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Angela, Home Owner in Sacramento, CA

how does someone get out of an upside down loan with indymac one west bank?

Asked by Angela, Sacramento, CA Thu Feb 24, 2011

I am on a negative am loan with indymac one west bank. I have tryed to get it modified but indymac keeps telling me I am current and they cannot help me. I do not qualify for other programs because indymac bank will not participate in other programs. How do I get out of this ....my home is upside down in value

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16
bbbbhcta’s answer
Ill tell you how ! Stop paying the bastards until they work with you, and hire a lawyer that gets it...take your mortgage money and put it into an account so that you can show that you have intentions on paying but..not until they work w you. You will not get the modification, or a fixed rate, and the NEG AM ? lol....rediculous and ya cant do thing about it a 300k loan ends up 5k in no time.....thats the new american way...keep paying forever.. These people Munchin, Soros and Dell plan to steal your home, mark my words its a big happy day sweet heart deal to them...... Ya know, IMB and West Bank are slowly sinking...drowning in law suits, investigated over and over....their commercial division recently just came under fire and the FEDS want 350 million. They are a sinking ship......when you go to court (in 5 years) just have the jury google "indyMac West Bank Complaints" and when they see millions of complaints show up in less than a half a second.....they will know its not you with the bad manners.........I am doing this with my home...havent paid in 2 years (its not all that relieving but only recourse) and still...still..they wont work with me...I guess when the insurance runs out they will take action and I cant wait...Ive got years of dirt I can prove with what they did with my mortgage........I recently received a letter from the FEDs saying that I may be owed settlement from my foreclosure in 2009 lol with BOA ???hell my mort has been w IndyMac since 2007......but yup..it was me according to record...they are so screwed up....If they just called and were willing to work out the kinks I think it would be relieving for both parties...but they wont...GREED $$$$....Munchin, Soros, Dell love to be a fly on the wall when God asks you why did you put all those people on the street?? Soros lol...be soon for you!
0 votes Thank Flag Link Fri Nov 16, 2012
Hi Angela. Sorry you have to deal with this very frustrating situation. I think Indymac/OneWest frustration has been shared by so many. Here is a link to a Youtube video that gives insight to why OneWest is so difficult to deal with http://www.youtube.com/watch?v=ssl5yb7FewA. They have nothing to lose and are not motivated by loss mitigation. I would highly recommend you get a thorough foreclosure alternative consultation that will address not only loan modification and short sale or deed in lieu of foreclosure, but also give you info about the worst and best case scenario. In my experience, many home owners' stress is based on fear of the unknown. Knowing and understanding what to expect is empowering and allows you to shift focus on planning your strategy. I'd be happy to provide you with a free in depth consultation.
1 vote Thank Flag Link Fri Feb 25, 2011
Ute Ferdig -…, Real Estate Pro in New Castle, DE
MVP'08
Contact
Since this was posted back in 2011, will you give us an update about your situation? By the way, IndyMac Mortgage Services is one of the easiest banks to do a short sale with...
0 votes Thank Flag Link Tue Nov 5, 2013
Were you ever able to get your loan modified? There are a lot of great programs, but you have to go through a lot to get them approved. I hope things worked out. Let me know if there is anything I can do.
0 votes Thank Flag Link Wed Aug 21, 2013
I was just looking through old post and I noticed yours. If you were not able to refinance at the time of the post, I can certainly help you out now. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes Thank Flag Link Thu Aug 15, 2013
Hello Angela,

I have worked with Indymac before and their first reply at requesting a home loan modification is always "NO". However, you need to be aggressive and also look at your other options. I have assisted distressed home owners in getting successful loan modifications at no cost, if you like, I can look at your financials and discuss what might be your best option.

Good luck. I know this is a very unfavorable situation for you but you are not alone.
0 votes Thank Flag Link Sat Feb 26, 2011
Short Sale is one of the other answers, but the million dollar question is do you qualify? Is that the best solution for you?

Jacob
NMLS 327086
0 votes Thank Flag Link Sat Feb 26, 2011
Contact Adam Okonski RE/MAX 916-705-3857 for additional information.
0 votes Thank Flag Link Sat Feb 26, 2011
Angela,
As most of the answers below stress - You need some professional advice right away. You need some legal advice as a starting point to know what your options are and the legal consequences associated with those options. A short sale may not necessarily be your best option. I am an attorney specializing in distressed properties and I'm also a real estate broker. I offer free consultations and would be happy to discuss your situation with you and give you the legal advice you need as a starting point in solving your current situation.
Ted Greene - 916.442.6400
0 votes Thank Flag Link Fri Feb 25, 2011
Let me be the first to say, talk to some of the more experienced realtors first, THEN talk to an attorney. Your questions will be more focused on your particular circumstances, I think, than just meeting with an attorney looking for general knowledge. Here's some basic information that might help get you started:
* First, almost 74% of homes in Sacramento are worth less than what is owed. That's not a reason to ask for a loan modification. It's like stocks. The only value that matters is at the point of purchase and the point of sale. If you don't need to sell, don't. But the lenders aren't giving you a loan mod because your house is worth less. On the reverse side, if your home was worth more, would you be willing to give the lender half of your profits? The contract is as the contract was written. If you need to alter that contract (your trust deed), there has to be a compelling reason for the lender to want to do that.
* Your mortgage is owned by an investor or group of investors. Most often Indymac, or whatever lender is working with you on your mortgage, is the servicer, working on behalf of the investor. They must get approval from the investor to accept less than what is owed. So understand, if you owned a mortgage as part of your investment portfolio, you'd need a compelling reason to accept less than what is owed. Which leads to the third, most important question, that will help you compel the lender and the investor to work with you on a loan modification or short sale.
* What is your hardship? If you go to http://www.makinghomeaffordable.com, they actually specify it as one of 4 boxes to check. Loss of income; reduction of income; divorce/death; or other. Without a real hardship, the lenders will not negotiate.
* Last, you must negotiate by sharing your financial information. They are looking for a specific ratio to determine if you can qualify for a loan modification, or should consider a short sale instead. Rarely,( as of Feb 2011) are lenders offering a reduction in the principal balance as part of their loan modification.

While Indymac is more difficult than many others, they are still trying to decide- what is their better alternative? Despite some of the rumors on One West's practices, no bank prefers a foreclosure to working out an alternative if you really can demonstrate a hardship. Don't arbitrarily stop paying your mortgage without getting more education on the best alternative for you. Because if you do short sale, right now you will not qualify to buy another house until 2 years PLUS the number of months that you were delinquent on paying your mortgage. For most people that's really closer to 3 years with the current FHA policies.

I work as both a home retention consultant as well as a realtor. As a home retention consultant I offer a free one hour consultation to review more deeply the points made above. At the end of that conversation, if it's determined that you have a good position to negotiate a change in the loan with your lender, we will call them and get that started for you, call various resources to answer your tax or legal questions, and develop the strategy best available to you.

No matter what way you go, the ultimate answer lies with your lender. It will take good negotiation skills to compel them to change an existing contract.
Web Reference: http://www.suearcher.com
0 votes Thank Flag Link Fri Feb 25, 2011
Angela, you are in a tough situation - but you aren't alone. Unfortunately, many people are facing the same crisis, which is exactly why your question is so important.

You do have a few options - and I must preface this by stating that speaking with an attorney or accountant for guidance will be your first step before making any final decisions. The most ethical option is to stay in the home if you can afford it, but everyone understands that it becomes emotionally difficult to put so much money toward something that isn't valued at that amount. You could try a loan remod again, but chances are they'll deny you. I haven't personally met anyone that a loan remod has worked for. If you need to get out of the home you are down to two options - foreclosure or short sale. A short sale is a long and tedious process, but the homework pays off (just like it did in high school) Generally with a short sale there are fewer tax ramifications and less of a credit hit than with foreclosure.

If you need further guidance, contact your attorney, accountant, and Realtor.

Good luck :)
Web Reference: http://www.morganlarson.com
0 votes Thank Flag Link Fri Feb 25, 2011
Hi Angela,

Since you are current with your payments, I presume your credit is good.

Do you one loan or two? Do you have mortgage insurance? When was the mortgage obtained? Was it ever refinanced? What rate are you pyaing now? How much are you underwater?

Jacob
NMLS 327086
Web Reference: http://www.swanloans.com/
0 votes Thank Flag Link Thu Feb 24, 2011
Hi Angela. As these other Realtors mentioned, you should consult an experienced distressed property real estate agent in order to discuss your options and the possible legal and financial ramifications. I typically sit down with the homeowner and ask questions such as how many loans they have, and so forth, in order to determine what some of the consequences would be of a loan modification, short sale, or foreclosure. I also provide extremely affordable options if the homebuyer would like to speak with real estate and tax attorneys. You can give me a call any time if you have any further questions, and please check out my website.
0 votes Thank Flag Link Thu Feb 24, 2011
Angela,
My first question is usually How upside down are you? We don't want to throw the baby out with the bath water as grandma used to say.

If you can no longer afford to stay, a possibility is a short sale, but yes most lenders will not talk to you until you are behind in payments. Connect with a short sale agent that works in your area, and an attorney and financial advisor, only after knowing your full story can a plan be developed.

Good luck
0 votes Thank Flag Link Thu Feb 24, 2011
Hello Angela,
There are many solutions available. I would recommend meeting with a trusted and experienced short sale professional to discuss options and also the consequences of each.
Without knowing all of your circumstances...My recommendation would be to pursuit a short sale. Rent for two years and then buy again.
You would need to show hardship - lost job, income, wages, divorce, illness, relocation, etc.

Please call/email/text any time.
I would be happy to review with you at your leisure and of course with no obligations
to you. Very private and confidential - always!

Happy to help.

Michele Peterson
Keller Williams Realty
(916) 743-5934
CallMichelePeterson@gmail.com
0 votes Thank Flag Link Thu Feb 24, 2011
About the only way is through a short sale. Indymac is notorious for being hard to do a short sale through but they do happen.
0 votes Thank Flag Link Thu Feb 24, 2011
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