Mortgage Forum

Joel Fraser

Hello Everyone. Any advice would be appreciated. Thanks to all concerned with this service. It is truly a wonderful thing everyone is doing here.Jan 2006 my wife and I closed on our loan with IndyMac Bank (IMB). It was a 95% cashout refi to help support a struggling business. In Jan 2007 we made a late payment to help make payroll. Business was actually collapsing and we started communicating with IMB and they told us to pay what we could. We liquidated all of our assets to keep going, all the while making late and/or reduced payments. Sept 2007 I started looking for a salaried position to keep our house and started in Dec 2007. Jan 2008 we received notice of default from IMB. We worked with them and found out we owed about $12k including late fees and attorney fees. We worked out a plan putting $4k down, $2400 per month for 5 months and a ballon of $8300 in Aug 2008. If we could not accomodate the Aug 2008 balloon payment we were to call 30 days prior. We are unable to make the balloon. I called "Hope Now" to see what help they could offer June 24. We were interviewed and told they would contact IMB. We did not hear from Hope or IMB so we called July 17. IMB said we could get on a three (3) payment plan (payments reduced by $300) starting July 28 and then the loan could be reviewed again for modification then. By our budget I am unsure if we can make the July 27 payment without another payday and maintain payments to our other creditors. I plan to call on Monday and ask for an Aug 1 payment date.My concern is IMB stability and would prefer something concrete, not another forebearance period. Is my experience a good one or am I "leaving something on the table?"Thank you.BrianM