Don’t ask IndyMac about what they are doing for their own loan modifications these days because they don’t know. Prior to the Making Homes Affordable Plan (MHA – Obama Plans) and prior to any talk about the HASP/HAMP programs there were regular loan modifications. Some of these loan modifications consisted of principal capitalization, rate adjustments, recasts, and the very rare principal reductions. All together there are more than 27 different types of loan modifications that exist. IndyMac seems to have thrown out the entire book and went with a focus only on the government assistance programs.
It turns out though that they have a secret crew of negotiators that unbeknown to the rest of the company is processing investor owned property loan modifications. Ask the loss mitigation department; they aren’t doing modification on investment properties. As the customer corporate experience department; they’ve never hear of this department processing these files. So if even upper management doesn’t know about it you wonder who’s running this ship.
If we hadn’t been working with this department ourselves truthfully no one would be the wiser and we wouldn’t be reporting on it! The right team can make all the difference in getting your or your client’s deal done.