Posted on: 23rd Feb, 2010 08:01 am
I have a mortgage for a house that we rent out. We do not live in the state of CA where the house is. We have ended up owing way more than the house is worth. We unfortunately refied nearly 4 years ago into a arm mortgage getting ourselves into such a mess. I have been in contact with Indymac for the past 2 years without any luck trying to get our mortgage changed to a fixed rate. Because we are not delinquent in our payments they cannot help. Frustration is not the word. With the resession my husbands hours were cut, the renters we not keeping up with their payments but still no help from Indymac Bank. We have last month not made a payment hoping to get some attention from Indymac. Can you tell me if we will be able to do anything to get us to a fixed rate to ease some of the burden on us as the amount is due to jump way up and at that point we definately will not be able to make any payment. This is why for the past 2 years I have been trying to sort out this mess before the inevitable happens. But nobody is willing to help. Please advise.
mandy now that you've got a 30-day late on your credit report for that mortgage, you've pretty much eliminated every other lender from consideration. that's not tolerated on owner-occupied properties, let alone investments.
your best bet is to work with indymac (which doesn't exist anyway) or whoever is the servicer for their accounts. is it ahmsi? getting a modification isn't the easiest thing to do in this era - look at the woeful percentages for most of the lenders/servicers out there. and to top it off, as far as your situation is concerned, i would think that the modification business is more attuned to owner-occupants than to landlords.
stay in touch, as best you are able, with your lender/servicer to see if you can wangle a way to get a new interest rate.
your best bet is to work with indymac (which doesn't exist anyway) or whoever is the servicer for their accounts. is it ahmsi? getting a modification isn't the easiest thing to do in this era - look at the woeful percentages for most of the lenders/servicers out there. and to top it off, as far as your situation is concerned, i would think that the modification business is more attuned to owner-occupants than to landlords.
stay in touch, as best you are able, with your lender/servicer to see if you can wangle a way to get a new interest rate.
Thanks for your reply, our investors I believe are Wells Fargo who do happen to be my personal bankers. Do you think if I approached them it would help any
>>Do you think if I approached them it would help any
It's worth your effort Mandy. The worst they can do is say "no".
It's worth your effort Mandy. The worst they can do is say "no".
