Intro before my IndyMac Journey

[FlyOnTheWall]

Hello everybody - first post here..

My story is simple - we refied a couple of years ago into a Neg Am IndyMac loan, location is SoCal. I called Indy yesterday since the loan has reset - they said modififcation is not available on Neg Am loans!(?)

Anyhow and strangeley, I am also very familiar with REO's, some of the BK process, evictions and lockouts, and currently work for various attorneys, title companies and lenders pursuing claims involving mortgage fraud, mortgage rescue schemes and collections in general.

So in addition to learning from this site, I'll also be able to offer a fair amount of input to help others too.

Yes, I know SEARCH SEARCH and SEARCH the topics already posted includig stickies.

A quick answer to the NegAm mofidifcation (do they or don't they) would also be appreciated.

Until then - glad I found ya'll

-- Fly

[Moe Bedard]

Fly,


In a nutshell this is what others are being told too...........

[FlyOnTheWall]

Thanks ***

So just go forward with the research and prep to submit a modification request?

Gawd I hate these secret handshake type dealios, lol

[Moe Bedard]

Just call this guy and ask him why the investor on your type of loan won't modify..................because going through the process just to hear the same thing is daunting..............

Eric Friedman
SVP, Loss Prevention
Default Risk Management
Phone: 1-512-250-2776
Fax: 1-626-432-8802

[FlyOnTheWall]

To reach this metric for affordable payments, modifications could adopt a combination of interest rate reductions, extended amortization, and principal forbearance.

Does "Principal Forbearance" translate into continued interest payments only?

Or does it mean something else?

Or is it too early to tell what they mean?

Guesses are also welcomed

To me, on a Neg Am/Option loan, it sounds like they might be willing to extend interest only payments?

[Moe Bedard]

Hey Fly,


This just came out from IndyMac yesterday............would you qualify for it...........

Loan Modification Program for Distressed Indymac Mortgage Loans

[FlyOnTheWall]

Sorry you keep having to move my posts ***, wasn't sure where to post the question.
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Here is what I found out today, 8/21

Indy has you visit their webiste first, where they ask for your ss number and loan number, to see if you are elligible for the FDIC mod.

Mine said I was (yeah)

BUT

You are then prompted to update your current financial info. Not a real thorough budget analysis, so I called them.

The Loan Soultion person was friendly and nice and she kept pushing to go over the updated financials. I explained I was self-employed, that I had not yet filed my 07 tax return, that my income varies, and I didn't want to put down wrong info if that meant getting a mod denied. I also further explained that's what happened via the HopeNow conversation - I ended up with a positive cash flow with no mechanism in place to account for variances in income, changes in monthly expenses etc..

She said whether it is via the web or the phone, updated financials were necessary to get a file open; if a loan mod is then possible (regulatory on their side); the loan is submitted to a "loan approval group" who analyzes the loan and the submitted financials, and if met with preliminary approval, they will ask to prove income via W-2's etc. She said as long as the income/expense is somewhat close, there shouldn't be a problem.

Knowing that Indy is lookiung for debt ratio on mortgage of 38%; and the low several hundreds of dollars of surplus banks like to see (THANKS, researching this site really helped ), I think I came in fairly close and will be able to make it work if I need to document it.

After submitting the info, she said Indy will mail out whether or not a modification is possible, 7-10 day turnaround (I'm in Riverside and know ittakes Pasadena mail 2 days to arrive here.)

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So we will wait to see what they say. If you recall, when I called earlier this month they said our loan could not be modified due to the investor.

Hoping for the best, and will keep ya appraised of the progress.

The loan rep could not say whether or not we are also on the short list to receive one of the letters/mods (I think she didn't know).