Mortgage Modification IndyMac SUCCESS!!

[Jo~Kiwi~]

We were in the process of trying to sort out a mortgage modification with IndyMac. We were in an ARM, and payments reset as of July 1st, pushing our mortgage up by nearly $1100/month. Like many others, we're upside down on our home, but only by little. 1st mortage is 292 000, and 2nd is right around 17 000. Our home apparaised in 2006 for 353 000, and now would probably appraise right around 295 000. Due to our lack of equity we cant refi. Also, debt to income looks a little high thanks to credit cards we're still paying off after completing an adoption last year. Have tried for debt consolodation loan to lower monthly payments on credit cards, but was declined due to amount of cards and balances. Still current on mortgage payments , and no lates.

IndyMac took all of our info via the phone, and just on Friday we faxed in copies of paystubs, hardship letter etc. With our combined incomes we do show a surplus of around $250/month.

Anyone have any idea how the takeover of IndyMac is going to affect those of us currently in the process of trying for a mortgage modification?

Thanks in advance!

Jo

[schwefls]

Hi JoKiwi welcome to our forum:

I wanted to stop in say hello and assure you, you are not alone. Shortly someone will be reaching out to you to address your questions and provide you with some sound advice/suggestions. In the interim please hang in there and know that we are here for you.

[Cat Damiano]

Hi Joe,

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

Anyone that is already a customer of IndyMac will not be affected as of now and if anything is going to change they will be notifying their customers..........

They are working on the modification and the good news is that the FDIC is forcing them to wrap them up alot faster..................

What you can also to as of Monday, because they will be working again, is..........

Put your hardship letter into the body of an email and send it to each of the email addresses below........

frank.sillman@imb.com
drew.buccino@imb.com
eric.friedman@imb.com
mitch.oringer@imb.com


Hope this helps you..........
Please keep us posted on your progress................

[Jo~Kiwi~]

Thank you so much everyone! Already I have found so much valuable information on these forums, and I must say its given me lots of hope at a time when things were feeling pretty useless.

I will most definitely be sending those emails off first thing in the morning.

Does anyone have any insight into how they determine what kind of mortgage relief we may be eligible for?

Again, thank you all so much!
Jo

[Cat Damiano]

For that question you would need to ask a contact at IndyMac..........they will have to gather your info first to make that determination........and also it would depend on who the investor on you loan is and what type of workout they are offering.............

[Jo~Kiwi~]

Thanks Cat.

We did ask the question and were told it would be 30-60 days after they received our paystubs and hardship letter before they would know. I was just hoping to get some idea based on other peoples experiences.

Ok, next question, as I have no idea who the investor on our loan is. Is that a question I just ask IndyMac when I call them tomorrow to confirm they received our fax?

[Cat Damiano]

You could...............but some lenders won't say..........
When these loans become what is called a Mortgage Backed Security they are pooled by loan type and then sold to investors privately or on Wall Street...........and most of the time sold again in pieces...........but the investors use the servicers such as IndyMac to help the customers.........they will not deal directly with the customers which is why the customer doesn't always get to know that info................
Some do get the answer to that question............so give it a shot.........

Let us know what you find out........

[Jo~Kiwi~]

Thanks Cat, and will absolutely let you know how tomorrow goes. All of this has totally caught us by surprise, so I'm really appreciating all the help here. We've only been in the loan since April 2006 and were under the impression that we had 5 yrs before our payment would jump to the full principal and interest payment. We knew the minimum would go up each year (by 7% if remember right), but this has been a bit of a shock. Crazy part is I know several other families around our area in the same sort of loan, who have had their loans longer or around the same time as us, (who have also just been making minimum payments), and theirs havent reset yet. I'm not quite sure what went wrong with ours.

Will be back with an update again tomorrow!

Jo

[Cat Damiano]

Jo

thanks for the update..............

[Lena013]

Hi Jo,

For me the takeover IMMENSELY sped up the process. I can tell you what I did that was successful for me. I called every day, and documented all my phone calls in a log. For a long time Indymac spat on me, was rude to me and put me on hold for a ridiculous amount of time. They set an internal expiration date for a negotiator to contact me and went over that date by almost a month. Then the negotiator contacted me once and forgot about me. When I went on this website I got all of the contact information of Indymac decision makers and wrote them all. When these people heard how I had been treated and how long I had been waiting, they fast tracked me and I received my loan modification package right away.

Good luck

[Jo~Kiwi~]

Lena, its so great to hear of someone who has had a positive outcome! Can I ask what sort of modification they agreed to, as well as what your circumstances were?

We've been trying to call them this week, but cant get past the "all lines are busy" message. I guess there are a lot of their customers freaking out right now and trying to get their money back.

Thank you so much for your reply ... its just great to know that someone out there had a positive outcome!!

Jo

[Cat Damiano]

Jo,


You can read Lena's story here.............

Indymac Loan Modification SUCCESS!!

[Jo~Kiwi~]

Hi again, everyone! Just stopping by with a quick update. We tried calling IndyMac repeatedly, but it seems everyone else is doing the same thing and overloading the phone lines.

Sent emails off today to the contacts Cat had listed, as well as a couple of contacts IndyMacFighter had listed too. Included a copy of our hardship letter, just as you had suggested, and also outlined the issues that we've had trying to follow up on our application for Mortgage Mod. (no record of application, reapplied, failure to let us know they needed paystubs faxed, and just generally how we felt we'd been given the run-around). Requested read receipts, and Drew Buccino opened my email immediately, as did Mitch Oringer. Mr Oringer responded instantly, asking for a little more information on our case and stated that he'll look into it right away. Next came an email from Frank Sillman, letting me know that he'd copied my email to Mitch Oringer, who would ensure that I get in touch with the right person. Got a delivery status notification from Michael Perrys email addy saying delivery had failed. Anyway, its looking a lot right now like Mr Oringer is the man of the moment!

Still waiting to hear back, but I must say it was awesome (after weeks of getting nowhere) to actually hear something back from someone!! Now that this line of communication is open via email, it should make life a lot easier as far as documenting contact too.

Talk soon!
Jo

[Cat Damiano]

Jo,

Thank you for the update..............I am glad that I was able to help you get somewhere with IndyMac.............so Mitch is the man......

Good Luck!!!!

Keep us posted...........