I am one of the forclosures with Indymac. My home is one that I live in, so I'm not a "house flipper".

So, things are bad and I get in touch with Indymac's loss mitigation specialist. Basically, all he has to say is that I either have to come up with a lump sum to refinance or I have to furnish proof of more income! If I had money I wouldn't be losing my house!!!

To top it all off, the house is now not even worth $125,000 (not selling at that price on the MLS over the past 8 months). This Indymac guy says if I refinance the house is worth $164,000...I am wondering what planet he is on?

Now, I've written Micheal Perry CEO for help, one week ago, and have heard NOTHING!!

Now, wonder why the banks continue to fail. If they operate like this one, their properties are just going to rot and lose value, instead of them getting something......they are chosing to get nothing... 128d2fc



  Comments (3)
1. Written by ANOTHER PISSED OF DUDE on February 12, 2010 from -, -, US
THEY DONT EVEN LET U TALK TO ANYONE ABOUT YOUR ACCOUNT NOW AND THEY TAKE FOREVER TO DO ANYTHING SO I AM DONE WITH INDYCRAP THEY CAN HAVE THE HOUSE THAT IVE BEEN TRYING TO PAY FOR AND SHOVE IT UP THERE ***. 

INDYCRAP SUCKS I HOPE THEY ALL GO TO ***
2. Written by chatbrat55 on October 14, 2008 from monroe, michigan, US
The incentive for the bank to modify a loan is two-fold. One, to make the bank more attractive to a potential buyer by not having as many loans in foreclosure. By modifying the loan, the homeowner is taken off the foreclosure list, and the amounts outstanding plus interest and late fees are put to the end of the loan. The customer then has a new interest rate, making the payments affordable. Please please make sure you are upfront with whomever is modifying your loan, if you were non-escrow for insurance or taxes and either of these are delinquent- have the bank force escrow and get them paid prior to modifying your loan - otherwise, this may make your monthly payment much higher if it's done after modifying. On page 5 of your deed of trust (standard form used by all mortgage companies) the bank may force escrow if they feel that the property is in danger of tax sale, being forclosed on for taxes or is not being properly insured.
3. Written by Indymac Bank Complaint on October 13, 2008 from monroe, michigan, US
This is to the consumer that made a complaint on October 9th, 2008. First, If you tried to contact Mike Perry, you will be waiting a very long time for a response. Second, Go to IMB.com and apply the correct way for a loan modification.  

I am left to wonder if you lost your job that you would be in foreclosure to begin with? If not and it was that you got such a great rate with a adjustable rate mortgage- then maybe you should have read all the paperwork about how they work..... and if you didn't pay taxes or insurance- if it wasn't something you were expecting to be so high- maybe you were not educated enough or ready to be purchasing a home.  

This is not meant as a slam against one person- but against all of those crying that they're rates went up and now they can't afford to pay- hmmmmmm- maybe they should not have bought in the first place as clearly they were not ready to face the consequences when they came!!!!

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