IndyMac in Florida

[csubroncs]

Hi everybody. I have a condo in Florida and my loan is 136K. Currently those condos are selling from 60K-90K...so I'm upside down to say the least. I just moved to NC and bought a home with my wife. There's no way I can cover the mortgage when the unit's are renting for $750/month and I'm paying $1100/month on the loan and $160/month in HOA fees. It's an interest only loan at 7% that matures in 2035. Do you think IndyMac would be interested in modifying my mortgage? There's no way I can sell it and can't continue to pay it. I'm currently up to date on my payments but I won't be able to make January's deadline. I filled out the financial hardship paperwork and faxed it in to IndyMac today. Do you think I'll even hear back from them?

[Moe Bedard]

Hi csubroncs,


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

The modifications given are up to the investor on your loan..........so you would need to contact them...and ask what the options are on your loan.........don't wait for them to contact you......and try to find out soon because IndyMac is in the process of being sold to some private investors and we do not know what effect if any this transaction will have with modifications from their investors in the near future.
IndyMac
1-877-908-4357



Please keep us posted on your progress.............

[csubroncs]

Quick update...I called IndyMac regarding my situation. She said they can't tell me who the investor is on my loan. Apparently it has to be done in writing (Fax your name, loan number, and ask that they please provide investor information on your loan 269-353-2432). I will have that information mailed within 5 business days. She also said she cannot proceed since my loan is current and that I need to call back when I am acutally a month behind. So that's where I am right now. Thanks so much already.

[csubroncs]

Another update...I am now a month behind on my payments and have updated my financials yet when I call, there is still no option for a modification or any assistance. They just tell me to try to make my payments. Is there anyone else that may be able to assist me besides the general personnel I speak with on the phone?

[Moe Bedard]

If you are using this number
IndyMac
1-877-908-4357


that would be the one for now.............until the dust settles from the sale and we see who is left.

[csubroncs]

Thanks for the quick reply ***. That's the number I've called. I will continue to pester them and will keep everyone updated.

[csubroncs]

***,

I found the name Mitch Oringer in one of the other IndyMac threads and figured I would shoot him a quick email just to see what happened. Here is the exchange:

My email:
"Good afternoon Mr. Oringer,

My name is XXXXX. I have recently come under financial hardship which prevents me from being able to make my monthly mortgage payment. As such, I was instructed to contact you in hopes of elevating my loan modification request. I have updated all my information with IndyMac online.

Please let me know what I can do to assist you in this process.

Thank you kindly,


His response:
"We have a process in place which sweeps data from the website and evaluates the loan for whatever programs are out there for our borrowers. I suggest following up with Customer Care if you have any questions."

[csubroncs]

*** I have good news...I think. I was contacted by IndyMac regarding my delinquent mortgage and they were looking for me to pay. I informed them I couln't and let them know I had updated all my financials. I let them know I had also done everything online (update financials, apply for refinance...even though I'm upside down, apply for modification etc, etc) and was hoping for a modification. He forwarded me to the loss mitigation dept and I told them the same things. She asked me to hold and within 30 seconds she said I qualified for a modification review. During the review process I am to pay 1/2 of my mortgage payment for Feb and March and then contact them once that last payment was made. I'm not sure what's happening in the meantime but at least something is happening. I guess ultimately I could be denied a modification but she said during the review process that nothing would be reported to the credit bureaus...and I'll take that. I'm wondering if my random email actually got something going. What do you think? I also discovered that Deutsche Bank in the investor on my loan. Is that good or bad?

[tweedle]

Hi Indy florida
I had a similar mod offer on my house which is rented out, but when I inquired, they dont have to actually do a loan mod to cash your checks. They will cash the check either way.
Also they add your late payments on to the full principal and give you fixed mortgage for 30 yrs.
Mine did not include tax and insurance and the mod didn't either.
I inquired on the phone and was told that to date, Jan 09 they had done zero principal write downs.
Also they did tell me that it still was an issue that I was not the owner occupant and the decision committee was so hard to predict they didn't sound sure either way on an answer.

[Moe Bedard]

I think it was more just the process moving along.................but at least something is going. Deutsche does modifications.........if it makes business sense for them to do it........

Keep us posted on how it goes..............