is this normal? I have a terrible feeling they (indymac) are going to move very quickly to forclose since our house is not upside down. If we sold we would break even. Any thoughts? They Denied the modifaction right away. I dont qualify. My house was finaled Feb 2009. Should I ask for in house modification? Is it a ploy to get me to pay some of the money?
littleshebOriginally Posted by littlesheb
Thanks for your post. It is nigh on impossible for us to render any credible advice since we don't know your state, your home value, your loan balance etc. I assume you want to keep your home, but if not please enlighten us. Thanks.
Hi littlesheb,
My lender is IndyMac also. I am in California. Our home is completely upside down.
This is our second month of no payments on our 1st.
And our third month of no payments on our 2nd. (both our loans are with IndyMac)
So far, we get about 6 phone calls a day. They call on the weekends too, but a little less. We keep the ringer on our phone on off most of the time. Calls begin as early as 7:30 a.m., and as late as 8:45 p.m.
We just received last night a small package (not certified, just in the mailbox) from IndyMac Mortgage Services. Envelope says "Limited time offer. Open immediately". It was a letter telling us about the "HAMP" program, and all the forms to fill out. This is going in my file cabinet, as we want a straight foreclosure on our home. Don't want to fool around with a modification attempt, nor do we have any interest in a short sale.
So far, that is what is going on with us, and IndyMac. Will be happy to share any information with you, as things proceed.
Best of Luck to you.
I have an 80/20 with Indymac as the primary (we are upside down by about 40k total). After about 2 mths, the inspector came by our house with a slip of paper requesting that we call Indymac. I think they just wanted to see if the home was still occupied. Indymac does not waste time in GA. Our home will be foreclosed on 7/5/11 - we quit paying in 3/11. Hopefully you have have more time in CA. Good luck.
Tom,
Here are some specifics. My home is in California, in a city with a high amount of bank owed homes. My home value is 470000. I owe 465000. I would like to keep my home, especially since I am self employed and run my business out of it. We are in the commercial construction trade and the last year has been very hard for us finacially and personally. We have had several serious family heath issues. The family part is getting better and the business is bad right now but we do have work and have signed contracts for over 400000 in work for the future. That sounds great when they pay in a timely fashion, but they dont. I guess my biggest issue is I know we will have money in the future but cant gaurantee a specific monthly amount. I also have a really bad impression of Indymac working with people. So while I would like to keep my house I cannot see crippling my entire family to do it.
littlesheb
Thanks for your post. Per your original post, I recommend you apply again with Indymac for a loan mod. Supposedly if a borrower is first reviewed for a HAMP mod and does not qualify, that borrower is automatically reviewed for an in-house. I'm not sure if Indymac is doing that. I recommend you download the RMA packet, complete and submit with supporting documents, without first asking for their permission. Call in a couple days after your submission to ensure it's been received and a file has been created. Good luck!
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