EMC question on modification

[tina1971]

Just wanted to say what a great website this is. So much advice and I could actually sit all day reading. Everyone is so helpful.

Our story:

We bought a townhome, lived in it, bought another house, lived in it, bought our current home. All in the span of 3 years. We rent out the other two. In 05 we refinanced the investment properties and our home all in to neg am loans thinking that we could refinance in a couple years. All property values have gone down.

1) Townhome is with Indymac Bank. We've reached our cap and received a notice the end of last month that the payment is going up to $1565.74. We currently pay $1000 plus $180 for association dues. Rent is collected for $1200. I'm in the process of sending a letter but not sure if i should send all the backup documents now or wait.

2) Rental home is a first with Bank United and a 15 year second with Chase. Our rate on the first is 6.125%. and we've also reached our cap on this one. Payments will be going up. We currently pay about $2000. Rent is collected for $1400. I can't find anywhere where I can any information for Bank United. Any help would be appreciated.

3) Current home is a first with EMC and a second with Greenpoint 15 year HELOC. Reached our cap on the 1st and our payment went up this month to $2700 for the 1st and the second is about $800. We have not paid this mortgage and have submitted all paperwork to EMC. Waiting to hear something.

We are mainly concerned about our current residence. We've already come to the conclusion that we'll probably end up losing the investment properties. We put down 10% on each, all equity is gone, no comps in the area to speak of. But...I do want to try to do something. I hate not being able to pay the mortgages and our other bills are pretty tight. I work in the title industry and bonuses have gone down, daycare has gone up along with power and gas.

My main questions are

On the main property should we go ahead and make the minimum that we've been paying to show good faith or not? We bought this house with the intention of staying there and nothing has changed but once again no comps in the area to refi.

Is it easier to get a mod with the second once the first is done or should I go ahead and speak to the 2nds? Even if we sold the two investments on a short sale, debt forgiveness we'd still have to pay capital gains tax as far as I know.

In sending the letter to IndyMac should I go ahead and send our financials? Is there a loan mod app somewhere?

I'm just so stressed out with this. I work as a title officer and was at one point working on foreclosures. Mainly vacant land and projects so know how the foreclosure thing goes. PLEASE HELP!!! THANKS!!!!!

[Moe Bedard]

Hi tina,

Welcome to the forum and thank you for joining...........

My main questions are

On the main property should we go ahead and make the minimum that we've been paying to show good faith or not? We bought this house with the intention of staying there and nothing has changed but once again no comps in the area to refi.

Unfortunately we can not advise you on whether or not to make payments, that is a personal decision that you will have to make based on your situation........

Is it easier to get a mod with the second once the first is done or should I go ahead and speak to the 2nds? Even if we sold the two investments on a short sale, debt forgiveness we'd still have to pay capital gains tax as far as I know.

It is much easier to secure the loan mod on a first, but you might want to contact the seconds to see if the investors on those are modifying......

In sending the letter to IndyMac should I go ahead and send our financials? Is there a loan mod app somewhere?

Just contact IndyMac first to start the process, call the Default Risk Management and also............put just a hardship letter into the body of an email and send it to these email addresses below.......make sure to put your loan number and contact info too.........
They will go over the loan modification package with and at that time you would need to give them the financials.........

Indymac Bank
Default Risk Management
7700 W/ Parmer Ln
Building D 2nd Floor
Austin, TX 78729
1-877-908-4357
To speak with a Loan Counselor

frank.sillman@imb.com
drew.buccino@imb.com
eric.friedman@imb.com
mitch.oringer@imb.com

Is your lender the Bank United out of Florida?

Hope this helps get you started............
Please keep us updated on your progress.........

[schwefls]

Hi Tina welcome to our forum:

I wanted to stop in and say hello. Shortly someone will be reaching out to you to address your questions and provide you with some suggestions.

[tina1971]

Thank you!!! Yes Bank United is the one out of Florida. Does anybody have any contact information???

[Moe Bedard]

Click on the link and there is a form that you have to fill out...........

BankUnited || Banking For Locals, By Locals

[tina1971]

Well I contacted IndyMac and someone got back with me the next day. i sent all our stuff over with the hardship letter and a gentleman named Sam called and asked the situation and what we could afford. I told him no more than $1100 since the renters there couldn't afford more and we couldn't do the difference since this is a rental property and our primary residence was going up and we would have to concentrate on that if we had to. He said they could do a 6.5% interest payment would be $1550 or 6.25% payment at $1523. Our payment is going up to $1550 on 9/1. Not sure how that could help us. Wondering if maybe we should just wait and see if being in default would help us. We're currently current but not after september. Our rate now is at 6.778%. Any suggestions???

[Moe Bedard]

tina,


I can not advise you on whether or not defaulting would help the cause...........what I can tell you is that right now you are not a risk to the lender because they are collecting their interest from you on time.......

[tina1971]

hi there! We've been trying to get a loan mod with our first mortgage which is emc. Our payment jumped to $2800 Sept. 1st. We haven't made that payment. We've been dealing with a negotiator who said that they're going to submit the paperwork with a proposal to freeze our rate at 4.7% interest for 38 months. Afterwards it would start adjusting again but we have a cap of 9.5%. The new payment would be $2005. He said we could possibly do another mod if we're in the same situation, etc after the three years. My question is, he wants us to make a payment of this amount ($2005) immediately so it looks good. Mind you we're not approved with the making of this payment. I was just wondering if this is normal and could they just be saying that to get some extra cash out of us then turn around and deny it? He didnt say anything about paying anything extra. We also have a second with Greenpoint that i'm getting ready to submit the paperwork to see about doing a mod on that on as the rate is fairly high. Help!! I'm supposed to call him back tonight. As always I love this site and tell everyone about it.

[Dan Bailey]

Tina, sounds silly, but are you sure it is a negotiator assigned specifically to your case? Alot of times, we just deal with collectors who will say or do anything to get a "payment made" under their belt.

I'm sure *** will see your post and give you some advice and direction.

[tina1971]

As far as I can tell it is the negotiator. I called EMC and asked to speak to him by name. They gave me his phone number. When he calls it is EMC's main number that comes up so i'm thinking it is a true negotiator. Yeah I know, its hard to trust anybody.

[Moe Bedard]

tina,

Most modifications have you sending in a good faith payment with the paperwork............if you were in default sometimes they will as you to make a payment ahead of time.