Indymac won't modify my loan

[mateo03]

I'm telling you the best way to go is through loan modification companies. People are hesitant because of all the shady activities of THOSE who choose to prey on the unfortunate. THERE ARE GOOD COMPANIES OUT THERE THAT WILL HELP YOU! Feel free to e-mail me banned I think I might be able to help you!

[rjjk2009]

Hi all...Indymac took over my 1st about 3 or 4 years ago...a fixed I/O. When my family expenses started to get crunched last year, I contacted IM to get my loan modified. This was in Oct. Long story short, was given temp mod for 3 months. In Jan, denied permanent mod. Then husband loses his job. Down to one income. Call in Feb. Denied. Expenses exceed income - No f....g duh! hubby lost job, so income cut in half. At this point very frustrated and decided to get help. Joined up with Northwest Side Housing Center in Chicago (HUD counselor). They have been wonderful. Helped me get everything together and submit to IM. Waiting for answer.

In the meantime, have met (thru NWSHC and Rogers Park Housing Center)other frustrated IM homeowners and joined group who meet to discuss options in dealing with IM to get them to approve modifications. Seriously, about 40 homeowners in this group (from IL, OH, MD, and CA) and not one has been granted a modification. Paperwork has been lost and/or resubmitted 3, 4, even 5 times. One guy was actually told to resend his because the fax machine ran out of paper. C'mon! We actually met with FDIC rep, Office of Thrift Supervision (who regulates IM/OneWest) and the VP of One West (John Olinski). While nothing was set in stone, they all agreed to review the procedures for modifying loans and talk to investors about approving more modifications. The rep from OTS took back to her office in Wash DC 35 complaints against IM/OneWest. She was very upset with IM/OW and how they've been handling mod requests. Another meeting with the same reps is planned for August. I may not get the modification I want, but at least I'm helping get the powers that be poking around and making sure things are being done right.

[kimber2222]

Wow....what a journey you have been on with Indymac. I also have been given the run-a-round more than once with them. I'm glad people like you are taking action and exposing them....maybe this will force them to listen to their customers and try to modify some loans. I know that there have been a few people on here who did get their loan modified with Indymac, but one of them admitted that getting them to modify her loan was like working a full-time job, faxing 40+ pages and calling them EVERYDAY.

I applied for the first mod back in Dec 08' ....of course denied. Then the Obama plan came out and I applied in April. I faxed everything in the first week of April.....I just called yesterday...they still haven't verified my income. I asked them do you need more pay stubs or anything, she said they are still......waiting......on the IRS form to come back. Wow....5 months to get that form back.....crazy.

I'm about to become delinquent thanks to the California budget mess and wages being issued as I.O.U.'s....let's see how fast things go now.

Doing a loan modification is truly a lesson in perseverance and patience...and I'm struggling with both!

[Jule215]

Originally Posted by rjjk2009

Hi all...Indymac took over my 1st about 3 or 4 years ago...a fixed I/O. When my family expenses started to get crunched last year, I contacted IM to get my loan modified. This was in Oct. Long story short, was given temp mod for 3 months. In Jan, denied permanent mod. Then husband loses his job. Down to one income. Call in Feb. Denied. Expenses exceed income - No f....g duh! hubby lost job, so income cut in half. At this point very frustrated and decided to get help. Joined up with Northwest Side Housing Center in Chicago (HUD counselor). They have been wonderful. Helped me get everything together and submit to IM. Waiting for answer.

In the meantime, have met (thru NWSHC and Rogers Park Housing Center)other frustrated IM homeowners and joined group who meet to discuss options in dealing with IM to get them to approve modifications. Seriously, about 40 homeowners in this group (from IL, OH, MD, and CA) and not one has been granted a modification. Paperwork has been lost and/or resubmitted 3, 4, even 5 times. One guy was actually told to resend his because the fax machine ran out of paper. C'mon! We actually met with FDIC rep, Office of Thrift Supervision (who regulates IM/OneWest) and the VP of One West (John Olinski). While nothing was set in stone, they all agreed to review the procedures for modifying loans and talk to investors about approving more modifications. The rep from OTS took back to her office in Wash DC 35 complaints against IM/OneWest. She was very upset with IM/OW and how they've been handling mod requests. Another meeting with the same reps is planned for August. I may not get the modification I want, but at least I'm helping get the powers that be poking around and making sure things are being done right.

Is there anyway I can find out more about your group??...I'm in Indiana, and attempting a loan mod w/IM via NACA, and on my own...I would like the opportunity to be involvled...Help...Add my story, etc.

I helped a friend with a mod back in April with Wachovia, the 2 different experiences have been like night and day...( His had a very good, QUICK, outcome).

Anxious to hear more from you.

[rjjk2009]

Northwest Side Housing Center's website is www.nwshc.org. I found them via the Home Affordability Plan website when looking for a HUD counselor. Have you tried looking for a HUD counselor by you? If they are anything like mine, and I'm sure they will be, they are a huge help in this crazy mess. As for our group, feel free to contact NWSHC and tell them you are a p-o'd IM homeowner wanting more info on our task force. We'd be happy to have you.

[rjjk2009]

Kimber2222....a couple in our group is from Riverside, CA. Near you? Doesn't matter where you live, our group is open to every IM/OW homeowner wanting straight answers. See my post to Jule215 on contacting us. Also, we are putting together an info packet to hand out to other organizations/counseling services and possibly our congressmen/women, depending on how our 8/11 meeting goes.
Will make sure to let you all know how it goes.

[slamat]

just rcvd my seemingly "standard" letter from IM stating "we do not have a mod program available to you at this time due to the fact that you have been able to make your payments"

would love ANY advice AND would love to join your group...i live in hawaii

[rjjk2009]

The more the merrier in our group. The quickest way to get info and contact us is via Northwest Side Housing Center's website: www.nwshc.org. If I could attach stuff, I would, but I can't. Another link is Office of Thrift Supervision - Consumer Complaints and Inquiries which takes you to the Office of Thrift Services page on filing a complaint. They are supposedly regulating IM/OW and this is where we got info to submit our 30+ complaints.

We have some members who are current on their loans but not for long trying to get mods to no avail. We also have some that have received numerous mod letters, but when they send the payment in, IM sends it back saying its not enough and/or they don't qualify for the mod. One member has received 7 modification letters...not one has gone through.

[rjjk2009]

Quick note - if you do file a complaint with OTS, send it directly to Cassandra McConnell at Cassandra.McConnell@ots.treas.gov. If you want, you can tell her you are part of the NW Side Housing Center/Rogers Park CDC organizing campaign. Let her see this is a national campaign.

[kimber2222]

Thanks for the info and encouragement rjjk2009...it really helps.I have been worried for so long about my loan, and finally decided to send another email....this time to Kelley Spencer, and I got a call the next day about a possible loan modification. I was just so glad someone actually called me back and talked to me.I was told that even with the Obama program, my investor....Freddie Mac is requiring that I be at least 60 days delinquent, before they can help me. I am now 30 days delinquent, so I'm suppose to call back in about 3-4 weeks, and try to get approved for a loan mod.I thought that you didn't have to be delinquent to get approved for the Obama plan, especially since Freddie Mac is my investor, but I don't know...??We'll see what happens next....still worried and scared for my family.

[slamat]

very interested ..please post your suggestion re loan mod cos...

[slamat]

yes you mentioned a company that does loan mods and said "message me...."
would love to know what co youre referring to....

[slamat]

tt4cola@yahoo.com
thanx!

[BenFW]

Hi, I am new to this forum and am in a bit different situation; I have a loan on a lot for my new house and was told that IMB cannot give me an extension because of investor's guidelines. Any help would be appreciated.

Anyway, I spend a good amount of frustating time with customer service and the loss mitigation department. Not exactly of much help, but they did give me a fax-number to which we can send a handwritten letter requesting the identity of our investor. I am assuming that you need to mail your loan number and contact information as well as specifically requesting disclosure of the identity of your investor. I will be sending that letter tomorrow first thing. If you do so as well, let me know if it works out for you. The fax number is 269-353-2432.

[rjjk2009]

Ok all...update from NWSHC Task Force. Had follow up meeting with IM/OW, OTS and reps from various congressional districts. Per VP of IM/OW, they are now, officially, finally (as of Fri, Aug 7) approved and accepted to modify loans per HAMP. They have reviewed our groups' situations (49 of us) and those at the meeting received an answer about their mod request - either approved, still pending or denied. If denied, were told why denied (either didn't qualify for HAMP or FDIC mod and why not qualified). Some were given forebearance plans where they might be close to qualifying but still needed time to get something approved. I am happy to say that I was told my family did qualify for a mod and should recieve actual offer within the next 7 days. Hopefully the figure they come up with is actually doable for us. Meeting in 3 weeks with homeowners to discuss feelings about offers. If not ok, will meet with IM/OW and OTS again next month for round 3. Will keep you posted.

As for investor info, finally found out I had a Fannie Mae loan. With that, Fannie loans should automatically be put thru HAMP to see if qualified. Do what you must to find out who your investor is to make sure you are getting what you're entitled to under HAMP. HAMP mods must contain principal, interest, taxes and insurance and be 31% of gross income. HAMP offers should state that its an offer under the Making Home Affordable Plan and/or contain seal of Special Inspector General/Troubled Asset Relief Program.

Northwest Side Housing Center (Chicago) is open to anyone and everyone wanting help. Found out that there is a group in LA of about 200 IM/OW homeowners doing the same thing we are....banding together and making IM/OW listen and answer to get modifications done. It shouldn't have to be this way, but if this is what we have to do to help ourselves and others, so be it. There is strength in numbers. These folks (IM/OW, OTS) know we mean business and as long as we keep on them, they will have to answer us and make the changes necessary to save our homes. Find the nearest HUD counselor by you - they are a huge help.
Here's a link to a blog one of our homeowners started with recent news articles and some info on our group: IndyMac Homeowner Campaign

[missy428]

Can some PLEASE give the information for any and all groups organizing in CA against Indymac???!!!!

I submitted everything back in April - with a 'start date' of May 1 - and even though everything is 'in' i'm still in limbo......I have been calling bi-weekly/weekly only to be to be told time and again "we don't know any more than you do".....

I feel like Indymac is is pissed that they even have to offer this program and are blatantly talking their frustration out on me, their customer. I have been yelled at, told "I have other customers i need to deal with" and hung up on.....

If I didn't know better - and having no way of verifying - i really don't believe IndyMac has even submitted my documents to Fannie Mae (they ultimately own my loan) and are more interested in trying to foreclose on my property because in some warped accounting my house is worth 'more' to them foreclosed than with coming to a resolution/modification.

Unfortunately, up in NorCal, the HUD counselors aren't the greatest and/or are so overwhelmed they really don't care what happens to you. I've been considering calling a company called "Pro City Mortgage" and if anyone has any comments either way, I would greatly appreciate them.....

Again, any and all information anyone can provide on how I, too, can join up with other frustrated - and abused - IndyMac customers will be wonderful!!!!

[kimber2222]

Hi rjjk....that is great news about the meeting. I'm really interested in your group, as I too have been so frusterated with Indymac and trying to get my loan modified since Dec 08'. I tried to stay current for months and I'm now over 30 days past due, not quite 45 days past due.

I live near Riverside in So cal and would love to know more about your group/upcoming meetings or info. I spoke to someone from Indymac 2 weeks ago, who told me I had to be 60 days delinquent to get help from HAMP, per my investor......my investor is Freddie Mac....which doesn't sound right to me. Anyways, I'm struggling and hope Indymac will help me now that I'm falling behind. I submitted all my info back in April for a modification, but they will likely need new financials, etc.

I'm hanging in, but it's so depressing and I gave up calling them or emailing Indymac for help....because I'm completely frustrated when I get off the phone with them.

[rjjk2009]

Here's some info on LA group....

LA priest's mission: Saving flock from foreclosure - Yahoo! News

http://news.yahoo.com/s/ap/20090806/ap_on_re_us/us_father_foreclosure

This is about a group in LA that is working on One West.

The VP from IM/OW we were dealing with who came to the meetings was John Olinski. We put him thru the ringer and he gave it right back, but he listened and answered our questions. Another contact at IM/OW is Barbara Sedall.

If I find out any other info about groups outside of Illinois who are fighting IM/OW, I will post it here.

[daglo]

Please don't give up! After a cut in my husband's income, we were in trouble. We wanted to keep our home and called Indy Mac for help.Indy told us that we were current, and there was nothing they could do to help us. We've never been late on our payment in the 35 years we've been married. We saw an attorney who assured us that we did have a case against them, as our loan is a predatory loan. He told us to stop paying, that this would get their attention. We really couldn't afford the payments anyway, as my husband had a reduction in income. At the same time, we contacted a HUD counselor. She had us fill out modification papers through the HAMP program. We told her we did this, and it wouldn't matter. We wrote to Terry Laughlin, the new Pres., and Eric Friedman. We were contacted by Kristin McClain and Brandy whose last name escapes me. They told us that we did not qualify for a mod. because our investor refused, and that we were current. She also told us that "she considers this matter closed." Little did she know that it was just beginning for us! We contacted our state senator, our governor, our congressman, and filed a compalint with the Office of Thrift Supervison. We had done this before, but our congressman followed up with them for us. We didn't pay for three months. W\Indy sent a field rep to our house, and we werne't home at the time. We got a notice in our mailbox to call them ASAP. We did, and they told us this was just to verify that someone was still living in the house. The HUD rep followed up each week, and gave us updates on what they were doing. They kept telling her it was under "review". We took this as a "we're not going to get help." So, after three months, we decided to file suit against them. The same day we decided to do that, after giving our attorney all the paper work, e-mails and great info we found thanks to this forum, we received a mod in the mail. It was a great modification which is saving us almost 1000 a month! We couldn't believe it! We were so happy that all our efforts paid off. We thought we were going to lose our home. They lowered our rate to 3% for five years, and deferred some of our principal to the end of our mortgage, very creative according to the HUD counselor. My husband's income is still very good, so they knew we could afford our new payment. It is well withing 31-38% of his monthly income. So please, use the resources we have, read this forum, and keep plugging!!

[mintdeer]

We have been trying since March 2009 to get a mod with IndyMac and have had no success. Today I received a denial letter Dated September 3rd 2009. When I called the loss mitigation department and asked why it was denied it was due to their error that my husband made his old income of 6400$ instead of our current since April 2008 income of 4400$. ( I had this verified by phone and on their secured messaging site August 11th and 12th) apparently nobody gave the loan mod people the right information. Their suggestion was that we re apply!!!???? I do not have months to wait for another answer, is there anything else I can do. I have already written my state senator, governor, news stations, white house, the FDIC, and am about to file a complaint with the Office of thrift spervision. We are almost two months behind and could really use some help. I told them that if my husband was still making 6400$ a month we would not have any problems, and they told me people have been lying to get a better deal with IndyMac!!! I AM NOT LYING!!! thanks for letting me vent!! great site, I hope it does people some good!

[daglo]

I found that working with Indy Mac, they do not all have the same information. The day we finalized our modification with them, I received a letter in the mail telling me that I needed to submit my paperwork by September 30th in order for my modification to be considered!! When we call, we always get the same response, no two are ever the same. I suggest you contact a HUD rep. We found that they are able to contact the right people and get answers. Also, the best number to call at Indy is 866-346-6334. The people at this number really know what they are talking about. When we had questions, this is who we called.

[daglo]

Mintdeer, I had to correct our financials also. I didn't have to start over. This is where the HUD lady came in because I refused to start over. She submitted the corrected financials in June. I received the mod in August. Good Luck with this.

[mintdeer]

Thank you so much!!! I have been talking to two different IndyMac reps today and they don't seem to have a clue as to what is going on. I will try to find a HUD rep today! Is that who the Housing hope and Acorn Housing people are??? Or do I find a HUD rep some where else? PS thanks for the phone number too! I am keeping a list of all their different contacts!

[daglo]

Go to the HUD website. They are from the Housing and Urban Development division of the gov't. They will ask you to click on your state. It will give you a list of HUD numbers. Pick the one that is in your area that you can call. I actually got my HUD rep from the Consumer Credit Counseling Service (a non-profit). I was looking for all avenues to avoid foreclosure, and they came up. HUD is also on the Making Home Affordable web site.
Don't give up, there is help. I just read today that the gov't is getting upset that more people aren't being helped with their housing problems through the programs,and they will start to put pressure on the lenders. They even mentioned in the article that they are thinking of bringing the bankruptcy bill back that will allow judges to decide what people can pay on their mortgages. Lenders or investors will lose for sure if they don't help the consumers.

[daglo]

Mintdeer, any luck?