Indymac/Forbearance

[undecided]

This is my story in a nutshell. Fell behind in mtg. payments, home in
foreclosure awaiting sale date.

FAST FORWARD: Applied for modification 4/30/09 (Obama Plan Fannie Mae) received three different letters stating received documents under
review 30 days. Received packet yesterday with a forebearance offer
for 6 mths. bringing payment from $3,500 to $1,235.00.
Letter states within the 6 mths they will review if I qualify for a modification. Called Indy. Rep states I did not qualify for Obama's plan
and they are trying to find me a program no gurantees.


QUESTIONS: (1) If I did not qualify why give a forebearance
(2) When I did calculations under Obama's plan
(income 31%) I got exactly what they offered me in
the forbearance.

(3) Is the forbearance the same as trial payments?

(4) Should I agree to this (expires 7/29, states they will
stop foreclosure proceedings.

Please suggest next step.

Thanks

[Evan Bedard]

Hi undecided welcome and thank you for joining the forum.

(1) If I did not qualify why give a forebearance
(2) When I did calculations under Obama's plan
(income 31%) I got exactly what they offered me in
the forbearance.

There are other modification programs that you may qualify for, this is maybe why they put you on the forbearance..

(3) Is the forbearance the same as trial payments?

Yes they are pretty much the same.

(4) Should I agree to this (expires 7/29, states they will
stop foreclosure proceedings.

This is really up to you, but I would have to suggest to take the offer because it will stop foreclosure proceedings and save you a lot of money over the next 6 months. After six months of on time and complete payments Indymac will further review your case for a permanent modification. Hopefully at the same rate as well...

[undecided]

Thank you for your response, I signed and returned package.
Keeping my fingers crossed.

[undecided]

QUESTION: Now that I have accepted the forebearance agreement, I would like to know if it is a wise decision to file BK, while In forebearance.

(a) How would the bank view this?
(b) Would it help or hamper my chances for a permenent modification?

I am fearful of creditiors garnishing my wages which would leave me unable to kepp up with the payment arrangements. My plan was to complete the MOD then file for BK, but I am running out of time.

Any suggestions on how I should handle this situation?

[undecided]

Any one has any suggestion?

[mayela]

UNdecided,
Can you please post how you got through to INdymac bank for loan mod? Do you have a direct number to the office of the president? My friend needs my help

Thank You

[undecided]

Hi,

I did research on the person whose name appears at the bottom
of the letter that states your mod is in review his name is

Brandon Latman
First Vice President
IndyMac Mortgage Services

Email:brandon.latman@indymac.com

Mr Latman assigned me to

Brandy York,
Tel: 626 535 5043
Fax: 626 535 4113


Good Luck

[kimber2222]

That's the name that appears on my review letter from Indymac too.
I have received two letters now, saying my application for assistance was under review, and the last one was dated June 5th....still haven't heard anything.

I have emailed a few different people in loss mitigation(including Brandi York), but they just tell me that I have to be 60 days late, before they can help me....and I'm going on 45 days...so maybe they will consider helping soon. I applied back in April for a modification when I was still current, but my income was decreasing and I knew I needed help...and wanted to get it before I went delinquent.

I just got my new assessment for my property taxes, and it shows that my home has decreased about $240,000 since I got this loan in 2007!!
I'm upside down a ton, so you would think they would want to work with me, but who knows.

[undecided]

I have received three letters, before I got the offer. When I inquired about the first 30 days, they claimed they sent me a denial letter.
The second letter came in June ( I counted 30 working days from the
date of the letter) the offer came one week after the end of the 30 day
waiting period.

The third letter came in July, the 30 working days ends this week.
I have not made a payment since 12/2007(not counting the payment I made for the agreement) Iam hoping and praying
that I get this cleared up soon.

[Evan Bedard]

It is truly remarkable that you are able to remain in you home after a year and a half. Many times the bank would have already foreclosed.

Good luck and please keep us posted on your progress!

[undecided]

I received the following letter from IndyMac today:

Please accept this letter as written confirmation that IndyMac Mortgage Services, a division of OneWest Bank, has received your signed modification agreement.

This is a significant step in completing the modification process and keeping you in your home. Over the next three months, there will be other important milestones that must be achieved and I will be here to assist you to make sure you understand the progress and expectations to fulfill the requirements of this program.

In order to get this process started and so we can discuss the program in detail, I will be reaching out to you sometime over the next 14 days to conduct an introductory discussion. We will be discussing your financial situation and making sure you understand the next steps. I would encourage you to wait for my call and to have your monthly expenses and income information available for discussion.

In order to accommodate this process and to allow you the flexibility needed to speak freely, most of our communication will take place during weekend and evening hours via outbound calls to your residence.

It is important that we can collectively manage through this process by forging a partnership, staying in contact with one another and having frank discussions. I look forward to assisting you through this process and I am committed to making this experience as smooth as possible.


QUESTIONS:

(1) Has anyone received this letter, and went through the process ?

(2) Letter states that I signed a modification agreement, I signed a forebearance(6mths) agreement, is there a difference or are the terms interchangable? (made my second payment of the forebearance agreement today)

Please share your thoughts.

[parrothead2009]

We must be on the same path with Indymac. We too received a foreberance offer that would have expired on 7/29/09. We also agreed to it and also received this same letter - ours was from a RuthAnn Michelle Miller. As of today, we still have not received a phone call that was supposed to come within 14 days of the date of the letter ( 8/14/09). I spoke with a rep from Indymac last week that was really helpful. He put me on hold, went and talked to RuthAnn who said she had no idea that these letters had gone out with her name on them but that she would be contacting people in the coming "weeks." In the meantime just stay current on your payment and provide whatever documentation they request. Keep us posted if anything else changes with you and I will do the same!

[undecided]

Well, my 14 days was up on 8/28 no calls as of today. I am playing for time, I won't have any pay stubs to show until the end of Sept. So this
delay works in my favor. Will keep you posted. FYI, Michelle King is noted on my letter.

[vvcalgirl562]

I have received a forbearance from Indymac 2 weeks ago and need to return by 9/23. They lower my payment from $3060.00 to 2700.00 for 3 months trial. I don't know if I should agree to this or not. I have miss 3 months payment.

[EastCoaster]

Originally Posted by undecided

This is my story in a nutshell. Fell behind in mtg. payments, home in
foreclosure awaiting sale date.

FAST FORWARD: Applied for modification 4/30/09 (Obama Plan Fannie Mae) received three different letters stating received documents under
review 30 days. Received packet yesterday with a forebearance offer
for 6 mths. bringing payment from $3,500 to $1,235.00.
Letter states within the 6 mths they will review if I qualify for a modification. Called Indy. Rep states I did not qualify for Obama's plan
and they are trying to find me a program no gurantees.


[B

Thanks

I'm confused but slightly encouraged by your statement.

PHH told me today that my request for HAMP was denied but a Forebearance letter was getting mailed to me. It would probably cut my payments in half for 6 months.

Other than that - I have no other details.

I was under the impression that a forebearance is a temp fix and you have to pay back the "half payments"... am I wrong about that....?

If you don't mind, what are the details of your forebearance agreement..?

I'm perplexed.

Is a forebearance sometimes a "trial package" in disguise ?

[EastCoaster]

Bump for more info..

[undecided]

Hi,

Sorry for the delay, major problems with my password.

I was told that forebearance is similar to trial modification, but at a longer
period (trial mods, are 3mths, forebearance 6mths)

My forebearance agreement states that Indymac will be looking for programs to keep me in my home. This will take place during the forebearance period. It also states that these programs could include short sale or foreclosure and that failure to comply with suggested modification or program will result in continuation of foreclosure proceedings.


My original payment was $3,500 forebearance payment $1,235.45

[undecided]

I think you should accept, it will give you more time to do your homework and resubmit for a permernant modification.

[detleffish]

Can anyone on this thread help me? Just found out today that Indymac will sell our home Oct 31, 2009. We have been working with Amerisave and they just called and said that Indymac has not reviewed our modification request - it's been with Indymac since July 1 2009 and I submitted everything to Amerisave April 2009. Amerisave can't get anyone to review my file (too many people) - amazing they have the time to sell our home but not review our file. I saw a contact above and I passed it on to Amerisave and our federal reprsenative Senator Mark Begich - but I am wondering if any of you have had any success with anyone within Indymac. We really need the help. Thank you.

[undecided]

Did you try Eric Friedman, he responds withing 24 hrs. I think you should do it directly and not rely on anyone else.

[detleffish]

do you have a number for him? thanks

[undecided]

Eric Friedman

eric.friedman@imb.com

fax: 626 432 8802


I don't have his telephone number, but it is posted somewhere on
this site.

[darkdays]

Originally Posted by undecided

Did you try Eric Friedman, he responds withing 24 hrs. I think you should do it directly and not rely on anyone else.

I have sent him 2 emails and he has not responded to either

[darkdays]

Originally Posted by darkdays

I have sent him 2 emails and he has not responded to either

Actually, I guess that's not true (sarcasm). I received a denial of my loan modification dated the same day as my email with his electronic signature.

[djdavisla]

djdavisla
Senior Member

Join Date: Nov 2008
Posts: 56