Starting IndyMac modification

[paladinjoshua]

Who are the best contacts to send my modification request and information? Initial request for modification was denied, and I need to escalate for a reconsideration.

[Moe Bedard]

Is this an investment property, different than the one with Homeq?

What is the reason you were denied?

[paladinjoshua]

HomEq worked out. Currently on a four month forbearance to modification. Interest rate went from 9.25 to 6.5.

This IndyMac property is my friend's home, and she denied because she is not delinquent.

[Moe Bedard]

If her investor is either FannieMae of FreddieMac.........they are only looking at loans that are in default 90+ days...
also IndyMac is in the process of being bought by a group of private investors..........they may not be doing anything at this time because of this..........we do not yet know how this is going to effect current customers..........it may not..............but my guess is that until this sale is finalized, modifications may be on hold with their investors for now.

Is she calling Default Risk Mgmnt.
1-877-908-4357

[angel83]

This might be a silly question, but can anyone give an example of when another financial institution was bot by private investors? I'm trying to get my mind around what this will look like and tying to decide how much this will effect us. Here we go again.

[Moe Bedard]

They say it is among the first...........but I haven't found other firsts...

IndyMac to Be Sold to Group of Equity, Hedge Funds, NYT Reports | Loan Modification & Home Loan News

[angel83]

***, I guess the reult or outcome of this remains to be seen, but what do you think this means? Does this or could this actually change the investors on the loans?

[Yanqui]

You can also look through this and see if it helps.
FDIC: Loan Modification Program for Distressed Indymac Mortgage Loans

[Moe Bedard]

We will have to see what happens..........I am curious too......

[Yanqui]

To me it seems the logical thing to do. Every homeowner wants to keep their home. we all have worked very hard to get the home we thought was are perfect home. The banks and the mortgage lenders can't handle the loss from 6 million foreclosures in 2 years. I read that somewhere. They expect 6.5 million by 2012?

I really believe the FDIC plan is the best hope for everyone.

[opps, thought you were talking to me.]

[Moe Bedard]

I will talk with you too Yanqui .....

What the conversation is about is that IndyMac will no longer be run by the FDIC......they are being bought by a group of private investors which has not really happened before...................see my link from Moe's blog above for the story.........so the questions swirling about this is.........how are they going to pursue modifications...........the FDIC mod in a box program might be taken off of the table when these investors take over IndyMac............we don't know the effect it will have on modifications from the investors on the sec side either.............


The program that you posted the link to has been around since August....

[paladinjoshua]

So, we sent a fax to:

Phillip Muniz
Default Risk Management Advocate
Phone: 1-512-250-3857
Fax: 1-866-429-6255


Eric Friedman
SVP, Loss Prevention
Default Risk Management
Phone: 1-512-250-2776
Fax: 1-626-432-8802

at IndyMac. And were denied a modification. We're not delinquent, and based on the thread it looks like they're only offering for 90+ lates. Is there no hope at this point in time?

[Moe Bedard]

It is up to the investor..............if she is being denied because she is not considered in a hardship because she is not late.........that would be the investor.


If this is her only property that she owns and is owner occupied, she can try to get help with a modification through NACA............
here is the link............
https://www.naca.com/refinance/refinanceTenStep.jsp

[paladinjoshua]

Are there any credit reporting implications by using the NACA service?

[Moe Bedard]

NACA is a HUD approved counseling agency that puts together modification proposals...............going through the modification process itself........will not reflect negatively on your credit report..........if the payments are in default or go into default during the process, than that will report as late on the credit report as it normally would even without going through the modification process.