Dealing with Loss Mitigation Department at Indymac
July 25th, 2009
Indymac is my Lender. Loss mitigation reviewing my loan package. Should I call them or wait until they get back with me?
I haven't been late in my mortgage payments at all, but my mortgage value is 6k down from what we purchased it at 2 years ago. There are a couple of foreclosures on our street. My husband and I commute to the bay area. So with gas prices skyrocketing and twin daughters driving and going to college, I asked Indymac on June 26th to consider a loan resolution for us. I received a letter from Loss Mitigation dept dated July 7th that they are reviewing it and will get back to me within 30 days. Should I call them or wait for 30 days?
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Posted in Help with mortgage, Loss Mitigation, Loss Mitigation Department, Mortgage Problems, Understanding Mortgages | 
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By all means stay in close contact with them. It may be a struggle finding the person who has your file, but be persistent. Nice but persistent. I would call them and don’t hesitate to make that call once a week until you hear something.
We’re dealing with CW. We’re in the biz – no sales – no money… We put our house on the market and began making partial payments, they called 3x a week. After 90 days, they call and the discussion was more like, maybe we could consider a short sale or deed in lieu of foreclosure. Keep trying to sell your house, reduce the price and we’ll consider any and all offers you may receive. Next call told us that if we made a full payment every 89 days, it resets the foreclosure clock sort of speak. So we’ve significantly reduced our price and are making one full payment every 89 days. The calls have slowed down, maybe one a week now. No bites on our house, but we just reduced in on Sunday. It’s a game. It’s a tough one to fight, because you become stressed and weary and tired and sick of it. But you are not alone, there are millions of us going through similar scenarios. Hang in there.