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Help With Indymac Loan Modification

Discussion in 'Loan Modification' started by ar4236, May 22, 2008.

  1. ar4236

    ar4236 LoanSafe Member

    I am new to this site and want to see if anyone has advice in dealing with Indymac. I am currently in a 5 year Libor ARM @ 5.1% due to reset in 2010. I wanted to refi last year but was unable to due to negative equity. We are upside down about 100k. In January I sent Indymac a hardship letter explaining that I wanted to modify the existing term to a fixed rate. I have never had a late payment, and always pay some toward principal.
    Indymac just got back to me last week, and said the investor ( Fannie Mae) has agreed to modify. However, Indymac wants to put me on a 5 month forbearance plan to start with. I called yesterday, and they told me the forbearance is to show the investor that I have a hardship. Is it normal to request forbearance in my situation? They also told me they would not report any information to the credit bureaus.

    Any help would be appreciated.
  2. schwefls

    schwefls New Member Guide & Litton Success

    Welcome to our forum ar4236:

    I wanted to stop in to welcome you to our forum. Shortly someone will be reaching out to you with some sound advice/suggestions. In the interim please hang in there.
  3. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Hi ar4236,

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

    Yes this is normal for some investors to require that a forebearance agreement be fulfilled before rolling to modification.........especially since your adjustment doesn't come until 2010...........like IndyMac said..........FNMA will require proof of a hardship...........whether it is happening or about to happen.........it isn't a bad thing.......if you can get that rate fixed without having to worry about adjustment.........that would be nice.......:)

    Keep us updated on how it goes.........
  4. ar4236

    ar4236 LoanSafe Member

    What happens to the shortage of money if I agree to proceed with the forebearance plan. They are asking me to make my mortgage payment short by $500 per mo for 5 months.
  5. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    You will have to ask them............
  6. angel83

    angel83 LoanSafe Member

    How did you know exactly how much you were under in equity?
  7. angel83

    angel83 LoanSafe Member

    ar4236, what kind of letter did you send since you are not to reset till 2010? I reset in 2009 and am in the same situation. Would love to know. And what was their answer to the forbearance and the report to the CRA?

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