http://loanworkout.org/2009/06/now-that-the-fdic-is-gone-are-the-new-owners-of-indymac-abusing-homeowners/ Loan Modification & Home Loan News Fri, 20 Nov 2009 12:55:43 -0700 http://wordpress.org/?v=2.8.6 hourly 1 http://loanworkout.org/2009/06/now-that-the-fdic-is-gone-are-the-new-owners-of-indymac-abusing-homeowners/#comment-16095 Indy Sad Tue, 11 Aug 2009 23:32:29 +0000 http://loanworkout.org/?p=4506#comment-16095 Most interesting. In the "old" Indymac, prior to the buyout by the investor group, loan modifications were done fairly well, up until the end of 2008, say November on. I was one such borrower, who was told in Oct I was approved, docs never came, then told the new owners would not approve any modifications. Why? One story, yet to be verified, is that with the new owners take the loss if they do a loan modification and write down interest rate or principal, but with a foreclosure, they are insured for that loss. Hmm, so why modify a loan and take a hit, when you can foreclose and get paid in full? Maybe now we understand why the new owners are not making loan modifications. Sadly, most Indymac loan home owners better go get lucky in Vegas, or start talking to realtors about short sales. This is Wall Street playing "Gotcha" with both the Gov't and home owners. Most interesting. In the “old” Indymac, prior to the buyout by the investor group, loan modifications were done fairly well, up until the end of 2008, say November on. I was one such borrower, who was told in Oct I was approved, docs never came, then told the new owners would not approve any modifications. Why? One story, yet to be verified, is that with the new owners take the loss if they do a loan modification and write down interest rate or principal, but with a foreclosure, they are insured for that loss. Hmm, so why modify a loan and take a hit, when you can foreclose and get paid in full? Maybe now we understand why the new owners are not making loan modifications. Sadly, most Indymac loan home owners better go get lucky in Vegas, or start talking to realtors about short sales. This is Wall Street playing “Gotcha” with both the Gov’t and home owners.

]]>