IndyMac Success ?? I hope so.... - Loan Modification Forum

thurman15 · 07-17-2009, 01:27 PM

We started this process in March when the announcement came form Obama. Well finally today, we received our modification package from Indy Mac! I cannot believe it. Our temporary payment plan is a little over $300 less than what our current mortgage payment is. There is nothing in the documents indicating how they came up with that figure. So I called today and I was informed that my new payment is based on dropping my interest rate to 3% down from 6.5%. So according to IMB if we pay our new payment on time from now until Oct and Fannie Mae approves our application that should be our new payment. I need to figure out what this new payment will be basing it on our DTI, I still think it may be too high. But hey it is a start, I just cannot believe it. So we need to submitt, again for the third time: hardship letter, 1046, recent pay stubs and recent utility bill. So I am keeping my fingers crossed that Fannie will approve mod and we will be on the road to recovery. We have never had a late payment until last month so I really want to get back on track. Thanks for all the help on this board, it really was invaluable...

Evan Bedard · 07-17-2009, 01:49 PM

Hi Thurman15,

Congrats on your temp modification and I hope you will achieve a permanent mod shortly after. Keep us posted on your progress!

kimber2222 · 07-17-2009, 02:39 PM

Hi Thurman 15,

I'm so happy to hear that you finally got Indymac to help you. This really gives me some hope that maybe I will also get a response from them sometime soon. I also submitted my financials for the Obama mod back in April and have received 2 "under review" letters, but nothing else so far.

Do you know if their mod offer is a HAMP mod....as far as the DTI rations and other guidelines....just curious?

Good luck to you and congrats

.

thurman15 · 07-18-2009, 09:54 AM

Hey Kimber,
I was told that our temporary payment is based on dropping the interest rate from 6.5% down to 3%. So we need to make our 3 payments on time over the next 90 days. Fannie Mae can either approve the mod, deny the mod or change the payment. I am still not sure if our mortgage will be reamortized out to 40 years, and our DTI brought down lower. From what I understand DTI can be as low as 31%. So we have to wait and see what Fannie Mae will do. I guess the ball is in their court at this time. As I said in my previous post we only recently became late with our mortgage payment. We have never, ever paid our mortgage late but we had some emergencies come up that we felt took precedent over the mortgage. So technically at this time we have only missed June and July payment. Our new temporary modified payment is due on 7/24, which we can make. So I am keeping my fingers crossed.

ladyfijiana · 08-28-2009, 10:07 PM

We called Indy Mac for our second mortgage modification and this nice lady didn't know of any program that helps with 2nd mortgage but they decrease the interest rate for a year only on second mortgage. Is that correct!! It is just for a year and than it will increase again. I know when we will call again another IM rep will tell us something else. It would be nice if we all can just get a simple answer which is not so twisted from what we research.

07-17-2009, 01:27 PM	#1 (permalink)
thurman15 Member Join Date: Apr 2009 Posts: 14 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	IndyMac Success ?? I hope so.... We started this process in March when the announcement came form Obama. Well finally today, we received our modification package from Indy Mac! I cannot believe it. Our temporary payment plan is a little over $300 less than what our current mortgage payment is. There is nothing in the documents indicating how they came up with that figure. So I called today and I was informed that my new payment is based on dropping my interest rate to 3% down from 6.5%. So according to IMB if we pay our new payment on time from now until Oct and Fannie Mae approves our application that should be our new payment. I need to figure out what this new payment will be basing it on our DTI, I still think it may be too high. But hey it is a start, I just cannot believe it. So we need to submitt, again for the third time: hardship letter, 1046, recent pay stubs and recent utility bill. So I am keeping my fingers crossed that Fannie will approve mod and we will be on the road to recovery. We have never had a late payment until last month so I really want to get back on track. Thanks for all the help on this board, it really was invaluable...

07-17-2009, 01:49 PM	#2 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IndyMac Success ?? I hope so.... Hi Thurman15, Congrats on your temp modification and I hope you will achieve a permanent mod shortly after. Keep us posted on your progress! __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

07-17-2009, 02:39 PM	#3 (permalink)
kimber2222 Member Join Date: Jan 2009 Posts: 22 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IndyMac Success ?? I hope so.... Hi Thurman 15, I'm so happy to hear that you finally got Indymac to help you. This really gives me some hope that maybe I will also get a response from them sometime soon. I also submitted my financials for the Obama mod back in April and have received 2 "under review" letters, but nothing else so far. Do you know if their mod offer is a HAMP mod....as far as the DTI rations and other guidelines....just curious? Good luck to you and congrats.

07-18-2009, 09:54 AM	#4 (permalink)
thurman15 Member Join Date: Apr 2009 Posts: 14 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IndyMac Success ?? I hope so.... Hey Kimber, I was told that our temporary payment is based on dropping the interest rate from 6.5% down to 3%. So we need to make our 3 payments on time over the next 90 days. Fannie Mae can either approve the mod, deny the mod or change the payment. I am still not sure if our mortgage will be reamortized out to 40 years, and our DTI brought down lower. From what I understand DTI can be as low as 31%. So we have to wait and see what Fannie Mae will do. I guess the ball is in their court at this time. As I said in my previous post we only recently became late with our mortgage payment. We have never, ever paid our mortgage late but we had some emergencies come up that we felt took precedent over the mortgage. So technically at this time we have only missed June and July payment. Our new temporary modified payment is due on 7/24, which we can make. So I am keeping my fingers crossed.

08-28-2009, 10:07 PM	#5 (permalink)
ladyfijiana Senior Member Join Date: Mar 2009 Posts: 33 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IndyMac Success ?? I hope so.... We called Indy Mac for our second mortgage modification and this nice lady didn't know of any program that helps with 2nd mortgage but they decrease the interest rate for a year only on second mortgage. Is that correct!! It is just for a year and than it will increase again. I know when we will call again another IM rep will tell us something else. It would be nice if we all can just get a simple answer which is not so twisted from what we research.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode