Las Vegas Living? - IndyMac Bank

[HealthierChoices]

Hi Everyone!

I've been reading the forum for a few months now and am encouraged to see that it has helped so many people. I read everything here to educate & prepare myself for my battle with the mortgage company.

I've tried many of the suggestions here and haven't been able to get any further along. I'm not giving up yet and am still trying to figure out what I can do about my home.

Presently, I am current on my payments - but only from selling everything I could and in desparation took out a payday loan. (please don't do the latter - it has only made money matters worse!)

As with many here on the forum - I'm about to sink and sink fast.

Here is the short version of my story:

I purchased my home in Las Vegas in the spring of 2006 - at the height of our housing Market - for $315,000 through IndyMac Bank.

I purchased the home from the owner (who also just happened to be a mortgage broker).

From the time she first showed me the home to the time of closing - the deal went through several incarnations. I was extremely naive and trusted her. I did not understand everything as I should have and just don't know what to do.

At closing, I ended up signing for a first and second mortgage - The first loan for $252,000 at 6.75% ARM and the second loan for $63,000 at 13.625% ARM. The loan is scheduled to adjust in 2010.

I am a nurse with a decent income. Thankfully, nurses are needed here in Vegas and I had the ability to work more shifts. The payments were more that I had anticipated, but I was able to make it by taking on extra hours.

About a year later I learned there was and escrow issue & my monthly payments increased a few hundered dollars. This further stretched my budget and was a bit harder to cover.
My monthly payments combined are now $2600 per month for a three bedroom two bath home.

My payments are due on the 1st of the month, but I am not able to pay until after the 15th when my paycheck arrives. This has caused me to rack up late payments equal to the amounts of my first and second mortgage loan payments.

This August, while on my way to work, I was injured in an auto accident. Not being able to work as much, due to a back and neck injury, has sent me on my now downward spiral.

I've sought every option I can think of and just don't know what to do or where to turn.

I first looked into selling:

According to Zillow.com my home is now valued somewhere around $222,000 - but in actuality the same style & larger home in our development are being sold for only $150,000!
Plus, after reviewing my loan doc's I learned there is a pre-payment penalty that was never disclosed to me.

Next I looked into renting it out:

With selling seemingly out of the range of possibility, I've looked into renting out my home. (The previous owner even suggested this would be a great a thing do down the road when I wanted to purchase a larger home - to keep this one as an income property) but I have since learned that according to our HOA this is not allowed! I had never heard of such a thing! After looking into this extensively, it is true. No renting is allowed. Again, something that was never disclosed.

Home Raffles?:

I looked into this idea briefly after reading a story on AOL - but many of them haven't worked out or were shut down...


Calling the Bank:

I've called IndyMac Bank on several occassions during all of this without success - since I am not technically late on the payments. But they were kind enough to demand that I pay the late fees I've encurred!

Next was trying to Refinance:

Finally after reading a post on the forum bout those needing help who were current - I found someone who seemed to understand and emailed me the "Current Loan Refinance Documents".

With my home being so devalued and there being a large pre-payment penalty, this has turned out to also not be an option.

Since I haven't technically been late - According to Indy, I don't appear to qualify for any type of loan modification.

Now, with IndyMac being sold today - I just don't know what to do or where to turn. The representatives at Indy have no advice and there is no one higher up to contact at this point.

I do take full responsibility for my situation.

This was my first home purchase. I had just went through a terrible divorce and moved to Vegas to start over. The stability and security of having my own home meant and still means everything to me.

I was very uniformed and did not understand the process. What I thought I was signing ended up being very different from what we had agreed upon. So please, be sure you read everything at the table - even if they encourage you to not do so! ( I was told I could read them later...)

I would love to stay in my home if I could somehow rework my loan to a lower fixed rate and/or get rid of that lousy second. (possibly dreaming on that one - but I read that a few on the forum were able to do this...)


There seem to be many companies here in Vegas willing to step in and help work with lenders, but at the price of $3,000 or more.

If that was available to me - wouldn't I be paying my mortgage with it?



Any advice out there I would sure appreciate.

[Moe Bedard]

Hi HealthierChoices,


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


With IndyMac being in somewhat of a holding pattern not knowing when the exact date the sale will go through...........they are saying anytime from the end of this month to the beginning of March.......

If this is the only property that you own and is owner occupied you may want to try going through the modification with NACA..........they will do the same as a modification company but for free and the modifications that they are able to structure are low fixed rates.
click on the link for the info..........
https://www.naca.com/refinance/refinanceSubmission.jsp

[HealthierChoices]

Thank-you so much for the information on the NACA.
They are actually holding a meeting in Las Vegas on 1/17/09 that I will be attending.

Is there anyone who has had success working with this group and IndyMac bank?

I will continue to fight & be hopeful!

[Moe Bedard]

I don't think with IndyMac so far here on the forum.........but that is just because a good majority of IndyMac customers that qualified received streamlined modifications over the summer when the FDIC took them over with a 5 yr. rate freeze before the rate adjusted. The FDIC is supposed to continue those types of modifications with the new owners.........but that might not get started again until after the sale..............with NACA they will work on a low fixed rate for the life of the loan and not just a 5 yr fix so the modification is much more long term.


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

[HealthierChoices]

Update as of Today 1/20/09 to my story....

In preparing all of my information for the NACA, I found that there were even more issues with my loan that I was NOT made of aware at the time of closing. (Rest assured that the next time I ever by a home, I will be reading everything LINE BY LINE at the table!)

I found that I have a balloon payment due at the end on each of these loans along with all the other pretty lousy terms!

Additionally, since April of 2008, my home owners insurance has not been paid.

Even though there are many changes going on at IndyMac and the list of contacts possibly not accurate, I took the chance and sent my hardship letter to all *** has listed as well as to the CEO Mike Berkes. (The email to Mike Berkes was sent through the IndyMac bank system. After logging into my account, there is an area where you can contact him.)

Several emails came back to me, but a few went through and I received two responses today.

The first one was a bit discouraging - no greetings, salutations, or even a signature on this one - but the email came from Mitch.Oringer@imb.com

1/20/09

"Unfortunately IndyMac Federal Bank is only able to offer loan modifications to customers who are seriously delinquent. At this time we do not have any options available to modify your mortgage although we are continuing to work with Investors to explore more options to provide for customers."

About an hour later I received this email from another representative:


"Good afternoon, Ms. XXXX:

Your email dated January 17, 2009 to Michael Bekes, First Vice President of Corporate Customer Experience, was forwarded to me to review and respond. I appreciate the opportunity to address your concerns.

From your email, I understand you have the following concerns:

(She basically summarized my loan issues here into three points.)

While I review these issues, please provide the following:

I am committed to reviewing your concerns and providing you with a resolution update on January 27, 2009 or sooner.

Respectfully,

Rachel Hofmann
Customer Advocate
Home Loan Servicing- Kalamazoo"

----------------------------------------------------------

This was a bit more encouraging!

I will continue to complete my application for the NACA and have it submitted while I see if IndyMac is able to assist me in anyway.

Hope this helps someone out there!
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[HealthierChoices]

Another update to share as of today 1/22/09

Sadly, it was not good news from IndyMac Bank.

IndyMac Bank again said that there are no programs available to me at this time since I am current with my loan.

All they did was restate what the first person told me - that unless I am seriously deliquent that there is nothing they can do.

Their only other suggestion was that I apply to refinance - which in my letter I had already told her I was denied. I had applied for what was supposed to have been a new program called "The Current Refinance Program".

They also stated that my homeowners insurance was paid and current - which I verified with my homeowners insurance company it was cancelled on April 20, 2008 for non-payment. So my home has been unprotected.



I wrote back and the person I was working with and she is suddenly out of the office for a few days.

I cannot even express how angry I feel right now.

If IndyMac bank is no longer working with anyone - homeowners, lawyers, etc. I don't see how the NACA can even help.

I'm ready to tell them to just take the house back as a deed in leu of foreclosure.

Any advice???

I am listening!

[Moe Bedard]

NACA works directly with the investors on the loans through the servicer and since it is free to have them help you out, ...........most don't mind trying as a last effort and they will work with you even if you are not late.


With your loans because you have a first and a second lien..........a Deed in Lieu may not be a possibility..........that would require a first lien to buy out and assume the second lien..........which the investors won't do..........by going through the foreclosure process the title is transferred free of any additional liens.

[HealthierChoices]

[quote=.With your loans because you have a first and a second lien..........a Deed in Lieu may not be a possibility..........that would require a first lien to buy out and assume the second lien..........which the investors won't do..........by going through the foreclosure process the title is transferred free of any additional liens.[/quote]


So, even though both of my loans are through IndyMac bank and the investor is Wells Fargo Bank on both they wouldn't do a Deed In Lieu?

The representative I spoke with today suggested this was a possibility if all else failed....

[HealthierChoices]

WOW!

I just recieved my QWR documents and let me share with you all how enlightening this was!

Please be sure to request these if you having any problems with your loan.

When I compared the documents sent to me with the ones I received - I found that in my packet several pages were missing. These missing pages would have been crucial not only to my complete understanding of the Adjustable Rate but also of the Balloon Payment.

Additionally, there are a few pages - including the truth in lending document - that do not bear MY signature, but were signed FOR me by another party as not only does not look anything like my signature, my name was also spelled incorrectly!

So, in light of this new info, what do I do? Contact an attorney??

[HealthierChoices]

Oh! I almost forgot -

My income was also significantly inflated on the application.
Even after a few years, I still don't make what they claim I did then!

[Moe Bedard]

You should consult with an attorney to see what your options are armed with information like that...........

[HealthierChoices]

Thank-you,

I will continue with my NACA application as well as consult with an attorney

[HealthierChoices]

*** - I am still unclear though regarding Deed In Leu of Forclosures.
This cannot be done if you have a second? Even if the second is the same company as the first? Could you explain a bit more? I would really appreciate it.

[Moe Bedard]

The securitized pool is different on a first than a second.............it is not very often that the investors are the same and the loan is in the same security pool...............but if that happens to be the case on your loans.........then Wells Fargo may accept it......but you would need to confirm it.

[HealthierChoices]

Thanks so much *** - I previously confirmed they are both Wells Fargo.

Just wanted to know what all my options may or may not be

[Vick2009]

HealtierChoices,

I hope you get some kind of positive resolutiom to your situation.
Do you have any advise for me on my situation?