Indymac - Semi-Success Story

[dwynn]

I have had a semi success story with Indymac and have a few questions too if any has answers or suggestions.

I bought my condo 2/06 for $454,000. 80/20 loan through Indymac.

1st - 363,000 5yr arm at 6.75%
2nd - 91,000 10yr arm at 8.75%

I stopped my payment on both loans in 2/09 after trying for months to get someone to work with me before complete financial colapse. No help.

After not paying I was told I had to wait 30 days for someone to help, I called on the 31st day and was told had to wait 45 days. Called on the 45th day and within 10 days had a conditional mod offer for my 1st, based on verification of income. Today is April 29th and I received final complete guaranteed mod today. New terms for the 1st:
- stretched out term for 40 years but still payable in 30 so that means huge balloon payment the last month of the 30th year
- 3% for first 5 years
- 4% for 6th year
- 4.75% fixed for remaining 7th year and on

This dropped my payment about 550 a month, but is not escrowed so I still have to save for my property tax which is usually what my tax refund goes towards. I am happy with this mod but it does not meet the Obama plan guidelines, which I guess is optional for them to follow anyways.

This is the thing, every time I have talked with someone at Indymac I have gotten a different story. That is one of my biggest complaints. One says no we aren't doing Obamas plan, the next says yes your loan is being modified under this plan. Doing the basic math no it is not.

Does anyone know of a way to make sure that they are not reporting this as a modification under that plan? I want to make sure they are not getting the incentives that have been promised. It may seem petty but if they aren't doing it they don't deserve them.

Also...they say they will not modify a second loan. My second loan is ridiculous. And yes it is my fault, being naive and whatnot I understand that. But even with my first modified I am living paycheck to paycheck with this second. Even a drop in interest rate by 2% would help. They won't do. Told me if I can't afford it I should do a short sale. I want to keep my house and if I am going down the short sale route I might as well just go down the foreclosure route. Any ideas of what I can with my second? I am underwater on this condo by about $100k so refinancing it isn't probable.

Arghhhhh!

[Jule215]

Have you considerd a bankruptcy to wipe out the second??...I know BK is a bad thought, but it honestly doesn't take that long to rebuild your credit...You've got the good mod on your 1st, so why not just unload the second??

[Jule215]

I'm just starting to work with Indymac now...Thanks for sharing your story...Did you suggest any type of workout to them, or is this what they came back with??...What kind of documentation did they want from you??...And do you know who actually owns your loan by any chance...Fannie Mae owns mine...Just curious...Thanks for any additional info!!

[scalijdub]

I'm about to be 30 days late in 4 hours, so I'm interested in this also.

[dwynn]

I was told that Indymac owns mine...both...but again everytime I talked to someone I got a different answer. I knew more than some of them so it was double frustrating!

Originally all they asked for was I complete the financial stuff online and then two copies of last paystubs and the IRS form so they can get my last tax return. When I mailed that in I included a letter saying what I thought would work for me and how all they tell me is they want to keep me in my home...so do it! My work out idea wasn't so much how the loan mod should go but how much I could afford...basically get me down to this much of a payment and we can work it out.

Also...should mention that they didn't ask for paperwork about income until they actually sent me a modification offer. It was conditional based on proof of income. Then I had to send everything back in a fedex envelope they provided, plus my first modified months payment. So basically I am paid up until June 1, 09.

[dwynn]

I was thinking that perhaps my last post was a little confusing. When you talk to Indymac they tell you to fill out the forms and fax them to the number that is on the right hand side of their homepage screen. I didn't do that. I requested over the phone that they submit my information for review of modication. That was how I got the offer.

When I kept calling back to ask about my second they told me to fax the stuff so I faxed it for my second and included the letter with my suggestions. I had not done my 2008 tax return yet so I just included a copy of my W-2 even though they did not ask for it. I figured they would in the long run.

[Jule215]

Thanks for the info!!

[dwynn]

Hello all

I am trying to e-mail someone at Indymac about a mod on my second loan. Figured what the heck, the phone calls get me nowhere.

I have sent an e-mail to some links listed before..all but Eric Friedman came back as undeliverable. Any other ones I should try?

[Moe Bedard]

They are not IndyMac anymore...........that would be why..........and those contacts are no longer there.

[dwynn]

***

Makes sense...sometimes the obvious escapes us because of the emotional! Do you have any new contacts for OneWest?

Thanks!

[Moe Bedard]

not as of yet...............but it is the same contact information for the modification programs as on their site.
https://www.indymachls.com/auto/Affo...cement_LP.html