Received NOI today

puppyted

LoanSafe Member
Mar 31, 2011
137
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Signed for two certified letters this afternoon. One for my husband, and one for myself. Both were the same, the NOI on our 2nd.

Stopped paying on the 2nd as of April 1st, 2011. Lender - IndyMac.

Letter states we have until July 23rd to "cure our default". Which we have no plans to do.

Stopped paying on our 1st as of May 1st, 2011. Lender - IndyMac.

Have received a package (not certified mail) to apply for a HAMP modification. Have no plans to do this either.

IndyMac calls 6x's a day on the weekdays, and about 4x's a day on the weekends.

Waiting to see when the NOI will come for the 1st.

Am holding out hope that IndyMac will proceed quickly, following the California timeline, which would allow things to finish up sometime in November.
 

odderjobber

LoanSafe Member
Mar 19, 2010
8
0
1
You can stretch it out pretty easy and bank the mortgage money. Check out the Hampster wheel thread.
 

puppyted

LoanSafe Member
Mar 31, 2011
137
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Thank You. Yes, I have seen the HAMPster Wheel Game.

I think everyone has to do what is best for their situation, and for ours, we have found a great apartment to move to that will cut my husband's commute by about 1 1/2 hours a day. It will also make a much shorter commute for my son to college. So, we have already set up our move in a few months. I don't favor renting to someone when I know the house could be foreclosed on at any time. But, that's just me. We are currently "banking the mortgage money", but do hope that as soon as we move that the Lender's vultures come as quickly as possible to take this money pit off our hands.

It's 3:15 p.m. here, and IndyMac has called 8x's today. : P
 

Screwed11

LoanSafe Member
Feb 7, 2011
232
1
0
Thank You. Yes, I have seen the HAMPster Wheel Game.

I think everyone has to do what is best for their situation, and for ours, we have found a great apartment to move to that will cut my husband's commute by about 1 1/2 hours a day. It will also make a much shorter commute for my son to college. So, we have already set up our move in a few months. I don't favor renting to someone when I know the house could be foreclosed on at any time. But, that's just me. We are currently "banking the mortgage money", but do hope that as soon as we move that the Lender's vultures come as quickly as possible to take this money pit off our hands.

It's 3:15 p.m. here, and IndyMac has called 8x's today. : P
Congrats on that NOI, PuppyTed.

Just a quick question: How are you "banking" that money? You already reserved an apartment, right? We located a great place, too - will cut hubby's commute by 1 hour and his gas + parking fees by $400 a month. However, they wouldn't consider a move-in date later than 2 months away ... this would mean that the max we would save would be 2 months of mortgage payment (before that first late hits the credit report). This is a corporate landlord, btw. Of course, rent would be almost 50% less than our mortgage - so I'm not complaining too much. Just wanted to know how you were able to reserve an apartment for a few months out (unless I misunderstood your situation)?

Thanks.
 

puppyted

LoanSafe Member
Mar 31, 2011
137
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Thanks. : )

It is a new apartment complex that is still being built, that I happened to spot online. The location couldn't be better, 5 minutes or less down the street to my husband's place of work. When we went to check the apartments out, we felt it was the right thing for us, and filled out credit applications ($15.00 a piece for my husband, myself, and our son), and put down $100.00 to hold the apartment that we picked. At that time we hadn't stopped making our mortgage payments, so there was no problem with the credit check going through. Plus we figured the worst that could happen is that we might be out $145.00. At that time they had Phase 1 opened. Now they are about to open Phase 3. We chose an apartment in Phase 5 (the last Phase, still being built), as they gave us a move in date that fit perfectly with what I understand the California Foreclosure Timeline to be (90 days = NOD + 90 days that NOD must be in effect before NTS + 21 days that the Notice of Sale must be posted before sale of property occurs). That is the quickest it should happen. Of course the Lender can drag it out, we're hoping they don't. So, it gives us time to get rid of a ton of "stuff" (we haven't lived in an apartment for over 24 years, should be interesting), and get packed up. We should have about 5 months of mortgage money saved up by our moving date.

Congrats on finding a great place! It sounds like you will be saving alot of money. : )
 

LACondo

LoanSafe Member
May 30, 2011
9
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Am holding out hope that IndyMac will proceed quickly, following the California timeline, which would allow things to finish up sometime in November.
Hi there,

My lender is also IndyMac, my property is in CA, and I missed my first payment June 1. Can you tell me what you are referring to re: "California timeline"? Thanks!
 

puppyted

LoanSafe Member
Mar 31, 2011
137
0
16
Hi there,

My lender is also IndyMac, my property is in CA, and I missed my first payment June 1. Can you tell me what you are referring to re: "California timeline"? Thanks!
When I referred to the "California Timeline", it's just what I have been able to piece together from information I have gained from posts on this website, and from other websites I have found. I am no expert, so I welcome anyone who has different information to correct me, or just leave a comment.

From what I have read, in California, the soonest the NOD (Notice of Default) can be sent out is when you are 90 days past due.
Then the NOD has to be in effect for a minimum of 90 days before a Notice of Trustee Sale can be posted. The NTS has to be posted for a minimum of 21 days before a sale of the property can occur. Of course the Lender can drag this out as long as they want to, but in California, I believe this is the "timeline" of the minimum time a foreclosure can take from start to finish.

But, again, if anyone wants to correct my information, please feel free to do so.

Good Luck. Started our Walk on May 1st. Would love to share information on the progress of dealing with IndyMac.