Indymac Modification Attempt

[lilli23]

Hi,

I and my husband have properties separated. We both are self-employed. I am a housekeeper and he is a painter. We both suffered a hugh reduction on our income in the last 6 months which unable us to pay our mortgages on time. We have been paying them with a 6o days late. we pay one month leaving two behind.

In my name we have a condo - 1st property we bought 8 years ago, which I rent now. And a property in Florida we rent from sept to march.

My husband has a SFR where we live and a condo that he rents.

The condo under my name is with IndyMac and I tried to do the modification as I don't want to sell and it's rented although the rental income does not cover the expenses. They said that my surplus was of $300.00 so they couldn't do anything just make a payment plan. I thought if my surplus was reasonable enough they could approve me for the 3.5% for 5 years as they offered before i submit some papers. Pls. note that I didn't send my income tax.

So, what should do they expect me to do? It's been hard to pay everything and we do believe that the economy at certain point will get better and we can keep paying all mortgage as we did in the past.

We are citizens and hardworker and I felt so humiliated over the phone with them.

Pls. help me.

[Dan Bailey]

lilli23.
Glad you found the forum and posted. We are all in a similar boat here, so do not feel humiliated (although we all know the feeling from the "phone" people)

*** or Moe will be by as soon as they can to give you some direction. Hang in there!

[Moe Bedard]

Hi lilli23,

Welcome to the forum and thank you for joining..........

The modifications given are up to the investor on the loan and they each have their own criteria as to what they will accept to modify......some do with a surplus while other will with a deficit...............it isn't something that they explain up front............you just need to see if you can work with your expenses.........maybe there was something you missed and then see if you can submit them again.
IndyMac is getting ready to be sold in this first quarter of the new year to some private investors so they may not be doing any workouts until the sale goes through................you will need to call and see if you are able to try again with new financials
IndyMac
1-877-908-4357