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Indymac - 2nd mortgage settlement declined

Discussion in 'Loan Modification' started by ChrissyF1214, Feb 8, 2010.

  1. ChrissyF1214

    ChrissyF1214 LoanSafe Member

    I have a first & second mortgage with Indymac. My first has been modified and my 2nd has not. I stopped paying about 4 months ago. I contacted them stating that I wanted to settle the 2nd since my house wasn't worth what I paid. At first they told me they were private investors & that they don't modify second mortgages. I was contacted by someone at Indymac about a month after that. I had to submit bank statements, a hardship letter and my BEST offer. Well, I owe $68K and offered 12%, which was $8,600. Not that I even have that money my parents were going to let me borrow it. I was declined today. No counter offer. The girl told me they will NOT foreclose and that my loan will NOT accrue any interest and eventually it will become a charge off. I know that they will still have the lien to my property, but I just don't understand why they wont accept an offer rather than receive nothing? She said down the road it will most likely get turned over to a collection agency and then I might be able to settle with them. She said that each month it will get reported to the credit bureaus that I haven't paid. Any advice? It's not like I have the money to pay the 2nd. I have been out of work since June 2008 and my unemployment will be running out any day now.
  2. Maurice Bedard

    Maurice Bedard Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    They used to accept these offers. Now, they figure if they keep it up, everyone will want to do as you and settle. Thus, they have now made the decision to stand firm and rather would sell your account to collections then settle for the same price. It is business and they feel this is better at scaring people into paying.
  3. Wisconsin guy

    Wisconsin guy LoanSafe Member

    I'm going through the same thing, IndyMac told me that I have to get my first modified which I did thanks to this site and the many people who have posted. My first is with BofA, so now I'm waiting for Indy to do something. I've e-mailed with my request just yesterday so we'll see what happens and I'll update here as needed.

    One thing I do find interesting, when I e-mailed Indy they sent back their response through an e-mail portal that you have to create an account for, it's some type of secure message delivery thing through One West Bank. The bad/wrong thing is that the messages are automatically deleted after a set amount of time. I even created folders for the messages I sent and received however the content of the folders has been automatically deleted!!! If you do receive e-mails from IndyMac try to print them so you have a paper trail.
  4. ladyfijiana

    ladyfijiana LoanSafe Member

    We applied for the second to be modified by indy and they came up with a reason that we make a lot of money. We had some overtime during christmas time and the reason is that we make a lot of money and was denied.
    Is there anything else we can do to get this second modified aside from chapter 13. We are current on both 1st and second. 1st is modified last year in-house modification.
  5. ChrissyF1214

    ChrissyF1214 LoanSafe Member

    I was told that my 2nd mortgage was held by private investors. My first was modified by Indymac last year as well (not through HAMP). They didn't even give me an option for a modification on the 2nd, they said they weren't doing modifications on 2nd mortgages, but then THEY called me for ME to have ME make them an offer. I think it's crazy that they wont take a settlement. My first is for $341K & my 2nd is $68K and the house I just got appraised for $350K. The representative basically said for me NOT to pay they are not going to foreclose and that it will be charged off. I still would have that lien against my house that's why I want to settle. I just can't believe that these "investors" would rather get no payment than something. She said eventually it will be sold to a credit agency and at that time I might be able to settle with them. I am unemployed so filing chapter 13 doesn't help me & I was told BK7 can't strip down the 2nd. At this point I am going to not make payments like I stopped a few months ago on the 2nd. The first I will continue to pay and I guess I will worry about the 2nd down the road. Right now I have no plans on selling the house. At this time I can't pay it at a 9% interest rate and they wont refinance, so it leaves me with no other options. My credit is shot and she told me that it will keep getting reported to the credit bureaus.:(
  6. ladyfijiana

    ladyfijiana LoanSafe Member

    Is there anything else we can do to get Indy Mac/Onewest to at lower our interest rate on second?
    They are just so stubborn to deal it. Anybody else here who is dealing with Indy Mac for second lien?
  7. ChrissyF1214

    ChrissyF1214 LoanSafe Member

    I don't think there is anything else we can do. The only thing would be to refinance, but my house doesn't have the equity. I could see if they lowered my interest, it would be a more reasonable payment and I would be able to make it, but at 9% it's too high. If you hear of anything please let me know.

    Good luck!
  8. Wisconsin guy

    Wisconsin guy LoanSafe Member

    Chrissy- In my previous post I mentioned sending in e-mails and copying certain people. Sorry I can't remember the addresses but if you look on this site you'll find the names of whom to send the request to. My very first e-mail was responded to right away telling me that they won't do anything until the first has been modified. They also had a line about "maybe you should watch your finances so you can afford to pay us" something along those lines which I didn't think was appropriate.

    I have yet to hear anything on my last e-mail, from what I've read the only way it seems to get their attention is to stop paying. That's what I've done starting this month so we'll see what happens. I asked Indy for a modification or a settlement, I doubt they'll offer a settlement but you never know. If I were forced to short sell Indy is screwed, they'll be lucky to recover 20% of what I owe so I would think that they'd be willing to work with us. The way house values are dropping in S.E. Wisconsin they better hurry:D!!!
  9. darkdays

    darkdays LoanSafe Member

    I've posted about the vanishing email system on other threads. You don't want to rely upon a system they control and can lock you out of anyway. What I do is cut and paste the entire email (w/ date/ time, etc.) into an email from my personal email account and email it to myself. Then you can create a folder and keep them all on your personal account.
  10. BRdaMAN

    BRdaMAN LoanSafe Member

    MY BIGGEST FEAR: Same thing is happening to me with my IndyMac loan, they will not modify or change the 2nd Mortgage. I have not payed on my second mortgage since October 2008 (24 months now) and they have failed to act. Do you think they could be doing something like this:

    Charge off the second to a collection agency. Collection agency begins tacking on the maximum interest per year legally on the debt and using the home as the collateral. Then do one of the two following options:

    A. Foreclose on the property when they see value in the home
    B. Hold the lien on the property until it sells, even if this is 10 years later, and collect then.

    Either way, the buyer is left with nothing...

    Also, any ideas of our options at this point?
  11. savage5193

    savage5193 LoanSafe Member

    We're having the same issue. In March, we demanded a reinstatement of both loans with a reinstatement letter. This works on the first one if it's in a foreclosure but because the 2nd mortgage is not in foreclosure status, the law doesn't apply (from what Indymac said). What a huge loophole! I think this is fraud but many Judges in Oregon don't consider this as fraud. How can they report to the credit bureau delinquency when the account is not active? Has anyone figured this out? Anyone have a solution?
  12. puppyted

    puppyted LoanSafe Member

    Have both our 1st and 2nd with Indymac. Don't know if any of you have seen this article, so I thought I would post it. This is what helped me finally convince my husband that we had to protect ourselves, and give up our house. We are in our 6th month of not paying on our 1st, and 7th month of not paying on our 2nd. Home is underwater for over $250,000.

    Indymac/OneWest Article
  13. Confused in the I.E.

    Confused in the I.E. LoanSafe Member

    Puppyted - have you received your notice of default yet? We stopped paying the same time as you (also IndyMac) and we still haven't received our NOD.
  14. puppyted

    puppyted LoanSafe Member

    Hi. No, not yet, unfortunately. We moved out mid-September, because we found the "right" place for us to be for a few years. We go back to our house every weekend to check on things. As of this last weekend, we had not received the NOD. In fact, for about the last 3 weeks, we haven't received anything from Indymac. Our call log on the phone shows they still call everyday. Still never leaving a message.

    We really wish this would start moving faster.
  15. puppyted

    puppyted LoanSafe Member

    Just a quick follow up. Checked the mail today, and again, there is nothing from Indymac.

    What's happening with Your Indymac walk?
  16. Confused in the I.E.

    Confused in the I.E. LoanSafe Member

    Still waiting for our NOD as well. Calls have lessened quite a bit about one every three days now. IndyMac has paid our delinquent property tax and they were kind enough to also inform me that our adjustable rate has changed again (every six months). I'm thinking that we will probably get a year with no payments at this point.
  17. puppyted

    puppyted LoanSafe Member

    Yeah, headed towards month #7.

    I know we could have stayed in the house longer, but we have no regrets. The apartment we are in is proving to be very nice, and my husband couldn't be happier about his new short commute to his job.

    Our main goal is getting this settled before the Debt Relief Mortgage Act expires the end of 2012. We wanted to allow ourselves plenty of time in case Indymac dragged their feet, which is exactly what it appears they intend to do.

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