Indy Mac denied my loan modification

Bankrupcy will delay process maybe with that you'll have time for a shortsale.

IndyMac Active Foreclosure!

I have been trying to get a Loan Modification through IndyMac for nearly 4mths. Recently, I have missed 6mths of my mortgage payment. I was recently layoff, but prior to my layoff date,I've been in contact with IndyMac since and explain my situation. Each time, they kept referring me to different programs that I might be eligible, but each time the results were negative. Now, I am jobless and still waiting for the process review of loan modificiation. When I contacted them to check on the status of my loan modification process, I was also told that my house is in active foreclosure, but they did not have a pending sale date yet. I'm extremely upset, confused, and frustrated. I've been trying to work things out directly with my lender. Unfortunately, I'm only getting the run-arounds. I'm not sure what I should do at this point. Do I still proceed with the loan modification? Please help me!

We have been working with IndyMac for 2 years and got the run around from Indymac on our loan modidification every time it was dedined with no explanation as to why. They kept refering us to differing programs which resulted to no help. Thanks to no help our house is in foreclosure and I thought they were suppose to help home owners that were struggleing according to Obama's regulations to assisit in helping home owners keep their homes. Indymac is helping no one to do this.

I too have had terrible results with the loan modification progrm through indy banck now one west. They continue to give you the run around, tell you new documentation is required only to take to long processing that certain documentation is required again. The send letters weekly that we are here to help, we can't help if you don't call. WELL THEY DON"T HELP WHEN YOU DO CALL. There needs to be a penalty process in place for mortage companies like this that are obviously not helping there lenders as instructed by the Obama Plan.

PLEASE DO SOMETHING WITH CNN OR OTHER TV NEWS ABOUT THIS INDYMAC BANK THEY ARE FORECLOSING EVEN IF PEOPLE QUALIFY BECAUSE THEY GET MORE MONEY FORECLOSING THAN WORKING A LOAN MODIFICATION SO THEY ARE GIVING THE ROUND AROUND TO PEOPLE AND THEM FORECLOSING.
THEY SHOULD BE INVESTIGATE FOR PREDATORY LENDING AND REFUSING TO WORK WITH PEOPLE TO SAVE THEIR HOMES.

I am going through the same thing with Indymac. Every time I call they tell me a different thing. I am on a repayment plan right now that expires on Oct 31st were I have to pay balloon payment of 13,800 dollars which I don't have. I applied for modification in April and got denied so they offered me repayment plan to stop active foreclosure. They told me to call month in advance if I thought I couldnt pay balloon payment. Well I did this morning and told them I will be short and they told me there is nothing I could do till the 31st. What a bunch of bullshit. I gave them down payment in may and since then been payin them 2300 a month. Why isn't anyone investigating this bank????? They never honor their contracts nor do they give accurate information. I am so stressed out!!!!

These stories read exactly my situation. Months of being lead on by Indy Mac, and even offered a modification sent back UPS red label with a cashiers check for the first month new mortgage, just to be denied for reasons like lack of documentaion. I have sent them EVERYTHING they had asked for and gotten absolutely no help. I have an appointment with an attorney today I only hope we can all band together and Indy Mac gets what they deserve. Swift justice and us working folks a chance at a fair price to keep our homes we have already paid so much into. And by the way the cashiers check for the first mortgage has been cashed with no explination.

I am now 8 months past due did the modification thing too. I am going to see a attorney on Monday because they moved my court date up from 3-1-10 I was notified yesterday that the new date is 10-28-09. I have been going over the truth in lending and it is a lot different than what I was told. I was told I was on a 40 year instead of a 30 year mortgage at closing. It turns out I was lied to try 60 payments of 1236.92, 299 payments of 1209.69, 1 payment when I am 80 years old I guess taht is when I am supposed to get a loan on a fixed income for the balloon payment that I did not know about for 10 years for $93,232.65 since I have been a single mom with 6 kids that is going to be easy...LOL...these are the people that take their sleeping pills when they get out of bed in the morning before they get to work.

Indy Mac bank is the biggest joke I have ever see in my life. I, like others, are working to stay in their home yet Indy Mac is helping me with nothing. I have modified my loan once so far where my rate is 3% for the next 5 years...Nice right..sure if IndyMac would have included the taxes and insurance. They didn't and my payment is the same as it was when I started this.
Now I am trying to re-modify again and am getting the run around. I filled out all the paperwork they sent me and I sent it back...Paycheck stubs, tax returns, expense report...everything.
Just yesterday I got a letter in the mail saying my home is going on public auction on January 14th 2010. I'm only 2 months behind and I sent them a payment, which they cashed with no problem.
I called and spoke with Jennifer, a so-called manager in loss mitigation, and she tells me they received my paperwork a month ago and they were not able to process because they needed to speak with me about my updated expense report.
ARE YOU KIDDING ME!!!!
The paperwork I got from Indy Mac clearly stated that once my paperwork was received, a representative from Indy Mac would be calling me to go over the paperwork.
I am not wanting to move from my home since I just moved in 3 years ago.
Here is a question I can't get an answer for...If someone can please do.
In a short sale, if the bank agrees to list and sell my home for 200,000 but I owe 400,000 i am being told by IndyMac they write off the other 200,000.
My question...if the bank is willing to take a 200,000 bath, why not just reduce the principal on my loan and make it affordable so I can stay here? Write a new 30yr fixed loan with a little higher rate than prime so the investor makes their money back and if I sell the home in a certain period of time with equity the bank would get a % of the equity for selling. The longer you stay in the home, the less the bank would get when the home is sold. HELLO, LET'S KEEP PEOPLE IN THEIR HOMES AND NOT FORCE THEM OUT ON THE STREETS HOMELESS!!!
I am so sick and tired of Indy Mac Bank. Some one needs to climb up their ass with a fine tooth comb and see that they are ripping people off.

I am in the same boat with other commenters. Indymac has stringed me along since may May of this year. Each time I made contact with them, they gave me once excuse after the other. Today, I made a call to check on the status of my modification application. I was told that I was denied. When I asked why, the said my loan was held by a restricted private investor who did not have to comply with the rules regulations for loan modifications. They suggested that I provide them with income information to determine if I qualified for their loan repayment plan. The representative, Venessa(y80)said in less than one minute I did not qualified for the loan repayment as well. She then said within the next 3 days (Monday, 11/02/09), I will receive a letter in the mail about other opitions of repayment. Indymac if full of crap. I think they are trying to fosclose on my home.

Who do I turn to for help?

I am also going through the same thing everyone on here has posted. I found out why people are getting denied on modification. I applied for one and I got declined. Someone in the bank told me that the reason being which we are not suppose to know is because the value on the property declined therfore I don't qualify. He told me it doesn't matter if my income qualifies me but that no one whose property value declined will qualify for modification. He told me that the investors rather have us loose our homes than to modify loans where the loans are higher than the value. That they don't want to waste there time. Now on the repayment plans, well those don't work eithier. I got in one where I pay two months up front and had monthly payment of 2300 a month with balloon payment at end of 13,500 due at the end of six month. Well I signed contract n to my surprise I was told that after I payed ballon payment I will have a balance owe to them for 8000!!!!! Where in the hell did that figure come from??? I told them that wasn't on my contract therfore they should honor my contract. They said they were sorry but the person who wrote my figures for contract added numbers wrong! That is not my fault they screwed up! They offered another me another repayment plan with a balloon payment due up front for 23,000 up front and monthly payment of 3200!!! Where are they getting there numbers from????? How in the hell do they did I'm going to pay 23,000 up front if I can't come up with all my ballon payment of 13,500. My contract states If I can't pay ballon payment to call 30 days in advance to call them so they can see other options. Well they will not honor the contract. These people are full of crap and they don't want to help, they want us to loose our homes because its in their best interest. We should get together and file complaint to Better Business Bureau

I have been calling and sending the required information since Feb, 2009. I had another loan with them that was foreclosed on even though they had an offer that was higher than the amount they requested at the sale. Something is wrong with this company. Please post if a nationwide attorney would like to take this and look into why they make it impossible to proceed, and continue to get away with it. They just offered me $18,715.02 paid by Nov. 27th to stop foreclosure proceedings claiming that is all the investor can do.