Indymac modification SUCCESS!!

[shintoooo]

First, I want to thank everyone for posting on this web site. It feels better knowing that you are not the only one out there with these types of issues.

I have not been able to pay my mortgage which is with Indymac bank for the past three months. I called them on 11/07 and asked them if they can help me out by modifying my loan and they told me that based on the financials that I filled out online there is nothing they can do but to check back in a couple of weeks.

I went online that same day and looked at the financials and all the numbers had changed from what I had input a couple of days ago so I changed the numbers back to what they should be and called back the same day and the representative told me that he reviewed my financials and that someone will call me back within 10 days to discuss my situation.

The same day 11/07/2008 I come home from work and I received a letter from Indymac dated 11/03/02008 and this is what it states:

"Thank you for contacting Indymac Federal Bank, FSB to learn about your options for making your mortgage more affordable. Indymac Federal Bank is dedicated to understanding your situation and exploring every option to help ensure that you continue to make your mortgage payments on time. The first step in our process is to determine if you are eligible to refinance into a new mortgage at more favorable terms. To expedite this process, we ask that you complete the enclosed loan application documents and return them to Indymac at (Address).....

Once we receive your completed application documents, we will contact you to review the opportunity to refinance into a loan with more favorable terms. Customer Service is very important to us and we look forward to working with you to facilitate a resolution."

I need to know if I should send them the form they mailed me?


The forms they mailed me are "uniform residential loan application", 4506-T, Service Disclosure Statement, and Certification and Authorization to release information.

Should I fill these out and mail them all back??? Has anybody else received the same package?

Thanks

[Cat Damiano]

Hi shintoooo,

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

The might be looking at the H4H FHA program to see if you qualify...........but be sure to check that you are sending everything directly into IndyMac.............there should be a contact number on the letter to be sure.

[shintoooo]

The address they want me to mail to is:

Indymac Federal Bank
7700 W Parmer, Building D
Austin, TX 78729
Attention: Strategic Asset Group

Have you heard of "Strategic Asset Group" before?

[Cat Damiano]

I have not heard of them.........it might be a group put together stictly for refinances of their loans that qualify.

[shintoooo]

Well,

I sent out the package today. I will keep you updated.

[Cali5]

Shintoo,

I received a similar package. I did send it back. It seems that they base your income on your 2007 tax return which is the 4506T form. I made way more money on my 2007 tax return as oppose to my current income. I did get approved for loan mod on 10/15. Before they offer you a loan mod they wait to check your 4506T form to see if you are able to afford what they are going to offer you. Hope this helps. Good Luck!

[shintoooo]

Cat,

I can make a payment for one month, should I do it or should I wait for a response first. Can I "Short Sale" my house if they don't approve my loan mod or is it too late since I have missed 3 or more payments?

Thanks

[Cat Damiano]

I would call and see if they will accept one payment before sending it.........as far as a short sale goes............most lenders will require the property to be on the market for at least 60-90 days before they will consider this options..........check with IndyMac to see what they require you to do for a short sale and if they will do one.

[shintoooo]

I received an email from Phillip Munoz today that my loan mod has been approved and that they are overnighting a package for me to approve today. He did not give me any details about the terms etc...

He also mentioned that they have changed the way they are doing loan mods. Not sure what that means but I hope its a good thing.

[Cat Damiano]

Well shintoooo..............that is good

Please let us know when you receive the docs.....

[shintoooo]

Well I got my loan mod approved. They gave me 3 years @ 3.197% and then 6.25% fixed for the rest. My payments are actually more than they were before the loan mod because they include taxes and insurance, but if you take those out, it is about $300 lower for the first three years, but it will shoot up to a lot more after three years. I tried to get them to amortize over 40 years and they said nooo way.

I have to decide whether to keep it or not now. I might just do it and see if anything else comes up when Obama takes over the office. I feel like they are just Candy Coating the problem for three years and then its going to come back.

They are not reducing any principal amount and are not participating in the help for homeowners program.

I am really not happy about it but I guess its better than nothing.

[LHarveyMadman]

shintoooo,

I think the 3.197% rate for 3 years is a great deal. The 6.25% rate is not bad, by historical standards, but current 30 year rates are lower than that, but not tremendously lower. However, if you are like me and do not have enough equity in your home to do a conventional refinance, then this is not an option.

If I may ask, what is it about your financial situation that changed such that you were no longer able to afford the mortgage payments with your original loan? Was it an ARM that reset, or was it a loss of income or unexpected increase in personal expenses? What is/was the original interest rate on your loan?

If there is no possibility of your being able to afford the mortgage at 6.25%, then over the next few years, while your interest rate is low, you should prepare for the possible sale of your home before the rate jumps. Hopefully the housing market in your area will recover by then (if it has suffered at all).

[shintoooo]

We had unexpected increase in personal expenses, loss of income and increase in property taxes and other personal matters. I am going to accept the modification for now and try to stay in the property for the next three years however I can. After that I'll see what happens.

I am going to try and get a loan mod on my 2nd which is with countrywide. I am late 2 months on that also. Any one deal with getting their 2nd modified with countrywide?

[shintoooo]

I accepted my modification and I am pretty happy with it now.

Thanks for all the advice I received from Loansafe.org

[LHarveyMadman]

Congratulations!

[Cat Damiano]

Congratulations Shintoooo!!!

[elpjohnson]

CONGRATULATIONS!!!! Enjoy your family and your home during this holiday season!

[LMASON]

Way to go!! I'm loving it!!

[gjbrum111]

Anyone have any recent information on how INDYMAC is doing loan mods. I have a friend who said they did a "bulk modification" on a bunch of loans including theirs, but like many loan mods...they added late fees, taxes, insurance, etc to the back of the loan - then reduced the interest rate, and
that had little to no effect on their payment. It only gave them a clean start, but now they are running 60 days. Any latest news on IndyMac out there?

[socalhomonr]

when did you hear about the bulk modifications? we did recieve an offer from INDY MAC in November, but then a denial this month.

[kimber2222]

I've also been trying to get a loan mod on my first mortgage thru Indymac Bank for the last 6 months....and wanted to find out if anyone could give me any email addresses or phone numbers for the department doing the loan mods.

I've called IndyMac several times and basically got nowhere.....and was hoping I could get some contact numbers for the Loan Mod department, to speak with them directly.

Any advise would be greatly appreciated. Thanks

[socalhomonr]

I googled them and found them in another forum. They definately work so email Indy Mac it's the only way I got my loan mod. The non profit really didnt do anything for us!! Good luck we actually have a loan mod now with Indy Mac!!!

[Cali5]

SoCal,

I've been contacting John Olinski but he's probably no longer there. Would you mind sharing with me the email of your contact person. I would really appreciate it.