Indymac won't modify my loan

[tonyfloresii]

Ladyfijiana,

Keep the fight going, I am now seeing for my own eyes that IndyMac is starting to understand the big picture here and they are leaning towards helping the borrowers. Thank you *** and Dan because of your guys knowledge Im now down from a 9% rate to a 5.875 and im no longer in NOD status. I have now saved my house and im saving over $1300 a month. I'm not done yet I am trying to get some of the principal down, but if I am unsuccessful with that I'm happy with my new payment.

Thank you again

[Moe Bedard]

Tony........

Congratulations!!!


That is awesome news!!

[beachymama]

I called IndyMac 3/25 & 3/26, both reps said they I could not talk to loss mitigation -- they do everything online, blah blah. They both offered me a forebearance plan. Pay your normal monthly amount while they think about giving me a loan modification.

Ok, if I could afford to make my payment...

I asked about the FannieMae program and asked to be considered for that program. He said they won't have anything about it until April. Told me to call back.

[ladyfijiana]

Originally Posted by tonyfloresii

Ladyfijiana,

Keep the fight going, I am now seeing for my own eyes that IndyMac is starting to understand the big picture here and they are leaning towards helping the borrowers. Thank you *** and Dan because of your guys knowledge Im now down from a 9% rate to a 5.875 and im no longer in NOD status. I have now saved my house and im saving over $1300 a month. I'm not done yet I am trying to get some of the principal down, but if I am unsuccessful with that I'm happy with my new payment.

Thank you again

Congratulations Tony
Thanks....for your update.
I am glad you could lower your payment.

I will be calling on 3rd April as they asked us to do.
Lets see what happens then.

[ladyfijiana]

We called Indy Mac and they are still telling us that they are not modifying any mortgage if it is current. Basically it feels to me like they want us to default on our mortgage to modify.
Indy Mac is really playing games now. I am so frustrated with them. I have no idea what to do now. They did ask us to submit hardship letter and pay stubs which we will this week. They are not working with Obama admin latest help for homeowners who are paying but still struggling. Is there anywhere we can call or email for Indy Mac to look into our concern. Thank you

[Moe Bedard]

try the corporate office........even though they are under the new name............they had said they are still operating out of the same office.

Corporate Headquarters
IndyMac Federal Bank
888 East Walnut Street
Pasadena, CA 91101
Telephone: (800) 669-2300

[ladyfijiana]

Originally Posted by *** Damiano

try the corporate office........even though they are under the new name............they had said they are still operating out of the same office.

Corporate Headquarters
IndyMac Federal Bank
888 East Walnut Street
Pasadena, CA 91101
Telephone: (800) 669-2300

Thank you so much ***,

We are definitely calling Corporate headquarters.

[angel83]

So if I understand correctly, I don't have Fannie or Freddie, I am the only one on the loan, and the calculator showed at current payment or what will be I will be at over 52% DTI...what are my options?

[ladyfijiana]

It seems like most of us are getting the 3% interest rate which will increase in five years to a 1% and resets at 5% in 7th year.
But I wonder if they can redo the second mortgage.
My second mortgage is at 11% fix.
Do you guys have any success with Indy mac and with 2nd mortgage???
Any help or ideas is very much appreciated.
Thank you

[angel83]

Originally Posted by ladyfijiana

It seems like most of us are getting the 3% interest rate which will increase in five years to a 1% and resets at 5% in 7th year.
But I wonder if they can redo the second mortgage.
My second mortgage is at 11% fix.
Do you guys have any success with Indy mac and with 2nd mortgage???
Any help or ideas is very much appreciated.
Thank you

I think I would be jumping up and down for joy if that were happening for me!

[Dorian]

Just an update from my dealings with IndyMac. They are now OneWest Bank. I think IndyMac was just kicking the can down the road knowing that a purchase was in the works.

My first mortgage with Indy is at 8.5% and the second mortgage at 11.5%. We got hooked into these dreadful mortgages by a shady broker and bad timing - we finished construction on our house in October 2006 after banks stopped lending so we were forced to accept the mortgage since we had to pay the contractors. As of May 10th I received 2 letters from indy saying they could not renegotiate our mortgage because we were current on our payments. My attorney could not believe it! I called Indy twice and asked if they were working under the Obama housing guidelines. They said they were. I asked them how that could be since Obama's plan specifically says that they are not supposed to penalize people who pay their mortgage on time. They told me to fill out their forms online. I told them I had an attorney submit the forms and had confirmation from indy that she was designated as our third-party negotiator. One Indy employee told me that hiring an atty was a waste of money since we could do it ourselves.

Okay Lady - I should trust you? And your bank just turned me down for paying on time...sheesh! It's like they want to force people into default.

My house is worth $100,000 less than I owe them. We can demonstrate the ability to pay our mortgage if they just change it to a 5% fixed rate loan for 30 years. We have good credit which will be ruined if we pay the mortgage late but we can't continue to pay the increasing ARM rates.

Has anyone had any luckl with indy if they weren't late on their payments? Any other suggestions welcome too. I plan to write my senators and Dodd & Frank since they chair the banking committee. I also emailed the FDIC. Thanks

[bkdrums]

I have just started the process of a loan mod. Already IndyMac said they couldn't transfer me to anyone who could help because I was current on my payments. I took everyone's advice here and called the corporate office, they just redirect me to IndyMac reps who can't help. I filed a complaint with FDIC and emailed Sheila. I filled out everything online and faxed my paperwork 3 weeks ago. They said they never got it. I certified mail the paperwork so I know they have it. But they are located in KC, and of course there is no phone number. Any advice from here?

Thanks so much!

[Dorian]

The Treasury Dept simply must be working on this in order for Obama's mortgage plan to work at all. The Treasury has been responsive and fairly quick to address other problems (ex. when they got info that 2nd mortgages were gumming up the works they issued new guidelines and incentives for 2nd mortgage workouts and incentives to banks). These new guidelines were issued around mid to late April - lightning fast by government standards.

My suggestion woukld be to file a complaint with the office of thrift supervision which is the regulator for banks...and copy the treasury dept.

Please keep us all posted. The more people complain, the better odds that something will get done

[thurman15]

Okay just been told via phone that we have been denied for modification because we are not late! I received one form letter dated 5/4/09 saying our financial info was under review and just received another today indicating as of 5/18/09 our financials were under review. So I placed a call today asking what this letter was about and was told it probably means our info was forwarded to the refinance dept for review. I keep telling them that we will not be able to make our June payment and they don't seem to care. Liz actually suggested a short sale! can you believe it ? We are not late, never been late but our mortgage eats up 50% of our income. We put our other bills aside so we can pay our mortgage. What should I do ?

[Dorian]

All I can tell you is that we're still plugging away. Meanwhile I wrote letters to my congressmen, both senators, Chris Dodd, Barney Frank, Obama and the Treasury Dept. I'm waiting for any type of response for maybe another week and then I'm writing to the media including all major financial reporters.

The more people who know about this, the more chance that they'll finally fix this system and force banks like IndyMac to participate in Obama's housing plan.

Keep on top of IndyMac. I think there were a lot of delays when they switched over to OneWest Bank.

Yesterday I heard on the news that mortgage defaults on Type-A (regular) mortgages outpaced sub-prime mortgages for the first time. That means even people in standard mortgages are collapsing

[angel83]

Originally Posted by Dorian

All I can tell you is that we're still plugging away. Meanwhile I wrote letters to my congressmen, both senators, Chris Dodd, Barney Frank, Obama and the Treasury Dept. I'm waiting for any type of response for maybe another week and then I'm writing to the media including all major financial reporters.

The more people who know about this, the more chance that they'll finally fix this system and force banks like IndyMac to participate in Obama's housing plan.

Keep on top of IndyMac. I think there were a lot of delays when they switched over to OneWest Bank.

Yesterday I heard on the news that mortgage defaults on Type-A (regular) mortgages outpaced sub-prime mortgages for the first time. That means even people in standard mortgages are collapsing

Who is Sheila Bair?

And going to media or financial reporters? I've been wanting to do that for a long time. How do you get heard and who are you going to go to?

[Dorian]

Sheila Bair is head of the FDIC. Back when Bush was still president she had the original mortgage modification plan that Obama eventually adopted with some tweaks. Turns out her plan was all about whatever was good for the banks...not making the banks make amends for the damage they caused.

I'm still searching for what money reporters might be receptive

[angel83]

I'd love to help if I can

[Dorian]

Hi Angel -
any ideas would be great!
Here's our situation as of today-
I received 2 letters from Indy Mac several weeks ago saying that they couldn't rework our mortgage because we are current on our payments. I called and spoke to Brandi York at IndyMac and she says they are not modifying any mortgages if borrowers are current and not late on their payments.

I've read the Obama housing plan and it is supposed to help families who have struggled to stay current on their mortgages. It is not supposed penalize people who have paid on time. That is exactly what they are doing by telling people that they can only get their loans modified if they are behind on their mortgage payments. In fact, it actually offers extra incentives to banks to re-work mortgages for people before they go into default.

I asked Ms. York if her bank was participating in Obama's mortgage relief plan and she claimed they were but were still waiting for guidelines from the Treasury Dept. I asked her why they were still waiting for guidelines when the plan was released on Frbruary 18th and has been in place since March 4, 2009. Then she said that they had to write loans that comply with their investor's guidelines, not the government's guidelines. She says that they only service our loan for Deutsche Bank and that they must comply with the guidelines set by Deutsche Bank which trump the Treasury Dept's guidelines. She claims that the Obama administration is encouraging them to comply with their investor's contracts even if their rules prevent compliance with Obama's mortgage policy.

My understanding is that any bank that took TARP funds is supposed to be in compliance with the mortgage relief plan and this woman is telling me that Deutsche Bank is allowed to call the shots.

IndyMac was one of the worst offenders in the sub-prime mortgage market and Deutsche Bank had a hedge fund betting against the housing market, so helped do more damage. DeutschBank got direct TARP money plus further money from AIG. And this bank is still being allowed to write the rules and trump the mortgage relief plan?

The Wall Street Journal says: "AIG has put in escrow some money for at least one major bank, Deutsche Bank, whose hedge-fund clients made bets against the housing market. The money will be released if mortgage defaults rise above a certain level." It seems to me that Deutsche Bank has a financial incentive to keep foreclosure rates high since they benefit even more from taxpayer money if defaults increase.

It seems to me that the housing crisis isn't going to end until this stuff stops

[angel83]

How did you find out it was Duetche bank? I don't know who my investor is and they won't tell me. I am in the same place as you. same thing, current, won't modify. I will do whater I can to help you and join you on this mission. Let me know what.

[Dorian]

Hi Angel - keep asking at Indy Mac. When they give you the answer that the investor will not allow them to modify current mortgages then ask who the investor is. They'll likely tell you. Even better if you can get the reply by email so that you have it in writing

[isarkisov]

Congrats Tonyfloressi!


Just like many of us here IndyMac keeps on denying me for various reasons:

*I make too much money
*I am not late on my payments

My savings are getting depleted and eventually I will start making payments. It seems to me that they don't want to talk to me unless I am late on my payments. Were you late on you payments before IndyMac started taking you seriously?

[kimber2222]

I submitted my loan modification packet back in April......and I have received two letters, one dated May 18th.....stating it would take more time to review my case. Then I got another letter June 5th, stating it would be ANOTHER 30 days.

I don't know what to think. I'm still current, but basically behind....because I'm paying the mortgage by the end of the month, because I basically got behind a payment a year ago, and have never caught up...I'm paying a late fee every month. I've emailed the "head morons" in loss mitigation, and they send me an email back....stating they would look into it.......yeah right.

Sorry for venting.......but I'm so frusterated with Indymac.
My income was cut in half, and I can verify a hardship....and they basically don't care. I have three children with autism, who depend on me..and I want to save this home, but Indymac could seriously care less.

I just have to ask......has one single person on here, or do you know of anyone who got their Indymac loan modified.....according to the Obama HAMP guidelines....????

I've read a couple success stories on here with Indymac...but one person had to fax and call them everyday for months just to get success....but I don't think I have read about anyone getting a loan mod thru Indymac for the home affordability mod plan.

[aliciacassarino]

I was able to get my indymac loan modified and I DO believe it was because of the Homeowner Affordability and Stability Act, I believe it is because the last modification request that I submitted to them was the request for a mod using the Homeowner Affordability Act modification request packet, only after I submitted this packet did I finally have success. Although, I AM one of those people that had to call or fax on a daily basis, yes, it's a lot of work, but in the end my payment was just about cut in half and I was able to keep my family in our home, which was WELL worth the daily contact I had to make with Indymac. Keep trying! Being persistent pays off. Literally.

[thurman15]

Hey Alicia,
We just received our mod package on Friday after 3 long months of calls, emails and paper work. Our temp payment begins on 8/1. Although our payment has not been cut in half our interest rate was dropped to 3% down from 6.5% which will save us over $300/mos. We hope that once all our info is submitted to Fannie Mae maybe they will decrease it more due to our DTI still being high, but for now $300 savings is better than nothing and an interest rate of 3% for the life of our mortgage is not bad either.

During these 3 months I was able to make a connection with a customer serivce advocate at IMB who worked very hard for me in getting this modification. All the paperwork we received is clearly marked with this being part of the Obama plan and not just a modification from IMB directly. I guess it is true that the banks had to get their acts together over the last 3 months in order to start rolling out this plan.

Have a great day!