In early 2010 I defaulted on my mtg. with INDY MAC for 3 mo. I applied for a loan mod due to financial hardship being a sm. business owner in a poor economy. What was required was that I pay back over $7,800.00 in back pmts. in ONE full pmt. and sign a Forebearance Agreement to make on time payments for 3 months. It nearly broke my company and in Oct of 2010 they finally gave me a loan mod on my interest only loan taking my pmts. of $3,675.00 down to $2,565.00. This month I received 2 notices, one that my loan has been sold to One West Bank and two that my interest rate has been reduced to 3.5% and my payments will be $1,450.00. This would have been a big help a year ago when I was drowning.
#1-Did Indy Mac conduct this modification settlement in a legal manner?
#2-If not, is this why I continue to receive mailings for litigation settlement offers from random companies such as Litigation Settlement Dept. in Irvine, CA. and are these offers ligit?
In March 2009 One West Bank acquired what was left of Indy Mac and began servicing all mortgages. You shouldn’t be too concerned with that letter, it’s very common.
The other letter you received makes me curious. If it’s a marketing letter from a company or law firm offering to get you a better plan then the modification you’re already on, throw it out, they probably can’t. On the other hand, if the modification is directly from One West Bank, you should call them right away. Ask them to look into this offer and find out directly from them whether or not it’s legitimate. If it is, then I would suggest that you follow any instructions they have on accepting the plan. (if you want it)
I’m not a fan of the litigation offers. I think they cost a lot of money with no guarantees of any success whatsoever.
Good luck and keep us posted on your progress in the comment section below.
Andy is a licensed real estate broker in Massachusetts and is the founder of Northeast Properties in Norton, Massachusetts. His brokerage is designed to help homeowners in today’s difficult real estate market, specializing in short sales. Andy speaks with Massachusetts homeowners every day, helping them to address their questions or issues with short sale or loan modification. He enjoys helping consumers arrive at the correct solution to their problem, and believes that the only way to correctly do that is by presenting them with all of their options in an un-biased manner.