Loan Mod denied by IndyMac - What's next?

[fehrll]

I asked for help from you all regarding information for dealing with IndyMac in the Bay Area, and you all have been so helpful with getting me in touch with the right people. I am hoping you can tell me what's next:

After all of my calls, and emails. We never heard from the "deal desk"

I got this letter in the mail today:


RE: STATEMENT OF CREDIT DENIAL, TERMINATION, OR CHANGE

Dear_______________,

Part I. Principal reason (s) for credit denial, termination or other action taken concerning credit. In compliance with Regulation "B" (Equal Credit Opportunty Act), you are advised that your recent application for a loan was based on one or more of the following reason (s):

-Unacceptable mortgage payment record during forbearance period
We are not in forbearance

-overstated income
They never asked for proof of income

-insufficient income
Again they never asked for proof of income

-unable to verify income
Again, they never asked for proof of income

collateral unacceptable (second home/income property/vacant property)
this is our only property

-bankruptcy
we are not in bankruptcy


Part II. Disclosure of use of information obtained from an outside source.

Our credit decision was based in whole or part on information obtained from an affiliate or from an outside source other than a comsumer reporting agency. Under the Fair Credit Reporting Act and ME Rev Stat Ann Section 1320 you have the right to make a written request, no later than 60 days after you receive this notice for the disclosure of the nature of this information.

If you have any questions regarding this notice, you should contact:

IndyMac Federal Bank, FSB
7700 West Parmer Lane Bld D
Austin, TX 78729
1.877.908.4357

What's next? Is this officially the beginning of the end? Should I start packing my things?

I am completely lost at this point, mentally exhausted, and very, very, sad.

[Moe Bedard]

what did they say when you call the number?

P.S. I put Sheila's number in your other thread........

[fehrll]

I can't get through...I have a feeling they did a mass mailing of rejection letters and everyone who got theirs today is calling.

[fehrll]

*** -

Just wondering...the housing bill that started today. Is it something if we WANT to do, IndyMac has to let us? or is it optional?

Thanks.

-Lisa

[Moe Bedard]

It is voluntary for the investor to participate............

Here is the most current info and press release..........
HOPE for Homeowners - HUD

[fehrll]

I will be calling IndyMac tomorrow regarding whether or not they are participating in this....something tells me not to get my hopes up.


I do have another question.... Now that out loan mod. has been denied (which I will also be calling IndyMac about tomorrow), I am wondering if I send in a QWR if that "buys us time" until they start foreclosure proceedings? I mean, do they have to give us the paperwork we request and "back themselves up" in order to begin foreclosure?

Thanks again!

[Moe Bedard]

HUD states that during the process of a QWR you should continue to make payments.............click on the link for more info.......

Free Foreclosure Help, Stop Foreclosure, Short Sales - Loan Safe

[deeh283]

I am sorry to hear of your denial, Don't stop. Keep pushing! Act like you did not ever receive that mail. the reasons listed don't apply to you....Make them check , check and recheck..... is there any other possibilities for you>??

I called IMB yesterday, reached a Vicky Days? She said I was not fully fanniemae eligible? Not elegible for a home savers modification. Is it possible due to my bk7? Then I was transferred to collections and told to fax a re-affirmation agreement or my bk7 papers to Suchan Murray @ 626-432-8777. Anyone heard of this person? They said to fax it twice and it may take up to 7 days before they get back to me. They did see that I had updated my financials

Deeh283