Looking for a Direction with Indy Mac

[Ricky630]

Hi there my name is Ricky and my story is as follows
Back in 2004 my wife and I bought our house and had a great mortgage and nice payment. A year later we wanted to reside the house and put in new windows so we refinanced with Quicken Loans. We were sold a interest only loan with alot of built in fees. That loan was sold to Indy Mac and we are currently paying more on a interest only loan then we were with our original mortage . In late 2005 my wife was diagnosed with breast cancer then the surgeries and chemo started. With all that going on I was still able to find away of keeping the payments up to date except for 1 month where they actually extended me 1 week. Gee thanks! Now a couple years, 3 kids, and medical bills starting to come in we are having a hard time keeping up. We are getting the mortgage paid but its usually by the 20th of every month. We tried refinacing again but are having a hard time because the current mortgage is more then what the house is worth. If anyone can guide me in the right direction. I am also wondering if a Loan Modification would work for us.

Thank you for reading and your time

[schwefls]

Hi Ricky welcome to our forum:

I wanted to stop in say hello and assure you, you are not alone. Someone will be reaching out to you with some sound advice/suggestions. In the interim please hang in there and know that we are here for you.

[Ricky630]

I am thinking about a Loan MOD but I have a question, I have heard that while you are in the proccess of doing the modification you do not pay your current mortgage payment. Is this true? If so dosen't that go against your credit score?

[RudyJay]

I believe if you don't pay your mortgage it will affect your credit rating...

[RudyJay]

There are a few members in the forum that have been successful with Indymac... Read the success forum... good luck

[Moe Bedard]

Ricky,

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

What is the interest rate at?
Is it fixed or adjustable?
If adjustable when is it adjusting?
Do you have one loan or two?
Are you paying interest only or PITI?

Have you contacted IndyMac and asked what options are available on your loan?

[Ricky630]

First I would like to thank you guys for the quick replys. Right now my rate is 7.25% and it was a fixed for 10 years. So I still have a few years left before it goes up and they start adding principle to it. I do have a 2nd loan for 20k through HFC aka HSBC. I am not sure what PITI is but it was suppose to be a interest only loan with my escrow but I feel I am paying alot more then interest. I actually have not talked to Indy Mac only the other day when I asked for them to take a post dated check which they did with no problem. So I am hold a combined total mortgage of 335k when house in the area are only selling now for 250k.

[Moe Bedard]

Ricky,


PITI is Principle, Interest, Taxes, and Insurance............they are not reducing principle balances at this time..........so I am not sure about the modification being able to help.......you will need to call and see what the options are and if any of them will help you out. The only thing that we see HFC/HSBC offer is a 6 month modification..........



Indymac Bank
Default Risk Management
7700 W/ Parmer Ln
Building D 2nd Floor
Austin, TX 78729


HSBC
1-888-648-3124
1-877-908-4357
To speak with a Loan Counselor

[Ricky630]

***
Thank you for the quick responses and help. I will be contacting both banks tomorrow and will be posting my results. Thanks again this site truley is the BEST.

[Jule215]

Wow, I could have written your story...I'm in the same situation w/ Indymac via Quicken Loans saying what a great deal our refinance with them was, ( our terms changed in the middle of our refi w/them and they convinced us that if we'd go ahead with the new terms, they'd do another refi for us in 90 days at no charge into an "even better" product at no charge)...I'm not a stupid person, and how I fell for this I don't have clue...I should be shot is all I can say...But, we are in an interest only loan too, at close to the same % rate as yours, that right now is substantially more than we were paying before we refi'd...We tried to document our loan with them, ( i.e. Quicken), and they didn't want us to!!...Having dealt with only our local bank for our mortgage needs in the p**** we didn't know what to think, or if this was the norm with "national" lenders...We got a good idea why now though.

Anyway, just wanted you to know you're not alone...We're going to attempt some type of mod with them soon, and I'll look forward to seeing how you get on, and sharing notes with you.

[Ricky630]

Hey Jule215
I have just one question for you do you happen to remember the name of the clown from Quicken loans? It wouldn't happen to be Cory?
I will post my out come with Indy Mac

[Jule215]

Nope, I had his clone "Bryan"...You know the guy, "Folks have I got a mortgage for you!!...It's going to fit your needs perfectly...Yada, yada, yada".

"But, wait!!...Yes, I realize you're suppose to close in a few days, but I've just realized we can't put you into the loan we discussed because you have a first and a second, and you can only have a first to qualify for this great product...But if you can swing these payment on this other loan, ( even though they're double what you're paying now), that I've worked out for you, for just 90 days, then we'll put you back in the original one we discussed at no cost to you".

"At no cost you say??".

"Oh yes, I always want to do the best for my customers, and I do realize that it was my mistake discussing the original loan with you...But, don't worry foks we'll fix it"

Shoot ahead 60 days...Phone calls place to Bryan at Qucken Loans

"Bryan, it's us just calling to see if we can start the paperwork on the original loan we discussed with you".

"Gosh folks, I'm sorry, but that product is no longer available...But, let me try and find something else for you...Here we go, you're going to love what I've found for you this time"...Much much better than what you're in now"...( Aside from the fact that with this loan, your payments are over $1100 than they were when you came to me in the beginning).

Thanks, but no thanks Bryan!!

I apologize to everyone, but as you can see this really wound me up!!...And my frustration is probably more with myself, than with "Bryan".

Keep us updated, and I'll do the same once I get started.

[Ricky630]

I know I have seen it some where in a post but can not remember which post. Does anyone have direct contact numbers for upper management at IndyMac that I can contact to try and get my MOD. I have tried to do it from the website with no luck. I rather just go right to the source and talk to the person that can give me truthful answer.

Thanks
Ricky

[Moe Bedard]

Ricky,

Since the FDIC is running IndyMac..........most of these contacts are not there anymore, but you can give it a try and see what happens.........

Michael W. Perry
Chairman and Chief Executive Officer
Phone: 1(626) 535-5214

Richard H. Wohl
President, IndyMac Bank, F.S.B.
Phone: 1-626- 535-4874

Phillip Muniz
Default Risk Management Advocate
Phone: 1-512-250-3857
Fax: 1-866-429-6255


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




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