Indymac Mod Starting Feb 09

[kathyG]

Indymac is full of unhappy employees. We sent in a loan mod back in the beginning Feb of 09(after Indymac Federal told us they would not even consider a loan mod if we didn't fall behind!..We have no second, but due to a layoff my husband got another job that pays 30% less)..two weeks ago we called to check in on it and spoke to Cindy McGovern who told us, "Your loan mod will not get approved. You are wasting your time. Don't even bother to even hire someone to help you.Your investor will NEVER modify your loan." Yep, she was just sweet! So I asked her if I could find out who the investor is. She said yes send her a letter.

So I call the Loan Resolution center today and find out, "Cindy no longer works there." Did they get my letter sent Priority Mail Delivery Confirmation? Well Desmond who I spoke to says no. So now I find out I can fax a request. I ask Desmond, "Do you see a record of my conversation with Cindy about my DENIED loan mod?" He say "No. Its still sitting in review!"

My husband and I bite the bullet and hired a loan mod company. Who I have to say has been great with giving us updates. It is now in their "undewriting" department for review to make sure we have given them everything they need. Having attorney's on your side can't hurt. I really wanted to try to save the money and do it myself, but the run around from what I believe is disgruntled employees is terrible. What gets me mad is that I started this process when it was INDYMAC FEDERAL..when the goverment took them over using my tax paying dollars to pay these employees salaries! How Blair can say Indymac is a success story is beyond me.

Anyway, good luck and I will continue to keep you posted on if the loan mod goes through or not. Another thing, I really don't trust Indymac. I got a demand letter for the 3 months I am behind. When I spoke to Cindy she said just send a payment for now, Desmond said the same thing, however, this demand letter I signed for says "They have the right to accelerate my mortgage if I DON'T pay the entire 3 months by April 10th!" So at this point what do I do? Send in the one payment or pay it all out of savings? It's very scary to be in limbo.

I will continue to keep everyone posted on if either process 1)the loan mod I submitt or 2)the loan mod company succeed. I will also let you know who the investor is when I find out. So this way everyone can know who is pulling the strings and REFUSING to mod..they deserve the bad press..

P.S. Indymac is now OneWest I believe so who knows what the employees are going to be like now to deal with...

[Jule215]

Please do...I'm in the beginnings of my Indymac mod., myself...I'm waiting for the Obama plan to kick-in there, and keep being told to call back...I'm right at 3mo. no payment, and have not gotten hardly any correspondence or calls from there...Weird!!

I did get a letter about a mo. ago, saying they wanted to work with us, and to give them a call which I did...Our income has dropped over 40% since we took our loan out...The only thing thus far they have offered to do for us, is to take $200 off our loan for 3 mo., and then consider a mod...I've told them that won't work for us...Yes, I could make ONE payment for that amount, but the next mo., we'll be short...I've asked them to consider taking a payment of 38% of our gross over the next 3 mo., ( closer to what I hope a mod would make our payment, and that we can afford), and they have not been responsive to that, and just keep telling me to call back...I'm holding off until early next week now, to see if anything new is in place.

[jedebelen]

Hi Jule215,
any luck? I'm also working with Indymac... just had my workshop with NACA last week, hope everything goes well.
jonathan

[Jule215]

I've made a little progress I suppose...I do know that Fannie Mae owns our loans, ( just found that out last night), but not sure what implications that has for us...Indymac has FINALLY asked us for a hardship letter, paystubs, and tax info., so that's what I'm doing now.

But, I'm also trying to decide if it would be a better idea to through NACA, just Indymac, or both...How was your experience with NACA??...How positive did they seem??

[jedebelen]

That's nice to hear, at least you are moving forward...
So far I just had my workshop last saturday and I'm very positive with NACA, if you can check out some success story here ... its quite so positive ... according to *** its better if you do it one at a time so as not to make a confusion on the lender, keep us posted

[Cali5]

I have on of the executive's direct email that *** had posted. I get a response right away when I email him. It is john.olinsky@imb.com. Good luck and hang in there. My friend and I both were approved for loan mod using this email