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Need to complain about Indymac no more

A lot of us are actively involved processing shor sales with Indymac. There was a lot of frustration out there with the way Indymac was procesing files (Indymac is a pain). The need to complain is no more. Indymac was taken over by the Government.

Now we have to anxiously wait to see what happens to Indymac's assets and who and when will take over loss mitigation function of Indymac. I have two current sales being processed (close to 6 months each). I received short sale payoff approvals on both, however there was a mixup with the one and it was transferred to the trustee after the short sale payoff was agreed to. For last 3 weeks they were reversing the process, but I am afraid that it will not happen.

Read here about the collapse background: The Fall of IndyMac

Posted by Artur Urbanski on 07/12/2008 11:12 AM

Comments (8)

foreclosures, short sales, indymac

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8 Comments on Need to complain about Indymac no more

JUL

2008

Hey, Artur. Yeah, this does not look great at all. However, I wish you and your clients all the best, Jim

Thanks Jim.

I put an offer on a home with Indymac. The property is a short sale. I've been waiting for the past 6 weeks for a response from the bank. I know that they ordered a BPO last week. What happens now that the Feds took over? Can anyone please shed some light.....Do I still have a chance of getting that property???? Anyone familiar with the topic, please reply.

i worked with one of the top account executives in the country for a couple of years and he was out on the streets searching for a job once they closed. They were a great company with excellent service .

JUL

2008

Gina,

On Monday we mind find some answers. Will Government keep the Loss Mitigation Department to move forward? Obviously they should. But who will pay for it?

Charlie, is there any posibility that they might keep certain functions? What will happen to foreclosed properties taking over recently by Indymac and Loss Mitigation. While Loss Mitigation might decrease the loss, it costs money to run.

JAN

Artur, give us an update on IndyMac - what's the word from your standpoint now that new buyers are in the mix?

JAN

IndyMac is a much better and more responsive company that it was before. Not to say that all is perfect. If a short sale offer is significantly below (20%?) of what they belive the market price is - cases "disappear" in so called High Loss Department. I was never lucky to hear from them.

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