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what to I do? wpbx

Jul 14, 2008

INDYMAC BANK review

The first on my home is aprx $500,000 with Indy, the 2nd is $86 wth Select Portfolio, It's in Foreclosue now, I'm $200,000 upside down, I'm filing 13/7 BK. I would like to keep the house but.........unless there is a major change on the loan and terms I'll have to let it go. I rent out a portion of the home for $1000 per month, but even the renters now are baulking at paying the rent because they are convinced the home will be auctioned and the bank will give them next to nothing as far as time to vacate. Does Indy have a "cash for keys" program?

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Comments (3)

1. Written by Empathetic, on 15-07-2008 19:26

It's unfortunate that you are probably not going to be able to save your home, but the good news is that Indymac DOES have a cash for keys program. I am a renter that has just found out that the home we occupy has been sold at auction to the original lienholder, Inymac. We have been offered the cash for keys from their Realtor. Although we have not yet moved so I can't attest to whether or not they keep to their end of the bargain, we have signed a contract indicating that we will move out by month end (3 weeks from the contract date) for a decent sum of money. Never accept the first offer. You will likely only get this offer if the house is purchased back by the bank and not a third party. The money ($2500) is not enough to cover the trouble it is for our family to have to relocate but at the same, we are thankful for the assistance and just want to move on from this stressful situation. You have to decide which will be worth your while... a little cash to go quickly and leave the property in good, clean condition...or face eviction following the sale, go to court, beg the judge for a couple more months (you will likely get it) and consider all the money you've saved during that time. Obviously, you will have saved quite a bit by the time you go through the entire process. I understand that some people are living in their homes for 9 to 12 months total after they stop making mortgage payments! I guess you can make it work for you if you are the homeowner but for people like us (renters) we get screwed all around! Good luck in whatever you decide!

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2. Written by DEE, on 14-07-2008 12:56

Are you retarded? Why give renters a break? Are they your kids for goodness sakes? People have to pay no matter where they live. This woman had to have money in this house and she may recover under different terms. She should collect rent or kick them out. Foreclosure properties often are taking 2 years to close and in the meantime many things change. Collect the rent from anyone to help u out.

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3. Written by KKKards, on 14-07-2008 11:31

since you no longer pay the mortgage, you should not be collecting rental income, unless you are remitting it to the lender to service your loan, better tell your renters to move out as the bank will foreclose, mere fact that you are in foreclosure means NO change in terms, just in case u haven't heard, the Office of Thrift Supervision has closed the bank and the Feds have taken over, your loan will be assumed by whoever buys the bank from the Fed, you may be able to renegotiate your loan terms with the new owner of the bank, but finding a buyer for the bank might take some time, and your home may be foreclosed before that happens, my advice is to let it go and move on with your life and do';t let your poor renters be out any money they cannot recover, give them a break

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