Need Help With IndyMac Loan Modification

[tonyfloresii]

Team of experts,

Okay here is my dilemma. I originally bought my house back in summer of 04 for 500,000 at the time it was a 100% Finance. In 06 after I put in more than 100k of my own money into the house, I refinance my house to a Conventional 30yr Negative Arm Loan I only took out 8k to do some work to the backyard. The loan was sold to me at this ridiculous type of loan at the time. I am one that never lies about my income to the banks, I believe that it is best practices to be upfront with them. With that being said my loan went from this Neg. Arm to a fixed rate of 9%.:p>:p>
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1^st mortgage is now 525,000 at 9% interest rate payment equals 4200 with no taxes and insurance. :p>:p>
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2^nd mortgage was at 900 month. Indymac has called me and has modified this down to 400 a month..

After reading back in May that IndyMac will not work with you until you fall behind I started to not pay them come June 1^st. After that I was in contact with IndyMac since I call them every week at least once week and they always tell me we do not have a modification for your specific type of loan. Needless to say come September of 08 I get a call us now to setup a forbearance repayment plan. So at this point I said okay I will agree to this under the assumption they would be looking into modifying my loan. As of today my payment is

1^st= 4504, Countrywide is the investor

2^nd=400, IndyMac is the investor

Come March my final repayment plan has me at 17,995.00.

Come March I will not have that type of money. What do you guys suggest I do? I already have a company that is looking into this but they keep telling me that was in negotiation but every time I call IndyMac tells me I don’t qualify. Any kind of help will be greatly appreciate. What do you guys recommend my next step to be? The bottom line all I wan t is a rate adjustment not a principal adjustment. IndyMac is also telling me because I’m on a repayment plan there is nothing they can do they can not modify please help.

Thank you,

[Moe Bedard]

Hi tonyfloresii,


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

My guess would be that the process is going a bit slow because they are in the middle of the sale with IndyMac to be finalized over the next few weeks so they may not be doing anything until that is complete. You may want to wait until the sale goes through and then have the company that you are working with call in for an update on your file at that time.

[tonyfloresii]

I completely do not understand Indy Mac logic. In my case they are telling me there is no loan modification for me because I am on a forbearance plan. Come March 10' 2009 I have to fork out a whopping total of 18k to bring me out of my forbearance. On the letter I originally signed when I agreed on the forbearance plan it stated that come 30 days prior to my last final payment (the balloon payment of 18k). If I can not make this payment then they will review my file for a further loan modification. My investor is CountryWide and supposedly CountryWide has no modification set for my type of loan. At this point if they try to get me to agree to another 4500 monthly payment for another 6 months. I'm going to tell them I can not afford it. My total income is 6600 but with carp payment and child care and utilities bills and second loan with IndyMac that is costing me 500 a month, I can't keep living like this. Does anybody have any suggestions on what I should I do next?

[Moe Bedard]

If this is the only property that you own..............you can try going through NACA...........their services for the Home Save modification are free and they are a HUD approved counseling agency that does work with CW.........so that might be a better route for you to take.............
here is the link for the info...........
https://www.naca.com/refinance/refinanceTenStep.jsp

[Dan Bailey]

Tony,
Please do not link websites concerning modification companies. We have found that the vast majority of them are scams, just yesterday I got a call from one posing as a "government modification company". These companies are popping up quicker than out of work real estate agents these days.

As *** linked above, NACA is a nonprofit orginization.
Hiring a qualified attorney would be another option. The home page to loansafe contains a link to verified attorneys, or you can look up qualified attorneys in you local BAR association on the internet.

[tonyfloresii]

sorry man I did not mean to put there name out there but I was just wondering if anybody heard anything about them. I will call NACA in a few minutes and see what they have to say.