Final Indymac Loan Modification Obtained for Homeowner Located in Ontario, CA

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The Law Offices of Michael Gaddis recently obtained a final IndyMac loan modification for a homeowner located in Ontario, CA.  The IndyMac loan modification was a Home Affordable Modification.  The homeowner successfully completed the trial period and was rewarded with the final IndyMac loan modification.  The terms of the IndyMac loan modification call for an initial interest rate of 2% set for 5 years.  After the 5 year period expires the interest rate increases to 3% and once more in year 7 to 3.875%.  From years 7 until the end of the term the interest rate will remain fixed at 3.875%.  The initial payment of $1,194.94 principal, interest, taxes and insurance (“PITI”) reflects an over $550 per month reduction from what the homeowner was paying prior to becoming delinquent.  This reduction in the homeowner’s PITI payment provides considerable relief to the elderly homeowner that had recently incurred a substantial reduction in his pay.  This loan modification allowed him to keep a home that he had owned for a very long time.  The homeowner was referred to Michael Gaddis by another one of Michael Gaddis’ clients that Michael Gaddis had successfully obtained an IndyMac loan modification for.

Many homeowners contact Michael Gaddis complaining about IndyMac but Michael Gaddis really likes working with IndyMac.  In fact, Michael Gaddis asserts that IndyMac is one of the more efficient servicers when it comes to reviewing loan modification applications. 

As always, Michael Gaddis and his staff will continue to monitor the homeowner’s file in order to ensure that 1)  the final IndyMac Loan Modification paperwork is received by IndyMac; 2) IndyMac properly uploads the modified terms into their system; and 3) IndyMac returns the homeowner’s file to regular servicing.  If you would like to see a copy of the IndyMac Loan Modification referenced in this article or review other loan modifications obtained by Michael Gaddis please click the following links:  http://californialoanmodificationattorney.com/trials-modifications/ and http://californialoanmodificationattorney.com/trials-modifications/approved-trials-modifications-pg-2/.

Indymac Loan Modification Obtained for Homeowner Located in Vista, CA

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The Law Offices of Michael Gaddis recently obtained a trial Indymac loan modification for a homeowner located in Vista, CA.  The Indymac loan modification is a Home Affordable Modification  Program (“HAMP”) Tier 2 loan modification.  This is the second trial Indymac loan modification procured by Micheal Gaddis for this homeowner.  The first trial that the homeowner were placed on was a HAMP Tier 1  loan modification.  The homeowner successfully made the three (3) trial payments required by the HAMP Tier 1 trial loan modification, however, when Indymac began the process of issuing the final HAMP loan modification paperwork Indymac discovered that the homeowner had already been issued a previous HAMP Tier 1 loan modification on another house which the homeowner was now renting.  Since the Treasury Guidelines state that a homeowner can only receive 1 HAMP Tier 1 loan modification the loan modification was denied.  Michael Gaddis confirmed that the homeowner had, in fact, received a previous HAMP Tier 1 loan modification but encouraged Indymac to review the homeowner for HAMP Tier 2.  Indymac insisted that they had and that she did not qualify but stated that they were reviewing the homeowner under their 2nd Look internal program.  Michael Gaddis knew that the homeowner should have qualified for the HAMP Tier 2 modification and despite encountering stiff resistance from Indymac pushed the issue to his contacts at Indymac.  After hearing what Michael Gaddis had to say and reviewing the information themselves, Michael Gaddis’ contacts were able to have the file re-reviwed, this time, with a positive outcome.  The key to success was Michael Gaddis’ knowledge regarding the Treasury Guidelines for HAMP Tier 1 and HAMP Tier 2 as well as Michael Gaddis’ ability to speak with people at Indymac who are willing to listen and act.  Michael Gaddis really enjoys working with Indymac because 90% of the time what is supposed to happen does happen.  In this instance the right outcome took some extra pushing but overall, Indymac is a very good lender to deal with.

The new trial Indymac loan modification payment of $1,900.01 represents a potential reduction of over $1300 a month from what the homeowner was paying prior to becoming delinquent.  As always, Michael Gaddis and his staff will continue to monitor the homeowner’s file in order to ensure that a final Indymac loan modification is procured.

To view a copy of this Indymac loan modification as well as other successful loan modifications procured by The Law Offices of Michael Gaddis please click the following links: http://californialoanmodificationattorney.com/trials-modifications/ and http://californialoanmodificationattorney.com/trials-modifications/approved-trials-modifications-pg-2/

Indymac Loan Modification Success for Homeowners Located in Escondido, CA

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The Law Offices of Michael Gaddis recently obtained a final HAMP Indymac loan modification for homeowners located in Escondido, CA.  When the homeowners first consulted with Michael Gaddis they were resolved to short selling their property.  They did not want a loan modification as they were retired and wanted to move to the East Coast to be closer to their grandchildren.  However, after visiting the East Coast in the dead of summer the homeowners decided to rethink their decision and retained Michael Gaddis in order to see if they could obtain an Indymac loan modification.  Although they were retired the homeowners had several sources of income constituting their household income creating a rather complex Indymac loan modification application package.  After a longer than usual negotiation process, Michael Gaddis was able to obtain a trial Indymac loan modification which the homeowners completed without issue.

The homeowners received their final Indymac loan modification paperwork on or around January 18, 2013.  The final Indymac loan modification is a step-rate loan modification with an initial interest rate of 2% for the first five (5) years.  In year six (6) the interest rate changes to 3% followed by one final increase in year seven (7) to 3.375%.  The interest rate remains fixed at 3.375% for the remainder of the term.  The new principal, interest, taxes and insurance (“PITI”) of $1,855.22 represents an over $800 per month reduction from what the homeowners were paying prior to becoming delinquent.  In processing the loan modification Indymac reduced the interest rate to the floor rate of 2%, extended the amortization term and maturity date out forty (40) years and deferred principal to the end of the loan in the form of a non-interest bearing balloon.  The homeowners were delighted with the outcome and are intent on remaining in this house for the remainder of their lives.

Michael Gaddis and his staff will continue to monitor the homeowners’ file in order to ensure that Indymac receives the signed, final loan modification paperwork; that the terms contained in the Indymac loan modification are properly uploaded into Indymac’s system; and that Indymac returns the homeowners’ account to regular servicing.

To view the Indymac loan modification referred to in this blog as well as other loan modifications obtained by Michael Gaddis please click the following links:  http://californialoanmodificationattorney.com/trials-modifications/ and http://californialoanmodificationattorney.com/trials-modifications/approved-trials-modifications-pg-2/

 

Indymac Loan Modification – HAMP Trial Successfully Obtained for Homeowner Located in Rancho Cucamonga, CA

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Indymac Loan Modification-  HAMP Trial Successfully Obtained

The Law Offices of Michael Gaddis Recently obtained an Indymac loan modification for a homeowner located in Rancho Cucamongo, CA.  The loan modification issued by Indymac Mortgage Services (“Indymac”) was a HAMP trial loan modification.  Prior to retaining Michael Gaddis the homeowner had attempted to obtain a loan modification directly with Indymac for over a year.  As most homeowners are inclined to try and modify on their own prior to seeking professional assistance this situation was fairly typical of the homeowners that approach Michael Gaddis.  The issue that this homeowner had was that there were multiple sources of income both from the homeowner and from non-borrower contributors.  Whenever there are non-borrower contributors homeowners need to proceed with caution.  In this situation the homeowner was so attached to the house that she literally cried when she was informed that she qualified for an Indymac loan modification.

Michael Gaddis has a good working relationship with Indymac and continuously helps homeowners that are struggling with Indymac loans, including many homeowners that have almost given up on keeping their homes.

The HAMP trial loan modification in this situation calls for a trial payment of $2,801.18 beginning on January 1, 2013.  The trial payment represents an over $2,300 per month reduction from what the homeowner was paying prior to becoming delinquent.  As always, Michael Gaddis and his staff will continue to monitor the trial period in order to ensure that a final HAMP loan modification is obtained.

Other Successful Indymac Loan Modifications

 

Indymac HAMP Trial Loan Modification Obtained for Escondido, CA Homeowner

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Successful Loan Modification Stories

The Law Offices of Michael Gaddis recently obtained a HAMP trial loan modification from Indymac for a homeowner located in Escondido, CA.  This was an especially difficult scenerio due to the fact that the borrowers’ sole source of income consisted of retirement and social security income.  The trial payment of $1,815.22 begins on December 1, 2012 and continues for 3 months.  The trial payment reflects an over $800 per month reduction from what the homeowners were paying prior to becoming delinquent.  Indymac is a very strict servicer but Michael Gaddis likes working with them because, Indymac has top-notch underwriters that review the loan modification packages.

As always, Michael Gaddis and his staff will continue to monitor the homeowner’s trial period in order to ensure that the borrower makes the trial payments on time and that Indymac issues a final HAMP loan modification upon completion of the trial period.

Indymac HAMP Trial Loan Modification Obtained for Homeowner Located in National City, CA

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The Law Offices of Michael Gaddis recently obtained a HAMP trial loan modification from Indymac Mortage Services (“Indymac”).  Indymac is one of Michael Gaddis’ favorite lenders to work with as they are usually thorough and efficient.  The resulting trial payment of $869.94 represents an over $1500 reduction from what the homeowner was paying prior to becoming delinquent.  Michael Gaddis has had a great deal of success assisting homeowners with Indymac.  Indymac utilizes the Making Homes Affordable HAMP loan modification and their underwriters are top-notch.  Lenders such as Bank of America and Chase could learn a thing or two from Indymac’s underwriters.

As always, Michael Gaddis and his staff will monitor the trial period in order to ensure that a final loan modification is obtained.

To view a copy of the HAMP Trial Loan Modification please click the following link:  http://californialoanmodificationattorney.com/wp-content/uploads/2012/03/OneWest-Bank-Modification-Vista.pdf

Indymac HAMP Trial Loan Modification Obtained for Homeonwer Located in Vista, CA

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The Law Offices of Michael Gaddis recently obtained a HAMP trial loan modification from Indymac for a homeowner located in Vista, CA.  The homeowner was self-employed and owned multiple properties.  From Michael Gaddis’ experience, homeowners that are self-employed, owning multiple houses, with loan amounts over $729,000 and with Loan-to-Values of near 100% or lower present the most difficult situations to modify.  This homeowner possessed two of the four aforementioned characteristics which increased the degree of difficulty.  Fortunately, the homeowner had Indymac Mortgage Services which is a very straight-forward servicer with a knowledgeable underwriting department.  Michael Gaddis has a good relationship with Indymac and has a lot of respect for their loss mitigation department.

The trial loan modification established a trial payment of $2270.87 which represents a potential savings of over $900 a month from what the homeowner was paying prior to becoming delinquent.  The trial payments start on November 1, 2012 and end January 1, 2013.

As always, Michael Gaddis and his staff will continue to monitor the homeowner’s trial period in order to ensure that a final HAMP loan modification is obtained.