Our Story w/ Indymac SUCCESS!!

[colahhh08]

Received loan docs from Indy***** today and have a question for the experts, if I have given Marshall authority to talk with them onn our behalf would they send the requested docs to only us?

Anyway, one interesting thing of note is that our application, which has no sig or initials states that we gross over $17k per month!! Shoot if that were the case we wouldnt be in this predicament. Now that we have received these docs we have a renewed spirit ;-) in our fight.

Craig

[Mary Salzer]

The documents should have been sent to the requester, the requester needs them....the requester has been waiting patiently for them....they are jerks....Indymac that is.

[colahhh08]

I will messenger them to Marshall ASAP in the a.m.

Thanks Poppy ;-)

[Mary Salzer]

The requester is PO'd at the morons at Indy*****.....real PO'd. So there is a special surprise for them.....dare I say real special.

[colahhh08]

I find it very interesting how some of the docs are initialed/signed and the most important ones are not. I am so angry right now that we allowed ourselves to get in this situation. One thing is for sure we will never let it happen again.

Oh, and Poppy, dare I say I love it when the requester is PO'd, in a good way.

[Mary Salzer]

Trust me they are not the worst, but the documents are interesting, those that are not shall we say baptized and blessed by the borrower. Verrrrryyyy Interesting as Sgt Schultz would say....(Stalag whatever number, for those to young to remember).

[colahhh08]

Originally Posted by Poppy

Trust me they are not the worst, but the documents are interesting, those that are not shall we say baptized and blessed by the borrower. Verrrrryyyy Interesting as Sgt Schultz would say....(Stalag whatever number, for those to young to remember).

I think Col Klink is running the show over there

13, stalag 13.

[Mary Salzer]

Yes well I could only watch it on my Grandparents TV, we did not have one...so the choice for me was 17 or 13, I could not remember.....I was a deprived child, no TV. Just books....

[mauimalia]

Originally Posted by colahhh08

I was going to start a new thread to ask this question but didnt where to put it. Does anyone know if there is any way to withdraw all of a 401k while staying employed with your company. I have gotten the generic answers of,
1. You can take a hardship withdrawl, but you have to prove buying primary home, in default of current mortgage or medical hardship. We are in neither yet.
2. Quit my job(which would not be wise) and either withdraw all and get dinged with penalties or roll over to a type of IRA which I can withdraw money as needed and pay taxes on only what is used.
3. there is no 3, thats it!!

So any advice would be appreciated. Taking approx $100k would definately have us sitting a lot better than we are now.

Regarding pulling funds out of your 401k early, from my perspective-----Don't!!!! We pulled 80k out of our 401k to get into this house. We literally liquidated everything we had to keep this house that we are trying to hold on to and had I known then what I know now, I would never have touched the funds. First, the house has gone down so much in value, that our funds are gone. Secondly, we got nailed by the IRS and FTB for the withdrawal and are now in the process of an Offer in Compromise to avoid paying to full amount owed as we are literally tapped out!!! Honestly, I would never advise doing this and I regret it fully. The tax implications alone are not worth it and starting over literally is really emotionally devastating. We are in CA.

Maria

[Mary Salzer]

We have visited that here and recommend that in the case of any 401(K) withdraws other than hardship that a CPA be consulted or an expert in ERISA, this is a case by case and personal decision that each member may or may not want to examine as a tool to assist in their financial situation.

While your experience may have been unpleasant, each 401(K) plan is different and the way the plan is set up is vastly different in many cases. The tax implications from some may be huge and for others not so huge. There are 401(K) loans and other avenues that borrowers may use to minimize the tax consequences....in hardship withdrawal there are reduced and minimized tax consequences. It is for that reason we recommend that you contact a Tax Professional in conjunction with serious talks with the plan manager of each individual 401(K).

[colahhh08]

Originally Posted by Poppy

Yes well I could only watch it on my Grandparents TV, we did not have one...so the choice for me was 17 or 13, I could not remember.....I was a deprived child, no TV. Just books....

same here. i had only seen in reruns as an adult

[colahhh08]

So in the documents I received it is only the loan docs, shouldnt there be payment history, etc.? I messengered the docs to Marshall this morning hpefully he has them.

[Mary Salzer]

That Adult *****...hummmm.......

Then they will be overnighted to the requester, immediately for review.

[colahhh08]

Confirmed, signed for at 11:18am.

[Mary Salzer]

Thanx, will take care of it....