Indymac Loan Modification for Real?

[hardworkingman]

Hello Everyone,

Flyonthewall, this is farrier man. After talking with you, I was inspired to investigate a loan mod with Indy so here I am.

Here's my current story/status:

I am 30 days into foreclosure. Had been pursuing a short sale but just discovered the short sales are not forgiving seconds as much and are tightening up. Had this short sale offer in with approval or denial slated for 1/19/09. Also note the total loan balance is 635K (not including arrears). The short sale offer was 260K and it was almost near the end of the process. My call to start a loan modification is supposed to stop the short sale but I am unsure if this really happens. My agent is trustworthy so I haven't stopped the third party authorization.

Haven't made a payment since July,2008.

Notice of Default filed 12/8/08

Called today to find out if I was eligible for a loan mod

Updated my financial which are:
Gross Income for both is ...........................$11,211
Current business net income is approx .........$1,399
Wifes net income is .....................................$5760
Gross Net Income is .....................................7,099
Bills with 1st and 2nd mortgage are approx..$8,550
NOTE the deficiet.......................................... .1,500

This morning, the Loan Resolution dept input my new financials and indicated I was eligible for a stipulated loan modification on my first and eligible of a possible loan modification on my second, to be submitted to my investors (Deutsche Bank is both the 1st and the 2nd) by paying $3,061.66, on the first, for two payments due Jan 15 and Feb 15, 2009. During this time the loan modification would be submitted and evaluated (after two payments) with no guarantee.

I sent in the payment by overnight to arrive tommorrow. I called to see if this was just a way to get money from me before I have to foreclose and they said this was a legitimate offer. They would not send paperwork now but said the stipulated, tenative offer would come in a few weeks.

Also note I have been sent three Fedex loan modification offers from Indy Mac Sept, November, and December. The December offer was only 57 dollars less than my regular first payment and offered during my short sale offer being reviewed. Did not respond to any of them.

My questions are:
1. Have I just paid more money only to be foreclosed on anyway?
2. How can I be eligible with this negative amount?
3. The investor is going to lose big if they foreclose (400k on 635K plus arrears), does this even matter to my loan mod?
4. After reading about Deutsche Bank, I am concerned there is no actual hope and I should just save my money and foreclose.
Any comments on Deutsche Bank as investor?
5. It seems there is no rhyme or reason to this whole loan modification thing, everyone seems to be flying by the seat of their pants and what happens depends on the day and who knows what. Can anyone help me make sense of the erratic behavior I read about?
6. I am going to have to do some brutal financial restructure but if there is some reduction in payment, I can save this home but given the time left (60 days to sale then 21 days?), I fear I am too late.

More people need to articulate their circumstance to help others see what is happening. Here is my contribution and I sure could use some help. I am in the last stretch and need some input.

I have been through hell with this process and hope I can save this thing.
Sincerely,
hardworkingman

Foreclosure limbo is harmful to your health and well being, especially when your efforts are good faith with high chance of success with loan modification help,

[FlyOnTheWall]

Great job HWM - let's keep our fingers crossed.

---------------

We really need some follow-up on the Indy mods to see what happens after the initial tender of the agreement.

Lisa Lisa? You still around?

[hardworkingman]

I am at a critical juncture in the loan modification/foreclosure process.Need information to decide what to do.California Indymac Loan Modification Executive Summary:1. First payments late on 1st($3424) and 2nd($872) as of July 2008.2. Tried for loan modification, was offered one forebearance and two prepackaged loan modification offers the last being in December 08 for 57 dollars less than normal payment.3. Advised to do a short sale in August, did so, came within two weeks of approval/disapproval date in late january. Note both loans at $635, offer accepted at 260K. Indy mac sent out for BPO so they knew the value in Dec.4. Heard from a client who had an indymac loan that they were doing different loan modifications so I called jan 09 with updated financials as compared to one submitted for short sale in September which was about the same. They gave me a forebearance payment of $3,061.66 to start loan modification review on Jan 7th, sent it overnight and they credited it Jan 9th.5. When I do the NPV calculation on the FDIC website, my figure for payment is $3,075 as compared to the forebearance payment of $3,066 so this is the formula used it seems.6. Was told I am within investor guidelines on the first (Deutsche Bank trustee). Also was told the second (also Deutsche Bank trustee) was doing modifications and this would be done after the first was done and THEN was told it would be done at the same time. 7. Lastly, I told my Loss Mit negotiator my last tax payment of 2k was not made and I asked if I should pay it and have it impounded to make it part of the payment. She said the loan mod would take longer if I did this but it would be a good idea. I agreed and it has been paid as she said it would. 8. NOTE that my NOD was filed 12/8/08. My foreclosure was put on hold (which does not stop the legal timeline, only the possible sale date) pending loan mod review. 9. I go to the website to get my second loan tax information and it is no longer available on the website. I call indymac and they said the second mortgage was categorized as having gone to collections. When I asked what this mean't, then I was told it was also in review.10. So, I have met the NPV calculation, I meet investor guidelines on the first, I am dealing with a Loss Mitigation person who is quite professional and polite. I have talked once to Eric Friedman's secretary and was able to get through to my negotiator but at this point, I am unsure of what to do other than wait. My second forebearance payment, required by the FDIC guidelines, is due in a week and I think I may be too late and this cannot happen and I am only going to send money to be denied.11. In one post, *** indicated each investor has different guidelines on surplus/deficet. When I called this time, I still had my deficet, but I was able to get a review by my investor where as before this was not the case.HOW DOES THIS SOUND TO *** OR PROFESSOR SHAY? IN OTHER WORDS, any observations on this situation? I think I will make one more forebearance payment to complete the FDIC requirement and if no word, then let the foreclosure happen which would be in about two months from now.I really want to stay in this home and can do it with a loan modification but I am fearful this is too far gone and they only wish to collect $$$$Need input...

[Moe Bedard]

The waiting is the hardest part for modifications..............it is very stressful to not know what will happen...............the only thing you can do at this point is to stay in contact with the person that is working with you for updates.............we can not advise you on whether or not to make a payment......normally in the modification process when you are in default already, some of the default amount will get capitalized into the principal as a part of the modification.
IndyMac is going through the sale process..............which is supposed to be finalized at the end of this month or beginning of March...........this could be causing the delay in the modification process.

[hardworkingman]

thank you ***

[hardworkingman]

Hello,Today recieved a call, after about 8 months, we have recieved a loan modification. Paperwork should be here tuesday or wednesday.I have been fortunate as my Loss Mitigation Negotiator has a lot of class, paitence, and in the end, the things she said would happen did. Because of all that happened before getting to her, I still did not believe anything she said but now I have to say this person was straight up.Terms:30 years3% for five yearsgoes up to 6% afterThis site went a long way towards helping me put the pieces together over these last months.The Ten Commandments seem to be:1. What is true today is not true tomorrow2. A straight answer is nearly impossible to get3. What you think they said is not what they meant4. You will build much hope on a few words which is sure to disappoint5. A loan modification is a moving target6. *** said it right: " The hardest thing is to wait."7. The most important thing of all is you must know the lenders seem bent on separating those who need it from those who would like to have it. If you don't have the time, the capacity to research and learn quickly, the money spent will be well worth it if you find the right organization. If you do it yourself, get in, strap on, step on the gas and hold on because it may be like a Baja 500 road race through the back roads of the Mexican Desert!!!!!!!!!!!!!!!!8. It ALWAYS best to keep your cool, focus on the task, not the person, be persistant without being obnoxious. I was not always able to do this well but the best results came from this9. Always keep your eye on plan B if it doesn't work out because that is always in the background so don't plan without this in mind as well.10. Beer helps at the darkest moments, BUD LIGHT IS BEST.Finally, I have closure without the fore...For those who really need it, I wish you all the best

[Moe Bedard]

Well Congratulations!!

Please let us know when you receive your docs...........