Indy Mac brick wall!
I have hit a brick wall with Indy Mac. They are asking for the seller to contribute $20,000 to the sale, seller has $5000 that he can contribute.
Seller and wife are both unemployed and living off of a dwindling equity line while they search for a job in California. They have less than $20,000 in the equity line and have no other source of cash other than unemployment income.
Indy Mac won't budge because they state that the seller lives in a 1.3 million dollar home as his primary residence, the mortgage amount is that much but it is worth about $400,000 now. No chance of refinancing that! His credit is not too bad because Indy Mac is not reporting him as being late yet even though he has not made a payment in 4 months.
We have reached out to Deutche Bank, the investor trying to get some help. Anyone experience this with Indy Mac lately?
BTW, the seller has offered to pay $5000 as a seller contribution.
Replies to This Discussion
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Permalink Reply by Ben Benita on
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I would have teh Selelr put whatyou wrote above in writing and send that in to one of the higher ups.....contact me off here and i will give you who we use for Indy Mac issues.....
keep in mind, that $20k is only an offer.....you will get it done. -
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Permalink Reply by Jeff Payne on
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Ben, the seller has a contact with Deutsche Bank and we are working that right now. SEnding you an email now :)
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Permalink Reply by Dawn Barrier eXp Realty Vegas on
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I had a hard time recently with IndyMac on 1st wanting a boat load of $ seller didn't have and couldn't borrow...seller was 24 hours to accept or file would be closed
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Dawn - NEVER worry over threats from Indy, or ANY Servicer. If you have the negotiator's supervisor, i would "cc" the supervisor and write a moderately pissy e-mail back to the negotiator about how "happy" your broker is about the file being clsoed....
Also, when files are closed, it is generally very easy to get them re-opened.... -
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Thanks Ben, I did, they still closed it, thats ok, buyer walked anyway, so I will just start over. Seller even has an attorney he consults, so we shall see!
Ben Benita said:Dawn - NEVER worry over threats from Indy, or ANY Servicer. If you have the negotiator's supervisor, i would "cc" the supervisor and write a moderately pissy e-mail back to the negotiator about how "happy" your broker is about the file being clsoed....
Also, when files are closed, it is generally very easy to get them re-opened.... -
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