Indy Mac the 2nd Modification

[rossindistress]

This is my first day on by I have been reading the site for a couple of weeks now. I got the email addresses from here for the INDYMAC heads and they all contacted me. They escalated my claim and someone contacted me today. They took my financial info. My question is I didn't say all my bills because I didn't want to overdo it where they would say "Even with a deduction you still have too much debt". But then again did I make a mistake because maybe by telling ALL it would make them do a drastic decrease. I didn't know. The sad thing is I think the negotiater called me back in less than 4 hours and the woman who took my financial info said a few days. He left a message and i haven't talked to him yet but I am wondering if him calling so soon is just to tell me "we can't help". Questions Questions~

[Moe Bedard]

Ross,

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

If IndyMac were to pull credit for verification of your debt, which some investors require, will they see the debt you didn't indicate, or will it be on the bank statements? Each investor on the loans is different..............but most have been requiring a surplus of $100-$250 left at the end of the month.
Call the negotiator.............and see what options are available to you......since the FDIC took over IndyMac they have been escalating the process..........

Please keep us updated here in your thread.............

[rossindistress]

well the stuff that I indicated to them showed me with no money left during my current state so does that mean it probably won't happen? Maybe thats why the negotiator left me a message so quick. When I do talk to him maybe tomorrow can I adjust the amount? I mean I can use my entertainment income but I didn't know what to say. I should have consulted here first I just want to make it right. I need this modification!
thanks for your welcome and for replying.

[Moe Bedard]

If that is the reason that they are calling............just tell them that you did your sheet at work and now that you are looking at the income (because you might have to give them check stubs, w2's, tax returns, and bank statements).................you might have calculated wrong...........and make sure that you ask whether they are using gross or net income too.........

[rossindistress]

ok so last question (for now) and thanks. So even if i show a thousand or two thousand more in income than my monthly payments thats not a bad thing in getting a modification? I thought maybe they would say well you make more than enough so no modification.

[Moe Bedard]

This is just a guide from all of the success stories only and not set in stone..............but most of the lenders are looking for a surplus of $100-$250 and not much more than that...............and that is after you put together all of the household income and all of the household expenses.......we have not seen any modifications happen off of a deficit........

If you are showing over 1k left after all expenses at the end of the month.........that might not be perceived as a hardship.

[colahhh08]

rossindistress,

did your mortgage reset to an unaffordable rate or what has happened to make your loan unaffordable.

***,

I may be one of the first to get a mod with a deficit, although our deficit is because we went from $2300 to $4700/month.

Craig

[Moe Bedard]

Craig..............I think you probably are....and it didn't hurt to have an attorney helping..............but it is also up to the investor..........so we will have to see what the outcome is..........

[Arnie1269]

I am showing a huge deficit - like over $2000 a month... I would think that would be good in a short sale situation though.... since I am trying to convince them that I have a hardship and can't afford the current mortgage....

AND that they shouldn't even try to get a deficiency judgment against me....... don't you think ?

[rossindistress]

To Colahhh and ***: I am about to adjust in February and wont be able to afford the adjustment.

***: I got the modification papers by fedex today and what it looks like (i'll call tomorrow) is that they put two payments on the end of the loan. I don't understand it. If this is the case, do i just sign and forget it? Can you get more than one modification? I never even got to negotiate LOL They just took my info and sent me this? I never even got to talk to a negotiator. If I take this I am still going to adjust in February so what should I do?

[Moe Bedard]

Just see how they explain it when you call, you could be missing something in the translation.............the modifications are up to the investors..................if the payments now is o.k.........you might want to see if they can freeze the rate for 5 yrs or fix your rate. You would need to tell them that you are not going to be able to afford the payment when it adjusts and this is too temporary of a fix and that you need a more permanent fix............

See what they say......

[rossindistress]

Let me just say I hope GOD blesses you. As much as the banks make us feel good when they help us, you are the angel thats gets us there. You have changed and will change many a life through this thing GOD BLESS you 100 times over.

I was reading a little more and it says the following terms will apply:

The Approved Modifications incorporates the deliquencey payments for the months of 7-1-2008 through 8-1-2008 (im not 30 days late yet but whatever)

and then it says
Your Monthly Principal and Interest Payment will change to &&&&& which is a new amount almost 1500 less than my normal payment due on september 2008

The reason i dont think it is a modification in payment rate is because it doesnt mention new interest rates nor a length of time that this payment will go for.
it also didnt change my principal balance at all.

Thanks again for your help.

[Moe Bedard]

Thank you so much Ross...............

Can't you tell by now..........I want you to be out of Distress and into Success......

That is what I am here for..........to help and guide members to get there if I can.

It sounds good on paper, but just make sure before you sign on the dotted line that you are comfortable with the terms and that they explain exactly how long it will be for................

[rossindistress]

I received my MOD papers and mailed them back friday. My loan mod was too easy as I read everyones post from INDY and other banks. I even read some where they said their loan mod was approved but then rejected by the investors. If I am approved is their still a chance to be turned down? I mean I gave my info to the person taking financial info over the fone and a negotiator had a modification 2 hours later. Did they even talk to the investors? Let me know if I should be worried or once its approved its a done deal?

[Moe Bedard]

Ross,


Not in this case..........you should not worry.........the only reason that the modifications are being accellerated by IndyMac is because the FDIC stepped in..............so while that was bad for IndyMac it was actually good for the mortgage customers that they are servicing........once the mod docs are back........just make sure that you follow up to see that everything on your account is updated and that your new statments reflects the modification...

[rossindistress]

Two months later and I am beaming about 3.8 loan adjustment
for three years (yes i wish five years but not greedy)
Problem is today i got a letter that said since I was behind on my property
tax they created an escrow account and now my payment had gone HIGHER
than the original amount pre modification!!! And they said this is for the life of the loan. Heck the whole purpose of the modification was to get myself out of debt and in a better position which included paying property tax. Will writing another letter to the CEOS be benificial or am I fighting a losing battle!? thanks

[Moe Bedard]

Hi Ross...............

No you won't need to do that yet............all you need to do is to call the tax dept. of IndyMac..........it should be on the back of your statement, but if not then online, and ask them..........

How many months they spread the delinquent taxes over.........my guess would be 12......................but they usually can spread them out over 36 months............and sometimes 48.........which should give you the relief back..........with the lower payment.......

so try that first..........

[rossindistress]

thanks for stopping me from CEOing VIA email! thanks
What they have proposed is 12 months and they say in some cases
they can do 18 (this is just customer service, I fax the letter on monday).
Still 18 months is no good because my payment would have still jumped up to 1900 dollars.

[Moe Bedard]

Don't talk to the CSRs about this...............the tax dept. will be able to help you and in certain circumstances.............they are able to go out 36 months at least............they should be able to help you out.........

[rossindistress]

Hello,

I first chatted with this forum in July 2008, before modifications went into full swing. I wasn't late but because of this forum got a 3.8 modification. I called INDYMAC (my mortgage holder) to make sure that my original date for payment increase (scheduled for February 2009) wouldn't take place with the mod. I was told by several people in customer service that it would not. Low and behold it did. Now I am 60 days late!!! So Because of the special email addresses I received in here, I got in contact with someone deep in INDYMAC, he said yeah looks like i have a situation with the investors that couldnt stop the increase. Ok. He said that with me being late, I couldn't get another mod until march 1st. It's coming! Im scared though because reading some of these post, it says that INDY is being sold. What if this "inside connection" doesn't retain his job? He told me to email him my financial information and he would see that I am prioritized but what if he is gone. Also my other questions are:

When I submit my financial stuff, how much should I have left over?

I am at 60 days if I pay at the end of this month one month of payments, will that still leave me at 60 days or will I now be at 90 days?

Thank you very much for your asisstance and any advice would be great!

[Dan Bailey]

ross,
Due to the different investors and each having different guidelines, there has been no set financial "magic formula" for a successful mod.

With all the changes going on internaly in the servisers companies, there is a good posssibility that your "contact" may not be there anymore. Keep a good paper trail of dates conversations correspondence, etc.

[FlyOnTheWall]

I’m pretty sure Indy is still in a state of confusion.

They denied us a mod, not enough income (with a $150 surplus).

Then they sent us an FDIC mod, based on those same figures, and we still haven’t heard a peep from them since December.

THAT’S WHY I’M TRYING TO CALL OUT OTHER INDY PEEPS.
To find out if the FDIC mods are grabbing hold and being accepted; or if they still revert back to investor guidelines – and thus, some of the FDIC mods are not really mods at all – but offers mistakenly sent out due to their confusion and computer generated mailing campaigns.

So chime in Indy peeps – who else received an FDIC mod and has a permanent, modded loan?

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

Ross, my first “mod” payment is also due on the first of March, although the check I sent for the first payment was actually cashed within days of receipt by Indy (January 2, 2009).

[rossindistress]

this is scary, the funny thing is I got a Mod in July with a phone call only I wasn't late, no fax no nothing. I gave my figures over the phone and had a mod in a few days. It would have been perfect. It was a 3 year mod but would have allowed me to get steady. But then it still adjusted after only 4 months because of the loophole. Does anyone know what type of mods INDy is giving out now?? Are they at 5 or 6percent or are they 3.8 and lower like i first received. And is anyone getting mods right away or is this several month thing common place. Thanks in advance

[Moe Bedard]

the most recent IndyMac mod success was moved over to the Success Section of the forum.................it has IndyMac in the thread title..........but the workout would still depend on who the investor is.

[rossindistress]

As i wait until March 1st when I am considered for a new modification, I am 60 days behind. I received a letter today saying I am n default and the full payment must be made by march 8th to be reinstated. I thought it had to be three months? Anyway can I still send a payment that would make me obly 30 days late or am I just too late. Thanks.