Indymac

Comment

Comment by Laura Eklund on March 6, 2010 at 6:53pm

Thanks so much Kent, I will try that approach!!! Wish me luck!

Comment by Kent Dills on March 6, 2010 at 9:23am

Laura, call IndyMac today and Monday and ask them to postpone the auction. You may have to ask to speak with a supervisor. Give it a shot as you have nothing to lose and everything to gain. I've had to do this about 20 times in my short (year and a half) short sale career and have ALWAYS got the sale postponed. As long as you have a reasonable offer, the bank will postpone the auction because it saves them money, effort, and time. No so much because it helps you or your client.

Comment by Laura Eklund on March 6, 2010 at 1:25am

I submittd an offer to IndyMac last week, the home is scheduled for Auction in three days.....do we have a chance to postpone foreclosure or should I tell my clients to pack their bags?

Comment by Kent Dills on February 25, 2010 at 4:51pm

Kelly Marie, it sounds like you've got some educating of your client to do.
1. If IndyMac won't that the Deficiency language out, it doesn't mean that they will pursue it. 2. If your client lets IndyMac foreclose, the costs will go up and then they'll still come after your client for a Deficiency only it will be BIGGER. 3. It's actually a good thing when they 1099 your client for 2 reasons: first, if they 1099 they can't also pursue Deficiency; second, the 1099 tax effect will be offset by the Debt Foregiveness Act in the form of IRS Form 982. Of course, I'm not a real estate attorney, or a CPA, I'm just a humble ;-) real estate broker.

Comment by Maria Evans on February 25, 2010 at 4:13pm

Kelly, if Fannie Mae is the investor you will get paid 6% comission. If you need more info on this, here is the link: http://www.realtor.org/wps/wcm/connect/7e6786804018046f8d0cfd205f470b6e/Fannie+Mae+Short+Sales+Policy+10.27.09.pdf?MOD=AJPERES&CACHEID=7e6786804018046f8d0cfd205f470b6e

Comment by Kelly Marie on February 25, 2010 at 3:48pm

For anyone that has closed a IndyMac Short Sale...
PLEASE HELP ASAP! :-) :-) (Also Fannie Mae is the Investor on the IndyMac Loan, if that helps)

Did your IndyMac Short Sale letters include this in them?:

The borrower must sign the attached acknowledgment to all terms specified in this
approval and must acknowledge that IndyMac Mortgage Services retains all
deficiency rights as provided by the note, deed of trust and/or security agreement in
accordance with local and federal laws.

It was included in my clients... And we are trying to get them to waive the deficiency rights... and they wouldn't change the wording to that, and we also asked them to change it to they would only persue the defiiciency rights if they suspected fraud, and they wouldn't change it to that either.... The investor that is holding the note is Fannie Mae... And the negotiator said that Fannie Mae won't amend or change anything in the approval letter....

Now my client is concerned (with good reason) that they could come after them for the remaining balance after the sale is complete.

Also, IndyMac said they WILL issue a 1099c, but we aren't 100% certain that they will do that... And that the still can't retract the 1099c at a later date and persue the deficiency....

Any advice you have would be MUCH appreciated!!!!

Comment by Kent Dills on February 22, 2010 at 8:32pm

Ralph, you might try emailing IndyMac's (now owned by OneWest, formerly owned by FDIC) boss (AKA, their regulator) who is The Office of Thrift Supervision @ consumer.complaint@ots.treas.gov . Be sure and cc: your IndyMac/OneWest negotiator if you have one assigned. Then sit back and hopefully watch SOMETHING happen!

Comment by Ralph Gorgoglione on February 20, 2010 at 1:26pm

HELP! I need a one-week extension with a short sale with IndyMac and they have told me NO, that if we do not fund by the 22nd, they are proceeding with the foreclosure sale on the 25th! I've gone to a supervisor in their short sale dept and she still said NO. Does anyone have a connection with a higher-up at IndyMac?

Comment by Kent Dills on February 14, 2010 at 5:29pm

Deb, I've stopped multiple auctions by submitting complete short sale packages - and ulimately closed them too! - with IndyMac.

Comment by Deb Orth on February 14, 2010 at 2:59pm

Does anyone have any successful experience in getting IndyMac to allow a short sale or deed-in-lieu when auction has been scheduled?

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