useless government organizations, state senators, state representatives, our goveror, state department of corporationss, etc.) to hold IndyMac accountable by helping "mortgage holders" who will delinquent in the "forseable future" (as directed specifically by FDIC Chairman Shelia Blair.) This too, was a colossal waste of time

3) You will drive yourself foolish trying to do this yourself. It eats and eats and eats into your time and emotional health

4) You need to hire an attorney. However, they are nothing more than facilitators although they claim to be negotiators

5) After you hire your lawyer it will take between 90 and 150 days before the entire process is done

6) Your credit will get killed. I went from 770 to 602 and haven't dared to look this month

Result:

1) Went delinquent in September 2008

2) Hired an attorney the same month

2) On December 15 my attorney finally told me IndyMac got to my file

3) My "trial" payment (about 50% less than my previous payment) for 60 days is was due on January 9. I make another one no later than February 9

4) ONLY THEN, does the actual "loan modification negotiation" (facilitation) actually take place

5) Evidently, in March I may finally get my loan modification done 9 months after beginning the process

So, that is my experience in a nutshell. If I went into comprehensive detail of everything that happened over 7-8 months you wouldn't belive it to actually be true.

[HealthierChoices]

Hi "Just the Facts"

I shared my story on another thread "Living In Las Vegas". It sounds similar in respect to the run around from IndyMac.

I'm so sorry for all the stress you've been going through.

Couple of questions if you don't mind answering...

1. Did you find your attorney locally or through this forum?
2. Did the attorney require a substantial amount up front or after?
3. What are the terms of your modification?

[HealthierChoices]

I forgot to mention that in my thread *** suggested I try going through the organization NACA.

They seem to offer hope of a long term solution such as getting a fixed rate of 4.125% fixed for thirty years!

I'm going to try to work with them first and go from there.

[angel83]

You can't upside down to use this route, correct? I have hoped and hoped there would be something to be initiated for those of us who are upside down and can't refi - I also have a second.

[Moe Bedard]

angel,

to use NACA for a modification it works the same way as it would through the servicer...............they are a non profit counseling agency that will put together a modification proposal based on their affordability equation which they will check when they go over your financials with you in the counseling session....and then they present the proposal to the investor for approval through the servicer...........it won't hurt you to try if you meet the criteria because the services are free........ Their criteria is that the home is owner occupied and that is is the only property you own.
click on the link for the submission instructions.
https://www.naca.com/refinance/refinanceSubmission.jsp

[just the facts]

In answer to your questions...

1. Did you find your attorney locally or through this forum?

No but I'm sure there are some good ones.

2. Did the attorney require a substantial amount up front or after?

$3,000 up front for entire process

3. What are the terms of your modification?

There are no specific terms until you "pass" the IndyMac test of making a payment on time via a cashier's check, for the amount they tell you. Generally about 50% less than what your previous payment was. After this, your attorney negotiates (mediates) with IndyMac. In other words, it appears attorney's don't really have much power and accept what IndyMac offers. From what I can tell it's not a true negotiation. From what I'm hearing it's generally 2% to 4% for 5 years rising one (1) percentage point per year at year 6 and capped somewhere in the low sixes.

If you have other options (family in town, friends, other support you can lean on or your not 100% committed to the area) then I'd just call Indy and see if you can do a short sale and get rid of the house. If I had it to do all over again that is what I would do if I had a support system but I'm here all by myself (SD) and have 2 cats and a dog and work from home. So if I didn't have a place to live and a destroyed credit history that would only compound the problem so I decided to go the loan mod route since anything you do, default, short sale, foreclosure your credit will be destroyed so be prepared for that. Foreclosure will linger for 7-10 years and default/late mortgage payments about 3-4 years, not sure about short sale but worse than a default but better than a foreclosure.

Hope this helps and makes some sense.

[HealthierChoices]

In response to my request to either refi or modify my first and second mortgages I recieved the following email below.

There were no greetings or salutations, not even a signature! But the email came from the following address: 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."