Indymac won't modify my loan

[tonilg]

I just found this site and what a great source of information. If someone could please help me with a few questions I would be so grateful. My lender is Indymac. Freddie mac owns my first mortgage which is a 5 year interest only at 6.75 and Indymac owns my second mortgage which is 12.75 15 year fixed.

Because of the economy my husband who is the manager of a car dealership and had to take a 10% pay cut. I own a small cleaning business and have lost clients. We are current on our mortgage payment but have used up all our savings and I'm not sure if we can make the next payment. I tried to be proactive and when I saw Indymac was saying they where on board for Obamas plan I went through the link on the Indymac site for stability help for homeowners ( or whatever it's called) and filled out all the financials. Yesterday I faxed a hardship letter and all the other things they needed for the workout package. Today I called Indymac and they told my they still aren't doing any modifications for anyone who is current. Where's the help for responsible homeowners part? I know lenders have to agree to participate but Indymac claims on their site they are participating. Also since Freddie mac owns my first I would think that would help.

I just don't know what to do. Should I beg borrow and steal to continue to pay my mortgage. If I'm late on the mortgage will I be taking a chance on losing my house or will they at least give me an opportunity to catch up if they won't give me a modification.

I did read on this site about NACA and I have a phone appointment with a counselor next Tuesday.

Thank you so much for any help.

[Moe Bedard]

Hi tonilg,


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

For the moment....all of the servicers are updating their systems with the new guidelines.........so you may want to just give it a couple of days and check back on Friday and ask if they have the guidelines in place for the Home Affordable Modification program............but also go to your appt. with NACA because they just signed an agreement with FannieMae and FreddieMac to help modify the loans backed by them.

[tonilg]

Thank you so much for responding. Can you just tell me if I miss my payment and they don't or won't modify my loan is it impossible to catch back up. I don't want to risk losing my home but at the same time I will have to let every other bill go unpaid and just pay my mortgage until I can find some more jobs for my cleaning business.

[Dan Bailey]

tonilg,
We really can't tell what they may or may not do. Missing one payment, is not immpossible to catch back up, but will show on your credit report.

[tonilg]

Okay, thank you for all the valuable info on this site.

[tonilg]

I have been spent most of the day reading the posts on the site and emailing ceo's seems to be at least an option of getting heard. I've tried searching on my own but I am not having any luck. Does anyone have a list of ceo names and email address I can send a letter to at Indymac? Thank you!

[Moe Bedard]

the executives had left when the FDIC took over....back in July
July 22nd, 2008
Pasadena-based IndyMac Bancorp, holding company for the bank recently seized by federal regulators, said today all of its executive officers have left except Michael Perry, though he is no longer affiliated with the company’s bank subsidiary.

and it was sold to private investors..........which may be finalized this month.......
http://www.fdic.gov/news/news/press/2009/pr09001a.pdf

you can try contacting the corporate office

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


or file a complaint with the FDIC, which is still governing IndyMac
https://www2.fdic.gov/starsmail/index.asp

[tonilg]

Thank you. I had read the suggestion of filing a compliant with the FDIC on this site so I did that last night. I also sent an email to Sheila Bair. I'm not sure if any of it will help but it can't hurt. I will also call Indymac today and see if they had any changes in the last couple days. I have also been reading posts that people have a large balloon payment at the end of their loan. I thought my 2nd mortgage was just a terrible 12.75 15 year and we would have it paid off by then. I looked at the amortization schedule yesterday on Indymac and it looks like in 15 years I will still owe $52,000 on a $59,000 loan that I pay $623 a month. I feel like a complete idiot. We bought our house in March 2007 right at the time when banks were ending stated income programs and we had a lot of struggling with being approved and then programs ending before our closing date. I thought it was a miracle the day the loan got funded. At the time we were just so excited to be buying our house I would have agree to anything. The way it stands now we have paid $48,000 to interest and $138.00 to principal. I think the kitchen faucets worth more than that.

[tonilg]

Update: My husband called Indymac this morning and once again they told him there are no programs available for current borrowers. My husband said that Freddie Mac owns our first mortgage and would they please just send the workout package to them and let them make the decision. The guy said he would but that it would be denied. A few minutes later I received an email from someone at Indymac saying they are responding to an email they received this morning regarding what our situation is with our mortgage and they are working on implementing some of Obamas programs and they want to see which on we might fit into. I didn't email Indymac this morning the only email I sent was last night to Sheila Bair and I filled out the complaint form on the FDIC website that was suggested last night as well.

I'm thinking that is why Indymac contacted us. Every other time we've called they just blow us off with they same "sorry no programs for current borrowers" line.

[Moe Bedard]

I think that is making progress.................just keep pushing for that new modification program because you do not have to be in default to get the help...................the modification program actually rewards homeowners that make payments on time..........

Keep on them.........

[tonilg]

Thank you ***, I really appreciate having people to talk to who are going through the same thing as we are. You guys are awesome!

[tonilg]

One more question if I may. My husband spoke to the guy who emailed us and he said he was looking into either a refinance for us or a modification. Which one would be better for us? Won't we incur more closing costs and such with a refinance?

[Moe Bedard]

You would need to ask the rep when you talk to them again about the difference between the two.

[ladyfijiana]

Hi tonilg,

I am also sailing in the same boat as you....am current with my payment but with less hours now I am struggling to make my house payments.
Indy Mac is our bank too but they won't talk to you till you are behind.
I am also going to complain through FDIC and lets see what happens.
Please do keep us posted with your progress too. I was wondering if you can also give me the email of Sheila Bair (FDIC).

Thanks to the moderators of this forum and site. You guys are awesome. Thank you guys for all your help.

[tonilg]

Her email is sbair@fdic.gov. Over the weekend I also emailed the Senators of my state. I'm just sick with worry today because we didn't pay our payment and today we're officially late. We've never been late before and it's very stressful. I hardly slept last night. I'll let you know how it goes though. Good luck!

[ladyfijiana]

Thanks Tonilg,
I exactly know what you are going through. We are current too but we struggle to make ends meet with my husbands hours cut down.
It just not fair for mortgage company's not to talk to struggling homeowners who are current but struggling to make every payment.
Thanks again

[Jule215]

As a side note...I spoke with Indymac this morning regarding a mod., and the "new" payment figure that they threw out to me was still over 50% of our income...I questioned that figure as opposed to the supposed 31-38% of income figure that's in the Obama plan, and they said they had not implemented that plan yet, but it should be in place by the end of the month...Perhaps you can get a much better deal by waiting another week or so.

[whiteshadow]

my mom is in the same boat as you guys, and i'm trying to help her out. we keep sending in the loan modification worksheet that indymac made available on their website. we've tried twice and got the same response, because we aren't in default we will not be considered. however, we are struggling to make payments (i am in college and my mom is almost a certified cosmetologist).

who should i contact and what should i say?

we have packets of the loan modification worksheets made, should we just keep sending them out every other week?

[Moe Bedard]

whiteshadow,

There is contact info and instructions to apply for the new Home Affordable Modification in the link here...............
https://www.indymachls.com/auto/Affo...cement_LP.html

[tonilg]

I was just wondering if anyone has an email address for the ceo of Freddie mac or any other person from there that might be able to help me.

[cuttingthecord]

I'm so glad I found this thread...please keep it updated with more info as you get it!

We called Indy 2 months ago because we saw that we'd be in trouble from here on out, and they said "sorry, you're not late." Which is crazy, we were being proactive about our problem. We did enter our financials on the website like they instructed, that was about a month ago now but they haven't contacted us. I found a link from their homepage where you can enter your loan # and SS# and it'll tell you if you qualify for a modification - it says we don't. We couldn't pay March's payment, we're 23 days late now.

We don't know if we'll be able to keep the house either way, I've been looking for work 6 months and DH has been hunting-and-pecking since mid-December.

I'm definitely going to send emails like you did tonilg, it'll be worth it whether we can stay in our house or not.

[tonilg]

We talked to Indymac last week and they said they will have more info after April 4th so we will call again then. We have a phone interview with NACA on Thursday morning they had to cancel last Tuesdays appointment..

We did the financials online about two months and never heard a word from them also. Same thing happened to us with entering the loan # and SS. We didn't think we could make the payment this month and we were late but I just couldn't stand it so we put off one of the car payments to pay the mortgage. We did talk to a mortgage broker who told us in April there are some new refinance programs coming out that might help us but you can't have missed any payments so we are trying to stay afloat. I will definitely keep you informed!

[beachymama]

I have been trying for over a year to work with them. My last payment was July 2008. Last night I was served a foreclosure summons.

They have all my information. They never call me. When I call them they say fill out the information on the computer. I check and it says not eligible. I fax, email, write. They have all my paycheck stubs, hardship letters, tax returns. Everything I was supposed to do.

My investor is Fannie Mae, I owe $313xxx with all the late fees, etc. on a home worth $250,000. I am crazy to try and save my home I guess. I paid 20% down too.

[tonilg]

Since your investor is Fannie Mae don't they have a streamlined motification for being 90 days late?

[ladyfijiana]

We called Indy Mac yesterday and they said that they will start looking in for our modification on April 3.
We called them successfully after couple of disconnection. So we will call them again on April 3rd to see what can we do.
Do check "makinghomeaffordable.gov" website
They updated their information last week on modification. It is very helpful and encouraging too That article gave me some hope.