Survivalist Forum banner

1 - 13 of 13 Posts

·
Registered
Joined
·
85 Posts
Discussion Starter #1
Hello All.

I need some advice please.

I purchased my home through Indy Mac almost five years ago.

Two and one-half years ago I got a divorce. One year ago...I lost my job.

I had about six months that I had a payment agreement with them - made the payments.

I entered into a loan modification program with them some 7 months ago and have faithfully made each and every payment. I have since got a good job and have made payments as due.

These payments were hundreds of dollars less...as it would be for a modification.

Problem in the pudding is this...they have notified me that I am now denied for the program and that the difference in the payments I have made and the original mortgage has / is they claim due to them now.

They have now denied my application for the modification and set a sale date of February 1, 2010 on my home and property!

What do I do?

Any advice welcome.
 

·
3 more years of this?
Joined
·
2,856 Posts
Ask them why they changed the modification. Get a lawyer involved. Also ask them to produce the note which will stall them for a while. It looks like they are using scare tactics to get you to pay. These banks are nothing but crooks.
 

·
Hubris begets Nemesis
Joined
·
7,750 Posts
Challenge them on this! Publish your questions in your local, regional newspaper. Publish your letter in the newspaper where the area where the bank is located. Get public attention to your plight. If you make them look bad in public, they may back down.
 

·
Registered
Joined
·
2,447 Posts
I believe, if the previous instrument really WAS a mortgage, it is a binding contract that cannot be changed just by one party. And so, GET A LAWYER.

That said, you may not have an actual mortgage governed by actual mortgage rules. Banks can be tricky that way. Oh sure, you have a loan for buying a house, but perhaps that loans was renamed something else to avoid mortgage laws.
 

·
Registered
Joined
·
8,154 Posts
Hello All.

I need some advice please.

I purchased my home through Indy Mac almost five years ago.

Two and one-half years ago I got a divorce. One year ago...I lost my job.

I had about six months that I had a payment agreement with them - made the payments.

I entered into a loan modification program with them some 7 months ago and have faithfully made each and every payment. I have since got a good job and have made payments as due.

These payments were hundreds of dollars less...as it would be for a modification.

Problem in the pudding is this...they have notified me that I am now denied for the program and that the difference in the payments I have made and the original mortgage has / is they claim due to them now.

They have now denied my application for the modification and set a sale date of February 1, 2010 on my home and property!

What do I do?

Any advice welcome.
A lawyer if you can afford it...if not call your local congressional or senate official and/or newspaper or TV media...there are also local foreclosure groups that help homeowners with their problems.

A contract is a contract though...whatever is stipulated in there allows them to do as they please. A lawyer might find a loophole. The media/politician will shed negative light on them and they might make them bend the rules a bit.

Good luck...
 

·
sic transit gloria mundi
Joined
·
858 Posts
There are several types of modifications out there and it sounds like yours falls under the "forbearance" category. Under these, the lender agrees to accept reduced payments for a specific period of time to allow the home owner to "catch up".

Certainly check with an attorney but it's possible that the lender is acting within the agreement they made with you.

Good luck.
 

·
Looks like rain to me.
Joined
·
41,429 Posts
Call your Congressman. Chances are your lender got some TARP bailout money and that's what they should be using it for.
 

·
Gott Mit Uns
Joined
·
2,855 Posts
I have heard the mrtg. co. are pulling lots of crap. It is pretty easy to call them on it as they know they are screwing with you. It is a % thing. They know that a certain % will fork over the money and be non the wiser.
 

·
Registered
Joined
·
85 Posts
Discussion Starter #9
Okay....next question...

Okay here is my next question...

A portion of my mortgage is appearantly now owned by HSBC.

It seems that Indy Mac sold off a portion of my mortgage at some point...I did not even know about it.

How do I determine if they actually have a ( or the ) note on my mortgage?

I have heard that with this type of instrument that they are holding I can actually prove legally that I do not owe them a dime.

Anyone know anything on that?
 

·
Registered
Joined
·
410 Posts
Were you financially capable of paying the original monthly amount when you got your new job? If so, why were you still paying the modified amount? Sounds like they were trying to do you a favor when you were out of work and you didn't go back to paying what you owed when you got your job back... I could be way off here, if so please clarify.

Why should you not owe them a dime? Did you give them back the house?

I had a roommate once that racked up a bunch of credit card bills that he could not afford, he was charged all kinds of interest (per the terms of the card agreement) and he was only making the tiny minimum payment. After a few years of his balances going up, he says "I am sick of this, they just keep charging me more money, I am not paying anymore" and he actually believed that he didn't owe them anything else because he was getting screwed. I asked him, did you give back all the stuff you foolishly bought?

This is the problem we have right now and why our country is in so much debt!

Everyone thinks they are owed something these days...
 

·
Green Eggs and Spam
Joined
·
5,070 Posts
...A portion of my mortgage is appearantly now owned by HSBC.
It seems that Indy Mac sold off a portion ...
How do I determine...
Anyone know anything...?
Bad NEWS, you need to find the BEST Real Estate Lawyer in you area.

I did EVERYTHING possible, and was unable to resolve a similar issue in WA state; the attorney was worth EVERY VERY EXPENSIVE SHINEY PENNY when he came through.

I could NOT have gotten legal things done WITHOUT "Lawyering Up".
 

·
Registered
Joined
·
85 Posts
Discussion Starter #12
emclo

I am actually earning 30k less with the job I have now. I have been making payments to them with the clear understanding that I am paying a modified payment for a modified loan. I have been doing so for months and I keep getting the run around. They lose paperwork, bump me to another operator...etceteras.

As far as my debts go...I have a mortgage. No credit cards or other consumer credit debt.

I was asking the question because I had heard that hsbc had unsubstantiated debts like these.

Hope that clarifies it for you.
 
1 - 13 of 13 Posts
Top