IndyMac Federal Bank First and Second!!! Still slackers even after FDIC take over

[Joel Fraser]

Hello and thank you all for the wealth of information that I have gain over the couples of months in hiding as a lurker. I guess I was in training for the battle that I knew was coming. Well it’s here!!! Both of my mortgages first and second are with IndyMac Federal Bank It’s an 80/20 for 30 years conventional loan fixed. The First is for $318,000 interest at 7.250% and the Second is for $81,000 interest at 9.625%. Everything had been going well until the beginning of this year for me and my family of 3. As of today I still have my two jobs, but one of my job is strictly by commission and I haven’t done much of anything money off it. Paying my mortgage started to become a struggle because I rely on my second job a lot to make ends meet. My wife had to leave her job at the end of June due to some illness. So now my family is definitely in deep water. Her salary was a big hit financially. On August 7, 2008 I decided to make the call. The one most of the people facing this type of situation ponder upon a few days and something months. I reached out to IndyMac Federal Bank to inform them that I was in a financial hardship. I would not be able to make a mortgage for the month of August because I can’t afford the payments that I have now or ever if they stay the same. If there was anything IndyMac Federal Bank could do to help me out with my mortgage. The represented that I was speaking with gave me the same routine answer. The one that goes like this “please hold on the line so I can speak to my supervisor, back online well there’s nothing we can do for you for the type of loan you have at this time give IndyMac Federal Bank a call back at the end of this month to see if there’s a new programs out for your type of loan.” On August 16, 2008 was the first time that I was late with mortgage payment. I was expecting this answer because of what I had read on here. It came as no surprise!!! On August 20, 2008 I found out about the new implement Loan Modification Program for Distressed IndyMac Mortgage Loans. At this time my hopes went up from all the talk made by FDIC Chairman Sheila C. Bair on the IndyMac Loan Modification Announcement. I decided to wait until the end of August to call back as I was told by an IndyMac represented. On August 23, 2008 I get a call from an IndyMac representative asking me why I was late etc… I gave her my story and she took down somefinancial information from me to see if my loan qualifies for a new IndyMac program. She gave me the web site where I could check out what’s happening with my loan. She informed me once I log on the financial information I gave her would not appear online. She told me to call back in 3 days. I log on to see if any updates and nothing. The three day came I called back and nothing. On September 3,2008 I called back I had to do the same financial information over again. I was put on hold when the representative came back she told me my financial information had a surplus of $500. She said my gross income must to have been put in the computer before all my deductions and now with the new update that she did I was a minus $600. I was put back on hold for like 5 minutes, she came back she said my loan qualifies for a conditional forbearance for a 3 month period with a $600 minus for my first loan payment, but I had to pay the second loan in full. I informed her that I’m not able to do the payment for the second mortgage loan at this time, but I could be able to do the first. She told me I have until September 13,2008 to make my new payments and that she would note on my account that I will not be making payments on my second mortgage loan. She told me the same routine answer that IndyMac was not doing anything with seconds at this time but to call back at the end of every month. She informed me that the conditional forbearance for the 3 month period is so that IndyMac can review my loan to see if I qualify for a loan modification. She explained to me that loan modification takes from 60 to 90 days to complete and that just because they would review my loan didn’t mean I that I qualify for a loan modification. She also gave a me their rules and that my loan might be extended to a longer term which might be to a 40 year term. She took down my e-mail and said I would have to print out,sign and mail back a forbearance's contract I would receive through E-mail no more then one day. It’s September 13,2008 no e-mail from IndyMac Federal Bank. I guess E-mail takes this long? Or is it that the E-mail is the new phone tag games that the banks played or the new fax sheet that never was received answer? I’m thinking of not going with this new conditional forbearance contract if it ever comes the reason being what’s the point of sending money to only the first loan when the second loan can foreclose on me by the same bank which is supposed to be helping me keep my house which is IndyMac Federal Bank. The FDIC took over this bank and they are still working like sharks. Money is their blood. My thought process right now is if I can’t pay both of my loans in full on time I might as well start thinking of making my exit plan. My house means a lot to me and my family of 3, but I’m not going to stress myself out for something I was able to afford before but not as of now. I will walk if I have too but there’s still a fight before it comes to this. What does everyone here recommend I do? Should I E-mail this story as is to the movers and shakers of IndyMac or go with the standard hardship letter. Thank you for reading my story.