Sample Loan Modification Results-IndyMac

After filing bankruptcy in 2008, IndyMac Bank is now owned by OneWest bank.  At one point IndyMac was one of the largest savings and loan associations in Los Angeles.  According to loan origination, it was the 7th largest bank in the US.

Like many of the large banks, De Novo Law Firm has been able to obtain loan modifications for loans serviced by IndyMac.  In one recent case, the client was one week away from the property being sold.  Although our office offers bankruptcy as a way to stall any foreclosures, we did not have to file bankruptcy.  We were able to get the following loan modification in Riverside:


Client Jen.C. in Riverside, California.

Loan Modification with IndyMac Bank
Monthly Payment Before Modification: 2,075.79
Client was 8 months delinquent at the time of the modification

Loan Modification with IndyMac Bank:
Modified Monthly Payment: $1,614

Monthly Savings with Loan Modification: $461.79
Monthly Savings: 22%

There were a few unique challenges with this modification.  First, the home was a pre-fabricated home.  Under typical financing guidelines, a pre-fabricated home is financed at higher rates and can be difficult to refinance.  Also, the property had two units on one lot and was worth more than what was owed on the loan.  Despite these problems, we were able to successfully modify this Riverside home.

 

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