Foreclosure in Oceanside>Question Details

Terra Bruns, Real Estate Pro in Santa Clarita, CA

Indymac loan modification procedure--anyone??

Asked by Terra Bruns, Santa Clarita, CA Tue Jun 12, 2012

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HMMM, Loan mods are good, but over 60% end of doing short sale or foreclosure within 6 months of modifying. Seems to suggest that saving your money and doing short sale is best way to do. Indymac was sold to OneWest Bank in '09 or maybe even '08. Anyway, they are easy to work with on short sales and loan mods. If you need a good realtor in your area to do a short sale, I am happy to refer one. I am networked with hundreds of agents and tons of them in southern CA.

here is a good blog about short sales in general:
0 votes Thank Flag Link Wed Jun 13, 2012
Hi Terra,

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
0 votes Thank Flag Link Wed Jun 13, 2012
Indymac Bank is similar to all the others in the process. First you have to identify who owns your loan. Most the 'No Income doc five year' stuff they wrote in the boom was not securtized by Fannie or Freddie but sits with third party portfolios that have no eagerness to re negotiate your terms. So standard government mod terms are off the table with the servicer (indymac). The success rate of these instruments I think is sort of underwhelming to my knowledge - especially if you are not in an imminent default status. So identify your loan type and holder. If in doubt call your service, which I am sure you already have. But they have a huge portfolio of alt-a product out there and you are likely in it. Good luck.
0 votes Thank Flag Link Tue Jun 12, 2012
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