Indymac Loan Modification

[Joel Fraser]

Oh my God. Oh my God I received amazing news today. My story is similar to many of yours. I am going through a divorce, my house has decreased 300K in value, and I can no longer afford the payments on my house. I have been struggling with Indymac for the past year. They have been rude, have dismissed me, have lost their patience with me, have disconnected me, have hung up on me, have kept me on hold for over 45 minutes on multiple occasions, have told me that loan modifications do not get approved and to go for a short sale etc. About 3 months ago I submitted the loan modification package, and stopped making payments because they were simply too high. I started calling every day to ask about my application and was always given the runaround. It turns out that they had an actual expiration date by which they had to assign my case to a negotiator. The day came and went and nada. Finally three weeks ago I got a call from a negotiator who left a message saying she would work on my case. I have called her every day since to no avail. Poof she disappeared. This is when I came across your website. I emailed all of your contacts for Indymac, and followed your instructions. I reiterated my hardship and let them know that I had documented all of my many, many phone calls. One day later, today, I received an email from Frank Sillman who said that he would forward my case. Today I called one of the other contacts on your list, (one of the higher ups) and bingo the person actually picked up the phone! He was a really nice guy and recognized the name of my negotiator. He actually put me through to her right away! I couldn't believe it, I was actually talking to someone higher up and they were actually being helpful. I talked to her and she will be UPSing me a loan mod package tomorrow. I currently have a 6.5% fixed I/O for five years. I asked for a two point reduction which would guarantee me being able to stay in my house. My negotiator said that because my rate was already low that she probably couldn't reduce it two points. I don't know how much she will reduce it. I guess I will find out tomorrow. Regardless, I will finally be offered a loan mod, which I can't actually believe! The rate will be lowered for 3 years I was told, and then convert back to the 6.5% aftwerwardsOne question. Is it true that the negotiator can't lower my rate from 6.5% to 4.5% or is that just another ploy? Anyways I will post what they offer me tomorrow when I receive the package. I would love to hear any feedback from anyone. I am hoping and praying for good news, and probably won't sleep much tonight.