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Is it better to let my house go?
October 30, 2009
We tried several times to get a loan modification with Indymac and even submitted a complaint to the Office of Thrift Supervision. They made a determination that it was more costly to help us remodify our loan than to let our house go on foreclosure. I don't understand this, it does not make sense. Is it better to let my house go?
The reason they told you this is because the banks are only required to modify so many loans. That being said, they pick and choose which loans they will modify(of coarse being the loans that will benefit them the most to modify, to minimize losses).
The main thing to consider here is the fact that the TARP money goes to the banks to cover losses. One thing many people don't know is that Indymac,now One West Bank, bought your homeloan for pennies on the dollar. On top of that, if you forclose, the TARP money goes to the lender to reimburse them 80-90% of your origional loan amount. That being the case, they own your loan for pennies on the dollar + they get reimbursed 80-90% of the loan if you forclose = big money for One West Bank!!!
Billy