THEY ARE SOMEWHAT A NEW BANK STRUCTURED THROUGH WASHINGTON â€” A seven member investor group (billionaire George Soros and Dell Inc. founder Michael Dell) agreed to purchase. Indy Mac Bank is one of the largest casualties of all time and tied to the housing bust. Estimated at near $14 billion. Indy Mac, which specialized in loans made with little down payment or proof of assets. Thatâ€™s hard to believe as regulators let it go unchecked. Bank was seized by the government in July after a run on the bank as the U.S. housing market collapsed. The Federal Deposit Insurance Corp. statements showed a holding company and private equity firm Dune Capital Management, agreed to buy Indy Mac.
The ability for Indy Mac bank to raise capital and mange losses will necessitate avoidance of short sales and modifications. You go through "He.ll to get a file approved, then receive an offer then get a sign off by another person who will lose the file (yeah yeah ) and then MAYBE ! Fannie AND FHLMC YES MAYBE. TOXIC SUP PRIE LOANS . . . NO WAY! THEY MUST FORECLOSE
Hey, I normally want to hear your feedback but ....Nope - the shorts and mods argument is not in the cards!
ok, so it's pretty clear that Indy Mac is on of the few that asks for upfront money to review a file. I want to add just another comment that is critical with respect to short sales and foreclosures.
Make sure your clients always confer with a CPA or tax specialist as there are many times that phantom taxes do not need to be paid. There are some very specific rules and regulations as to when taxes will be owed and when they can be avoided. So, get a Pro to help you out.
I would hang up and get another person on the line.
I've never gotten anyone from indy who's asked me for any money.
As someome whoteaches a seminar on short sales I'll be looking out for that in the future.
I would certainly ask to speak to the supervisor next time that happens.
These 1st level loss mitigators are just followinmg orders.
You can work around certain situations.
This has not been the norm in my experiences in short sales. However, they can pretty much make the rules. Playing hardball with the lenders has worked well for me. I would suggest asking for this persons supervisor and not give up. Let them know they stand to lose a lot more than $300 if they dont LOOK at your offer. I had a short sale rejected yesterday and didnt give up. When I spoke to that representatives supervisor and explained why they should take my offer because of termite issues, fed income tax liens and other issues they would have to take care of etc.. they realized they would be better off taking the offer I had than taking the property back. Bottom line is dont give up! Good luck and have tons of patience!
Now that I know about this practice I will advise prospective short buyers and sellers that they as principles may have to pay such a fee to get their offer considered. -- Should help convince a few of the buyers to look at motivated seller listings instead.
Has anyone heard of other lenders doing this practice?