
Joseph of Shoreline, WA on Oct. 9, 2009
In February of 2009, I came to the realization that my current mortgage was a ticking time bomb that would explode and become un-affordable within the year. Although I investigated refinancing, changes in my debt-to-income ratio, teamed with the collapse of the real estate market, decreased the equity of my home and I did not qualify for any existing loans.
I then received information on Loan Modification. I did some internet investigation, and understood the concept of having a third party work with my existing lender to re-negotiate my current loan. I also understood that this could be done on my own, but did not feel that spending $ 4,500.00 for a new, affordable and fixed loan was unreasonable, given the fact I had zero previous experience in this arena, and was also having no success with refinancing. I also knew that trying to re-negotiate a mortgage would require persistence and patience that I could not afford in addition to my fulltime job.
Intellichoice boasted a 90 percent success rate and a money back guarantee. And I bought into the concept of them being able to work with my lender on a new mortgage. I was instructed to draft a hardship letter that explained my circumstance and desire to keep my house and save my home. I was also instructed to use my mortgage money as payment for Intellichoice's services and that Intellichoice would know within the month whether Indy-Mac would be "Willing to modify". (Again, this was Feb/March 2009.)
Intellichoice also stated that I should have a new mortgage and payment by May 2009, (I was told by two separate modification agencies that it takes 3 mos or more to complete a modification.) But that if I just continued to pay the mortgage that my need to modify would not be taken seriously or considered,
(Although it did seem unorthodox, I also understood that in most cases, lenders will not offer any sort of assistance unless you are BEHIND in payments, and as long as you are sending them money, there would be no progress on a modification) Under this premise I began the process.
After all my bills and paperwork had been submitted, Indy Mac told Intellichoice that they were developing an internal modification division, and that all of the information submitted needed to be re-submitted on Indy-Mac letterhead and comply with the new guidelines at Indy-Mac. Indy-Mac was also urging us to be patient as they were being overwhelmed with foreclosures and modification requests, that was causing a huge backload in paperwork needing to be reviewed.
I continued to utilize Intellichoice to monitor my situation and keep my paperwork current, (proof of employment/check stubs) After weeks of continually checking with Indy-Mac , only to be told that I am being reviewed, but that they are extremely overwhelmed, I finally received something of great interest.
I received a UPS envelope that enclosed a structured and detailed mortgage payment that would allow me to defer some of the principal on the loan and be able to pay all debt to Indy-Mac over a 27 year loan that was a better interest rate and affordable to me today as well as 10/ 20 years from now.
I of course was very excited and complied with all requests. I received this letter on July 15, 2009. I made copies of all my check stubs from May 2009 to my most current checks to the July 15 date. I went to the bank and purchased a cashier's check for the requested amount of $1,140.90 to Indy-Mac for September's payment, signed and dated the 4506-T tax forms and completed the borrower financial statement and signed the modification documents. I put all of this information into the UPS envelope that was included with a red overnight label and sent it off the very next day, July16, 2009.
After hearing absolutely nothing, I called 2 weeks later to see where my check was and confirm I had a new loan. The Indy-Mac representative on the phone stated that my file was being suspended for lack of current employment proof, ( she was very clear that they did receive my package, but that there was no check stub for July's wages) When I inquired about the stubs that I had included, (again completely current to July 15, 2009 ) She could not comment on that but just the information she was showing was no Employment proof for July.
This of course is very frustrating, seeing that I had just received my July check on August 1st, and how could I possible include a check stub on July 15th that I had not even received yet?! She gave me a fax number to submit any check stubs that were not included in the July 15 UPS envelope. I immediately faxed the stubs from August 1st, and called back somewhere around the 5th. I also had Andy D. of Intellichoice following up on the receiving of my faxes and between the two of us were asked to re-fax more than twice and to two different fax numbers.
After another call to Indy-Mac in August, I was informed that the faxes had been received, but were one day late of their August 17th deadline for this program. Again, very frustrating. I have done everything that has been asked of me. I can afford the proposed payments and want to save my home more than anything else. I feel I am up against a "Machine" of drone employees that are admittedly "overwhelmed" and frankly really could care less about keeping me as a customer and homeowner. I have all documentation, UPS tracking numbers, copies of employment proof and a cashier's check, all sent and received by Indy-Mac on July 16, 2009.
I have received notice of denial of modification, due to lack of documentation, ( not debt-to-income, or poor credit,) that Indy-Mac had in their hands with more than a month left in the program's deadline. I am being currently bombarded with foreclosure notices and real estate companies that want to sell my home. I am shocked that despite record numbers in foreclosures and folks that just can't afford their mortgages, they are letting an individual that can make the necessary payments and will pay all debts on the existing loan, just twist in the wind, with excuses of being overwhelmed and reviewing my status, until I run out of time. I am writing this letter so as to best document the real truth of this situation, and am open to all and any strategies that would allow me to keep my home.