here is a good blog about short sales in general: http://wp.me/P1MLJl-54
In our opinion, John has it 100% correct as to all stated with the process. Also note that anyone wanting to start the loan mod process needs to be prepared for a large investment of time with little to no result. They also have to prove a financial hardship in order to be considered.
Also, most of the "loan servicers", in this case Indymac, do not communicate with the investor who holds the loan. Hence, the very low success rate that John states. About 5% of loan holders succeed in a loan mod.
Lastly, the servicers record keeping leaves a lot to be desired. Someone want to do this needs to be prepared to explain their circumstance almost every time they call to discuss what is happening.
We have known may who have tried and only one who has succeeded. This is not for the feint of heart and you must be extremely organized and keep a record with notes of every call made.
Best to you,
Mark & Kari Shea
Shea Real Estate
Serving Greater San Diego