Indymac Story

[Joel Fraser]

Well.. I am one of those IndyMac loan customers.I purchased my first house in 2004 for $460,000. In Jan 2007, I refi'ed with a 3/1 ARM for $448,000 with the first readjust scheduled for March 2010. Fixed at 5.75%, with 2% margin. House appraised for $540,000. I opened an HELOC for BofA for $40,000 for repairs and improvements on the house.Now, my balance is $439,000 and the HELOC balance is $36,000. Tried to refi, but nobody would touch it because the house is now valued at $440,000. Plus, I would have to pay 3 to 4 points to get the rate of 5.75%. On top of that... BofA will not resuborodate the HELCO, even with an monthly income of $11,000, a Fico score of 757, 793, 808, and a 15 year customer with no bounced checks or late payments on their credit cards. I even have a credit card which is fixed for 8.9% (no heard of with BofA)With gas prices, increase in food, education cost, and higher medical costs, thing right now are okay. But the readjust could add $700 to my payment, which would be a killer. So, I was looking to try to prevent a forest fire from occurring.So... someone said to contact IndyMac and ask for a loan modification. So I called yesterday and was transferred to the refinance department. I asked for a loan modification, only to be told that loan modifications are by "invite only based on certain critiera" and he could not give me the phone number. I search Google and found this site. Boy! Was smoke blown up my......Now time for some homework to prepare for round number two with Indymac...