Indymac Modification

[Joel Fraser]

I have 2 mortgages with Indymac. First one is $302k at 5.675% and it was a 5/1 ARM that was set to go up in 2 more years. My 2nd $75k at 12.5% fixed, of course. Being proactive, we asked for a modification from Indymac BOTH mortgages. After filling out the hardship documents, etc., they sent me a computer generated letter saying that they received it and that a specialist would be in touch in 30 days. Well, after 3 months of me callling them on a weekly basis and them not responding, I was told by an attorney, a mortgage broker and a realtor to start missing payments to get the bank to sit up and take notice. Warily, we did so. After missing 3 payments, I have finally received my modification package from Indymac on my first mortgage. it's a 40 year fixed at 4%. I'm happy with that and am taking advantage of it. However, I'm a little concerned that they have not even addressed my 2nd mortgage. I'm going on 4 months behind on my second mortgage now and they have not done anything to modify it. All I have received was the monthly default letters they keep sending me. The new modified payment on my 1st is due next month on October 1 and I have already sent it. What worries me is if I keep missing payments on my 2nd mortgage, can they foreclose?? Does anyone know if they are even doing anything on 2nd mortgages?