Need refinance or modification

Needrefinancenow

LoanSafe Member
Sep 16, 2013
8
0
0
New Jersey
We are trying to modify our IndyMac mortgage.
They have denied us.
We are at 6.5%. 30 year fixed.
Our payment is on time.
They state we are not seriously delinquent and our service agreement does not permit modifications.
We have just suffered a documented 35% loss of income.
Any suggestions?
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
We are trying to modify our IndyMac mortgage.
They have denied us.
We are at 6.5%. 30 year fixed.
Our payment is on time.
They state we are not seriously delinquent and our service agreement does not permit modifications.
We have just suffered a documented 35% loss of income.
Any suggestions?
Welcome and thanks for joining the LoanSafe community.

I take it you have been unable to refinance your mortgage due to being underwater? The first thing you need to do to determine if you are eligible for a refinance in this situation is to verify whether or not your mortgage is backed by Fannie Mae or Freddie Mac. You can use the links below to determine if either entity may own your loan.

https://knowyouroptions.com/loanlookup

https://ww3.freddiemac.com/corporate/
 

Needrefinancenow

LoanSafe Member
Sep 16, 2013
8
0
0
New Jersey
Hi Evan,
We are not underwater.
We Owe $ 390,000 on a house appraised at well over $550,000.
6.5% when we refinanced around 2007/2008.
Want to jump in and enjoy the 3 or 4 % we should be enjoying with interest rates as they are.
We just modified a loan with Chase for a summer home we have and basically had no problem.
Granted, that loan was delinquent for 2 years then they agreed to modify.
This house I am talking about right now is our primary residence and I did not want to gamble like with the summer residence and stop payments.
It worked with Chase and the summer home.
I don't want to risk the IndyMac loan with the primary residence.
It seems like you get penalized for paying on time.
Because of the summer home and some other high bills we have our credit is shot and we cannot refi the primary with anyone.
We are at a crossroads and I would really like to cut this payment in half which on paper seems attainable.
Or at least make the loan more affordable.
Payment is $ 4200 a month.
Any thoughts?
Thanks
 

Needrefinancenow

LoanSafe Member
Sep 16, 2013
8
0
0
New Jersey
According to Fannie Mae and Freddie Mac websites we are neither Fannie or Freddie.
According to IndyMac we have our loan with IndyMac, a division one west bank.
They state the servicing agreement we have does not permit modifications.
They state Deutche Bank National Trust Company is the trustee of the pool of mortgages of which we are included (mortgage-backed securities).
I received this info in a letter. They said we are not eligible for HAMP.
For the record we contacted John Olinski and were sent a letter from KevinMcGowan.
It should be easier to get a lower interest rate from 6.5%, shouldn't it?
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
They state the servicing agreement we have does not permit modifications.
They state Deutche Bank National Trust Company is the trustee of the pool of mortgages of which we are included (mortgage-backed securities).
I received this info in a letter. They said we are not eligible for HAMP.
For the record we contacted John Olinski and were sent a letter from KevinMcGowan.
Unfortunately, the modification and delinquent payments on your summer home will prevent you from being able to refinance your primary residence for at least 12-24 months from the time you received the modification. I find it highly unlikely that your loan is not eligible for a loan modification. How long ago did you complete the modification on the property?
 

Needrefinancenow

LoanSafe Member
Sep 16, 2013
8
0
0
New Jersey
We are on our 3rd trial payment for our vacation home and all the details are nailed down for that house.
We have succeeded in lowering our monthly payments once the new payments start on November 1.
As far as the primary residence on August 21,2013 I received a letter from IndyMac stating IndyMac does participate in HAMP but they are obligated to comply with terms of the servicing agreement for the pool of mortgages which my loan is included and the trustee is Deutsche.
It specifically states our servicing agreement does NOT permit modifications that are NOT seriously delinquent.
It further states for that reason they do NOT have a modification program available for us at this time.
I guess what they are trying to tell me is don't pay the mortgage and then we can modify.
I am not willing to gamble on the primary residence.
I have a 30 yr fixed and payments are on time.
It would be great to modify to lower my payment.
Everyone I have reached out to besides IndyMac to refi to take advantage of low interest rates tells me we have to repair our credit.
Right now my wife and I are in the mid 500s.
Thanks
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,100
181
63
San Diego, California
www.loansreduced.com
We are on our 3rd trial payment for our vacation home and all the details are nailed down for that house.
We have succeeded in lowering our monthly payments once the new payments start on November 1.
As far as the primary residence on August 21,2013 I received a letter from IndyMac stating IndyMac does participate in HAMP but they are obligated to comply with terms of the servicing agreement for the pool of mortgages which my loan is included and the trustee is Deutsche.
It specifically states our servicing agreement does NOT permit modifications that are NOT seriously delinquent.
It further states for that reason they do NOT have a modification program available for us at this time.
I guess what they are trying to tell me is don't pay the mortgage and then we can modify.
I am not willing to gamble on the primary residence.
I have a 30 yr fixed and payments are on time.
It would be great to modify to lower my payment.
Everyone I have reached out to besides IndyMac to refi to take advantage of low interest rates tells me we have to repair our credit.
Right now my wife and I are in the mid 500s.
Thanks
Hi Needrefinancenow,
What you would run into with us is a few things and one of them would be just receiving a modification which sounds like will start permanent on Nov 1st. With our bank you would have to wait 12 months after receiving a modification in order to refinance. Different banks will have separate guidelines but I'm 95 percent sure that ours are the most lenient. We don't care about principal reductions, term extensions and serious modifications to the terms of the current loan. Another thing that would be required is 12 payments on time and in some cases they consider a trial modification paying a partial payment towards your loan.

With what you have mentioned you would be eligible this coming November to refinance your primary residence with our bank. Other banks will either not refinance a modified loan or have very strict guidelines on previous modifications from my experience.