IndyMac Mod SUCCESS!!

[careergirl2000]

Last week I received my modification offer from IndyMac Bank. Here is my history, bought my home in 2003 full documentation loan and put 15% down $355,000 sales price. I got a 3.00% 3/1 ARM loan which last year changed to 4.25%. in 2004 I got a 77k HELOC. 2006 I was laid off my job and was unemployed for until October. I basically lived off my HELOC. The new job I have I make 1/3 of what my previous job was, I hung on as long as possible with my bills, house pmts, used up my savings and 401k and decided in May 08 I would have no choice but to declare bankruptcy. I live in California and prices have tanked about 50% in my area. I now owe $355,000 on my home and in my neighborhood homes are selling for $168,000. I figured I would just let my home go since couldn't sell or refinance. I stopped making payments in July 08 and in November I figured I would apply for a modification to buy more time in my house until they kicked me out. My BK has not been filed yet and my attorney said if I didn't want the house to drag out the BK so I can live there withouth making pmts and save some money.

So I faxed out my modification application to IndyMac on 11/23 along with paystubs, bank statements and the most recent statements for my delinquent 1st and 2nd's. I never had a phone call from IndyMac and I never called them. I figured I would not get approved because they would either say I don't qualify (which I really don't on my new income) or they would check my credit and see I haven't paid any credit cards since May 08. Well the modification came saying I was approved for the loan mod. The terms were, starting 3/1/09 I begin paying again $1,264 at 2.375% for 5 years. In 2014 my interest goes to 4.375% and stays that way for the remaining term of the loan and they converted my loan to a 40 yr. mortgage. I pay nothing upfront, just start making the reduced payments in March. I could hardly believe it and signed it right away and sent it back.

Now I need to see if Citibank can modify my 2nd, or hopefully, from what i've been hearing lately, get my 2nd discharged thru my bankruptcy. we shall see!!!

[jcg109]

Big Congrats to you!!! I am in the Mod process right now, so I enjoy reading the success stories, as they inspire me to stay motivated!!

Good luck with the second. From what I hear, Citi is more willing to work with folks as of late.

Congrats again!!

[careergirl2000]

thank you!! oh yeah, one more thing, IndyMac never filed the NOD in the 6 mos. I had not been making payments.

[costrows7]

I think that you are very lucky!!!

We attended a HUD workshop to help us with our paperwork for a loan mod. with IndyMac and they said that we met the criteria. We have been waiting for an answer since May 2009. Last week we got a UPS envelope with their modification plan and we were very happy. We signed it, send a money order & signed the paperwork. Two days later, they told us that we were denied and that the loan mod. was just a trial. Are you kidding? Are they playing games?? They told us to try again....