Comment

Comment by Tad Navle on January 11, 2010 at 11:23am

31 days of faxing paperwork - that they can't find!! I even mailed a copy.

Comment by Rosemary Brooks on January 4, 2010 at 4:47am

I read something about the sweetheart deal that OneWest made when they purchased Indymac that makes it seem it is more beneficial to foreclose instead of short sale for IndyMac loans.

OneWest would purchase all first mortgages at 70% of the current balance

OneWest would purchase Line of Equity Loans at 58% of the current balance.

In the event of foreclosure, the FDIC would cover from 80%-95% of losses, using the original loan amount, and not the current balance.

Any ideas on this?

Comment by Rosemary Brooks on January 4, 2010 at 4:45am

Another number for IndyMac that works. 877-781-7399. I like the recording that gives you an update on your file, but I also wait for a live person to ask more questions and to put notes in the file for the negotiator.

One thing that IndyMac does that I am trying to get it re-directed to me is that they send the correspondence to the borrower's address - which we know sometimes does not get opened in a timely manner.

I sent a fax to 626-583-1370 and requested in writing that they contact me. I am still waiting for that but it has only been a couple of weeks since I asked. I will also call back to make sure it is in the file (again).

Comment by Pattilynn Guilford on December 19, 2009 at 1:26am

Well, I guess the judge's ruling helped to bring about a change in Indymac One west.

cool

Comment by Laurel Starks on December 18, 2009 at 4:01pm

Thanks, Guy - Shoulda done my homework before posting! Thanks for the hope!

Comment by Guy Lofts CRS on December 18, 2009 at 2:03pm

Laurel see the previous post by me.

Comment by Laurel Starks on December 18, 2009 at 12:07pm

Is anyone finding it impossible to get and Indy (OneWest) short sale approved? I hear horror stories about how the FDIC loss-share agreement from when OW bought Indy from the feds actually provides benefits to foreclosure vs. short sale. I just took an Indy listing and don't want to set myself - or my client - up for failure. Any comments would be appreciated!

Comment by Guy Lofts CRS on December 17, 2009 at 4:26pm

Kent I was amazed myself. Just got the second of 3 approvals. I am really not tracking the dates accurately, but we got requested for BPOS, and additional paperwork. The next day we got an approval. We also asked them to change wording and they were somewhat obliging by return email. Is this just a turn around in how banks are getting better, or maybe this was a clearcut deal. Value good ETC.

Comment by Rosemary Brooks on December 14, 2009 at 4:40pm

Just submitted an offer to IndyMac. So far so good. Will update later on in the game.

Comment by Kent Dills on December 10, 2009 at 3:38am

Good work Guy. Just a sanity check here though. So you're telling us that from time of short sale package submission, to getting Approval Letter, it only took about 30 days? If that's true, that's amazing considering what I know and, more importantly, what I've experienced with Indy Mac. For example, just closed one yesterday with them that took about 6.5 months and there's absolutely no reason it should have taken a day past 3.5 months - except that Indy Mac and it's processes (including hiring, training, managing) are screwed up. ;-)

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