Is it a stated income stated assets "Liars" loan? Indymac Bank, the second largest bank failure in the United States history? Nice guys! These creeps (management) buried the American tax Payer in a Bail out that will take our life time to pay back. This "Fool of fools" scam lender will cost more to bail out than the entire S&L bail out under FIRREA legislation dating back just over 10 years ago.

You want advice? Show where this predatory lender has ruined your life. Stop focusing on your hardships and take them out NOW. Move with a claim to force lender to charge off the loan and seek to quiet title under an offer in compromise - in exchange for not seeking damages and other awards for mental anguish, malfeasance and fraud.

Crooks! Okay, got it?

msoliman@borrowerhotline.com http://www.foreclosureinfosearch.com

Samir,

Hang in there! There must be a solution for your problem. I know of someone that had perfect credit with Indy Mac - never late - not even one time. They received a letter from indy Mac stating that because they had been such good customers they were going to modify their loan (when they told me about this letter I had a bad feeling)

Anyway, they went through the process with IndyMac - the bank even applied their payment toward the "fees" to do this for them and told them don't worry about the payment - it is forgiven in this transaction - I really felt there was something wrong.

Yep - you guessed it! The bank issued a NOD, said they were not going to modify the loan...these people are in a mess. They hired an independent appraiser. This appraiser told me that IndyMac and one other have been the worst for things like this happening. Said the exact same thing happened to his friend!

So, all this to say that you need a professional helping you with them!

All my best,
Dot

Samir:

You are getting good advice from this forum. To summarize, your options are as follows.

You want to keep the property.

1. Proceed with a loan modification.
2. Rent the house. I doubt that your rent will cover the mortgage and taxes and you will have to pay the difference from your pocket.

You want to let go the property.

3. Proceed with a short sale. You will take a credit hit.
4. Let the lender foreclose. You will take a credit hit.

Options 1 & 3 will require you to demonstrate a hardship. That is the most critical phase in a loan mod and short sale approval process. No matter how good your agent/attorney/expediter is who is negotiating for you, if your documentation is not complete, your chances of getting either are next to zero. The documents you have to provide, amongst others, include your pay stubs, bank statements (ALL bank statements - do not leave out any), tax returns, W-2s and/or 1099s etc.

If anyone is asking you to pay upfront, my advice is to drop them and look for someone else. If a Real Estate Agent or Broker is asking you for any money upfront be advised that the Department of Real Estate has very strict rules on the subject and prohibits any licensee from taking money upfront unless they have been approved by the DRE.

If there are any other questions, give me a call.

Good luck and best wishes.

Bob Khalsa
Broker Owner
United America Realty
661-313-6107
bobfoxbat@gmail.com

Samir,
I have a working relationship with IndyMac, which is now One West Bank's, senior management. I have successfully negotiated short sales with IndyMac / OWB, should that be the option required to reslove your hardship. I am currently assisting a client, where IndyMac / One West Bank services the loan for Fannie Mae, which has their own rules regarding Loan Modifications and Short Sales.

You have several options to avoid foreclosure, however now that the NOD has been issued you need a professional experienced in postponing the NOTS. I am experienced in anaylzing your financial situation, which will be required in order to show you the options & programs available to resolve your hardship. I am current on President Obama's Making Homes Affordable" Streamlined Modification Program" and can provide you guidance on this program.

Please feel free to contact me for a free consultation, this is a very complex situation with to many variables to provide you with an indepth answer to your question. At this point it's unnecessary to pay attorney fee's, should your situation require an attorney I have a great referral.

Sincerely,
Gary Ricco, Certifed Distressed Property Expert
Keller Williams VIP Properties
661.290.3837

Click on this link to read a blog I wrote in regards to foreclosures:
http://activerain.com/blogsview/1096651/santa-clarita-realto…

Your have a few options, you can either be persistent with your loan modification and you just may get somewhere with that. Possibly hire an attorney to represent you with the loan modification? There are some that are experienced with such things. Watch out for those that require $ up front however. You could rent out your home, but you may have a monthly loss even after rent is paid. You can pursue a short sale, which is what many people are trying.

The best thing to do is seek professional legal/financial advice and make your decision on what to do after seeking out such advice.

Now that the bank has filed a notice of default, they will likely send you another notice in 3 more months called a notice of trustee sale (month 6 of being behind in payments). You will have about 3 weeks from the date on that notice, until the bank takes back your home via foreclosure at the Trustee Sale. Often times, they postpone the Trustee Sale in order to attempt, though the attempt may be weak, to modify your loan prior to foreclosing. Basically they may get a bit more serious when the time is running down and out.

If you wish to pursue a short sale, give us a call. You can find all of our contact info vat our website http://www.TheScvAgents.com - linked below.

Take care!

The Robert & Brian Team @ Realty Executives Valencia