Help! IndyMac won't modify my loan

[c2d1700]

I have submitted my loan modification application twice with IndyMac and both were disapproved. I did it on my own the first time and the second time thru Hud approved counselor. I was told that the investor who owns my loan does not participate in the loan loan modification program. I am also current in my payment but my mortgage payment is more than 31% of our gross income. Please help.

[Oh No BOA]

IndyMac is one of the worst Banks in the world and they will never work with you . They only want your property so they can make more money not interested in doing any loan mods. Just hope that you can stay current.

[LoanModHelpCenter.com]

I have submitted my loan modification application twice with IndyMac and both were disapproved. I did it on my own the first time and the second time thru Hud approved counselor. I was told that the investor who owns my loan does not participate in the loan loan modification program. I am also current in my payment but my mortgage payment is more than 31% of our gross income. Please help.

IndyMac is now part of OneWest Bank (OWB), who is more than likely the investor as well. They got a sweetheart deal from the FDIC where they [OWB] were able to purchase loans from IndyMac through the FDIC at 70% of their value. If the home goes to foreclosure they are covered on the loss based on the original loan amount not what they paid for it.....which means than can make a fortune off of foreclosing. This is why they are not proactive in modifying loans.

Check out this link that details the FDIC's transaction of IndyMac to OWB.
http://www.thinkbigworksmall.com/mypage/archive/1/29027

You can modify....and IndyMac does modify loans. They just need to see that it is in the best interests of the investor to modify. What are the details? Loan Amount, interest rate, payment, property address or value, etc.?

[LoanModHelpCenter.com]

Charlie posted this in a different section and I just saw it....hopefully this will help. OWB has been very receptive.

Check this out: Gotta love it... EVEN ONE WEST BANK!..... they are actually one of the favorite now with the REST report.. CHASE is about the only real bank left being a hard ass...

From: Bui, Quyen [mailto:Quyen.Bui@owb.com]
Sent: Friday, December 3, 2010 10:38 AM
To: joshua
Subject: RE: *****: E-mail to forward to IndyMac

Joshua,

Thank you for the information. This is confirmation that we received the REST report on 11/22/10. In addition, a HAMP trial period plan was sent on 11/24/10 to his mailing address (PO Box 20***). This offer is good till 12/28/10. Please be advised this trial period plan is the first step in order to obtain a permanent HAMP modification. Acceptance and completion of the trial plan does not guaranty a permanent modification. During the trial period, we will review Mr. ***** loan for a possible permanent modification. Please refer to the terms and conditions on the trial period plan for more details and if you have any questions, you may contact 866-362-0108.

Quyen Bui
Associate Analyst
Corporate Customer Experience
OneWest Bank, FSB
Ph: 626-535-2573
Fax: 626-535-4113
Email:quyen.bui@owb.com

I REALLY HOPE...... this information can help someone

[EricjK]

I was told that my loan owner does not participate in the modification process. My options were a deed in liu of forclosure and a short sale. I think I recieved a letter a few years back (when OWB became the servicer of the loan), stating that the loan was sold to OWB and indymac would service it.

I have requested that I receive in writing what is required to find out who does own my loan. Lets see what they send me... Personally I think this just a story they are telling me to get me to go away.

[LoanModHelpCenter.com]

Eric

Your intuition is giving you accurate information. OWB makes more money servicing loans in default and through foreclosures because they got a sweetheart deal from the FDIC and were able to buyout IndyMac mortgages at pennies on the dollar. Now not all loans that were with IndyMac are owned by OWB. Some are just serviced by OWB. In any event it is more than usually in the best interests of the investor to modify over foreclosure but not in the best interests of the servicer. I have heard countless times that homeowners were denied "because the investor didnt want to modify". This is a half-truth as the investor does not do modifications. It is the servicer job to act in the best interests of the investor financial. If that is to modify, than they must do so.

Good for you for sending in the request. Under RESPA law they need to acknowledge that within no more than 20days.

Do you know if you pass eligibility for a mod? You may not qualify and could just be spinning your wheels.

Loan Balance?
Payment?
Taxes?
Ins.?
Past Due?
HOA?
Gross Income?

Ill let ya know what my opinion is.