Indymac NOD received 8/28 Short Sale?

[Cali5]

Moe Please help!!!! I just received denial letter for loan mod today. Do I still have time for a short sale? I am so confused. Or Chapter 13.

[Moe Bedard]

You should be fine. Interview 3 Realtors that are experienced short sale agents and pick the one you like best. Let them get this going for you ASAP. Hope for the best and plan for the worst.

If you got the NOD 8/28, you can have from 3 months plus, Most servicers are giving much longer than whatever your state law is for the sale to take place. Just FYI.

Stay strong and you'll make it through this!!

[Cali5]

Thanks for the great advice. I asked Indymac to resubmit my application for loan mod as our income dropped. In the meantime would you suggest that I start looking for short sale realtors. I'm also thinking about Ch 13. It is so unfair how they are calculating the income and basing it on total gross and YTD income. What if income dropped. I emailed the vice president Brandon Latman. Hopefully something will be done. I don't know what to tell my relatives now. I am so embarrassed.

[Cali5]

Moe, the loan is only under my name. Is it true that under HAMP they only consider the borrowers not household.

[scottp999]

What is your goal with Chapter 13? You will still have to bring the loan current through a bankruptcy payment plan or lose the house. Do you have so much unsecured debt, that if creditors agree to lesser amounts you will be able to pay a payment plan on the mortgage without issue?

I just did a short sale with BOA. My realtor did nothing for the SS and just did the traditional realtor activities. I kept detailed notes of dates and times of all my discussions and emails with BOA. If you are looking for a realtor that is aggressive with the shortsale process, then ask to see there notes on a couple of prior short sales. If they can not produce them very quickly then they are probably BS'ing you.

By all means list the house asap, and get an offer quickly. Many investors and MI companies will hold off on foreclosure while you have a valid offer and are going through the SS process.

Something like 50% of the note mods are re-defaulting. Be very honest with yourself and be sure you can meet the likely terms of the note mod. It is very defeating to get a mod and then not be able to perform on the terms and have to face shortsale or foreclosure again. In the SS I was involved in, income was down over 50% from 2007 and still sliding down. If they agreed to a loan mod based on income submitted a few months ago, that income level would be fantasy by the time payments started up. Loan mods don't help with being upside down when you need to sell, and they don't forgive one penny of debt. It is all just restructured, as much as a 40 year loan with a ballon payment on the end.

Good luck, and don't worry, you still have time to make the right decision for your circumstances.

[Cali5]

Scott, Thank you for your reply. It's true what you said about the loan mod. I was offerred a 40 year and balloon payment at the end. It wasn't worth it. Our house is $150K upside down. I'm not going to pay $3200 a month for it, when I can rent double the size for $2500. We are now happy with our decision. But I have to admit we do have great memories in this house

[darkdays]

Originally Posted by Cali5

Thanks for the great advice. I asked Indymac to resubmit my application for loan mod as our income dropped. In the meantime would you suggest that I start looking for short sale realtors. I'm also thinking about Ch 13. It is so unfair how they are calculating the income and basing it on total gross and YTD income. What if income dropped. I emailed the vice president Brandon Latman. Hopefully something will be done. I don't know what to tell my relatives now. I am so embarrassed.

I am dealing with Indymac also and have emailed Brandon Latman but receive no replies at all from ANYONE. You say you asked Indymac to resubmit your application? Do not sit and expect they will "re-open" or "re-evaluate" you application. I was told on Friday I had to start the application process all over again.