Could someone give me their opinion on this situation with Indymac?

Asked by Tommy, Palm Springs, CA Sat Feb 28, 2009

8 months in arrears on 262,500 loan, payment 1532 a month. Stopped paying last July, .
December- called Indymac two different times, was told do not qualify for loan mod because I don't have a set income

Feb 1st called one more time and this time was told "oh I don't know why they told you that you don't qualify, I show that you do." Offered me loan modification "probationary period" of 3 months , would reduce my payment to 1348, not much. Also said they would pay my taxes, insurance, and flood insurance, would not give me details , basically just said it would all be tacked on to end of loan, proabably making it a 40 year loan Said they would send me financial packet outlining probationary period, which I still have not received. First new payment due 2/13, did not make paymnt..

They still have not filed any default with the county. Bottom line- I only really want to stay if I can get them down to 1050 or less on the monthly. Am I asking too much? What should I tell them?

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Leslie Felix, Agent, Palm Springs, CA
Wed Dec 11, 2013
I hope by this time you have been able to work with your bank, if not please give our office a call we have dealt with banks.

John Kouri Real Estate
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Jeannie Niles, Agent, Mountain Center, CA
Fri Aug 21, 2009
Banks are becoming much more willing to negotiate with borrowers. You asked this question quite some time ago. Has anything further developed? If I can help in any way, please advise.
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Paul Kaplan, Agent, Palm Springs, CA
Wed May 20, 2009
I think banks are a lot better with loan modifications these days and with all the Obama plans in place. Unfortunately it takes patience. My cleints that have successfully had their loan mod's, have had to make numerous calls to make sure their files don't get lost in the shuffle. So I would continue to call the bank's loan modification center. If you're not getting answers, try getting a manager...keep calling, be a pest.... But if they'd haven't filed the NOD even, you still have time!!

Before you talk about short sales, talk to your accountant so that you understand the tax implications. Be sure to talk to a reliable source with experience, that can help you determine if you actually can prove a hardship that the bank would even approve a short sale situation. Best of luck!
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Robert McMah…, Both Buyer And Seller, Palm Springs, CA
Sat May 2, 2009
Tommy... I work with a national company that has great success with Loan Modification and Short Sales. Getting the runaround from the lender is common and frustrating. Some negotiators seem to get the job done and others seem to just flounder. We have direct contact with all lenders and can get quickly to your best options. For a free consultation please go to and enter your information. I will contact you shortly. Thanks Bob
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Frank Hernan…, , California
Mon Mar 23, 2009
No you are not asking for too much because that's what you can afford right now, Call me with any questions or concerns about you Loan Modification

Frank Hernandez
Regional Account Manager
909 254-3299
0 votes
Cynthia McKe…, Agent, Hauppauge, NY
Thu Mar 12, 2009
I would call everyday until I received the answer to your question. If you have decided that you do not wish to stay if they do not lower your payment, then you should consider a short sale. That is much better for you than a foreclosure on your credit.
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Elaine Stewa…, Agent, Palm Desert, CA
Wed Mar 11, 2009
Sounds fishy to me, are you sure they have not filed a notice of default yet?
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Keith Manson-…, , Milwaukee, WI
Sat Feb 28, 2009
To be honnest, given the information your giving, I am not sure how you can get a modification down to $1050 on a balance of $262,500 with taxes, insurance and flood insurance. You are suggesting that you don't want to stay unless you get that payment, so it sounds like you have resigned your self to let it go and let them foreclose which will affect your credit for about 5 years. Is the property not worth the loan balance?

IF so, have you talked to the bank about the value?

I wish you the best.
Web Reference:  http://www.keithmanson
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