Please help us - It is simple

Posted Tue June 30, 2009 7:13 pm, by Julie A. written to IndyMac Bank

Write a Letter to this Company

There is a very simple solution to our mortgage problem but Indymac is unwilling to work or listen to resolve the problem. We purchased our newly built home in June 2007 and our purchase agreement did not include an impound account per our request. We paid our property taxes in full when due in December of 2007. In January/February we received a new construction supplemental tax bill from Yolo County of over $9,000.00 in addition to our regular tax bill of $3,328.00 due April 2008. We disputed the supplemental tax bill with the county because of our decreased home value and our home should not have been assessed at the outdated value. Nevertheless just about the time Indymac was purchased by Onewest all of our delinquent property taxes were paid to the county on our behalf. In April we received notice from Indymac that our house payment would increase by $1,958.00 per month. This new payment amount was to repay the $14,000 property taxes and and additional $ 6,000 to build an impound account to cover the current years property taxes. I have called Indymac and wrote letter several letters asking to resolve this situation and to spread out the paid property tax amount and the impound amount into a longer repayment period than their standard of twelve months. I was offered to extend the repayment schedule to eighteen months..this will not work. Bottom line - Indymac is willing to loose $150,000 in a foreclosure sale instead of working out a loan modification or repayment plan for $14,000. In my last conversation with an Indymac Loan Counselor she said the only resolution was for us to repay the $14,000 pay an additional $6,000 as an impound account bringing our payment back to the original loan amount. I did apply for a loan modification however we were denied based on our payment to debt ratio was to high...well based on an increased payment amount of $5,098.00 it would be very difficult for most people to be approved.

In my opinion working on a resolution to receive $14,000 would be smarter than loosing $150,000+ in a foreclosure sale. There are already over 10 homes in my immediate neighborhood in foreclosure.

1. VERY SIMPLE: Structure a repayment plan for the $14,000 owed to Indymac over a 5-7 year period or adding the amount to the end of the loan. We could pay additional amounts to build our impound account adding to a slight increase in our monthly payment.

Sincerly,
Julie
West Sacramento/ California