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Indymac HAMP Denial and Indymac Mortgage services Modification

Discussion in 'Loan Modification' started by oube1, May 12, 2010.

  1. oube1

    oube1 LoanSafe Member

    Hello everyone,

    I apply for a HAMP and after the three payments of my trial, I was denied, but Indymac offer to modify the loan.

    Here are the terms:

    Current Loan
    - My loan right now is 205k
    - 8%

    Now:
    - They added to my loan 9k that I owe them, for the three months I didn't pay, plus the escrow.
    - So now my loan is 214k

    Here are the terms of my payment
    2% First 5 years - 60 payments
    3% 6 year - 12 payments
    4% 7 year - 12 payments
    5% 8 year - 12 payments
    5.250% From 9 to 27 - 217 payments
    after that there's a balloon payment of 90k to pay by 2036 - 1 payment

    to all this I need to add the escrow monthly payment around $250 (adjustable).

    There's a lot of crap that I don't understand like a Post-Chapter 7 Rider Agreement, that I don't know


    I just want to know, if this modification is normal or this guys want to take advantage again. What do you guys think about this?

    Thank you in advance for all the help
  2. goldie

    goldie LoanSafe Member

    Oube, that sounds pretty good to me! Are you going to take it? Yes, DO make sure you understand EVERYTHING before you sign anything. Maybe you could hire an attorney to read it before you sign? Probably wouldn't be that expensive and might be money WELL SPENT.

    So did you file a Chapter 7? Or are you just talking about the language? I'm curious as to what it says about filing Chapter 7. If you did file a Chapter 7, did they offer the mod to you or did you ask for it.
  3. oube1

    oube1 LoanSafe Member


    Hi Goldie, Thank you for the quick response.
    I haven't filled a chapter 7, they just mentioned in the form in the case I did.

    Anyway, I just don't understand about the balloon payment, but now I've read so much that I think I'm starting to understand everything. I'll try to get an attorney.

    I just don't trust the bank anymore and I'm looking to inform myself.
  4. goldie

    goldie LoanSafe Member

    Good for you! Look out for yourself. The bank is only looking out for themselves, so you must do the same. I think it would give you peace of mind to have an attorney vet this agreement & see what they think.

    Just out of curiosity, if you don't mind me asking - what does the language in the Chapter 7 rider say? Does it say anything about being void if you file BK? I'm just wondering because I'm going to do a BK and then try to get a mod. If not, I walk away & owe nothing. I certainly don't want to sign anything that would jeopardize that.

    Those terms you mentioned sounded pretty good. You get 2% for FIVE years and then top off at 5.125. I'd take that in a heartbeat (but only AFTER I had my atty read it through).:)
  5. oube1

    oube1 LoanSafe Member


    Great thanks for the advice. The problem is after the 27 years, I still need to get the 93k for the balloon payment due on 2036.

    The chapter 7 part
    A post-chapter 7 rider to modification Agreement ("rider") is attached to this agreement. The rider is incorporated to this agreement with the same effect as if the rider was included directly to this agreement.

    So is just an attachment, in case I fill the chapter 7.
  6. oube1

    oube1 LoanSafe Member



    Hi Goldie, Thank you for the quick response.
    I haven't filled a chapter 7, they just mentioned in the form in the case I did.

    Anyway, I just don't understand about the balloon payment, but now I've read so much that I think I'm starting to understand everything. I'll try to get an attorney.

    I just don't trust the bank anymore and I'm looking to inform myself.

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