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Real Estate Agent with Pacific Coast Real Estate Group

In February 6, 2009 I received a Loan Modification Proposal from IndyMac that I read, signed and approved and sent it back. With it, I sent back a copy of my business Profit and Loss Statement for the year 2008.

In this Profit and Loss Statement I showed a Pre-Tax Net Income of $ 78,713.87 for the year or $6,559.00 per month, after deducting my business expenses. A few days after IndyMac received my Profit and Loss Statement a negotiator from your Institution called me and told me they had to change the terms of the Loan Modification that I signed and submitted, based on the fact that IndyMac considered that I had a  $1,500.00 excess disposable income per month, so I had to come up with cash payments of almost $9,000 that I don't happen to have.

Nevertheless and with all due respect, I have to disagree with IndyMac's findings. What I submitted was my business yearly profit. Fortunately, my business operated with a profit but this is far from reality after I deduct my personal expenses.

From my business monthly profit, I have to substract the following expenses.

Present Mortgage Payment to IndyMac                              $  2,200.00

Home Owners Association Fees                                               320.00

Property Taxes                                                                     366.00

Property Insurance/Fire & Liability                                             50.00

TOTAL HOUSING EXPENSE                                               $   2,936.00          


Car Payment                                                                        500.00

Food and Medicine                                                                400.00

San Diego Gas and Electric                                                     100.00

Health Insurance Payment                                                     300.00

Credit Card Payment                                                             100.00

Other Expenses                                                                    200.00

TOTAL PERSONAL EXPENS                                             $     1,600.00


TOTAL HOUSING EXPENSE                         $ 2,936.00

TOTAL PERSONAL EXPENSE                        $ 1,600.00      

TOTAL HOUSING/DEBT EXPENSE                 $ 4,536.00                                


OF MY NET BUSINESS INCOME                      69%

I believe this is a very high percentage due to the fact that Federal and State taxes have not been calculated and that is the reason why I have fallen behind my payments.

With the initial loan modification that you sent me, my mortgage payment was going to be reduced to  $1,200 for 5 years, meaning $ 1,000 savings per month.  Also, I have started proceedings to lower my property taxes, because the property that I bought for $ 378,000 with $ 70,000 down payment is now only worth $ 190,000.

By bringing down my HOUSING/DEBT RATIO $ 1,000.00 per month, the percentage for my housing/debt ratio compared with my income brings it down to 54%. With the property tax reduction of $ 150.00 less per month, that will bring down this percentage to 52%. I expect that by reducing my personal expenses a little bit more, I can bring down this percentage to 50%.

Considering that I am more than willing to stay in my home that unfortunately has lost almost 50% of its value and also be able to make the new modified payment without having to apply for public assistance, it would be to our mutual benefit if IndyMac reconsiders their decision and allow the above loan modification that has been signed and approved, to stay in place without asking for cash that I don't have.

I appreciate the attention that you can give to this letter since "Time is of the Essence".

Thank you

Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

So....what happened after he wrote the letter? Is anyone listening? Do people at the other actually read these these personal appeals, or do they just put it on their must-read-someday list?

Are the folks who are analyzing these requests truly qualified, and do they have heart?

Apr 04, 2009 06:35 AM
Isaac Bensussen
Pacific Coast Real Estate Group - La Jolla, CA


Sorry for not answering before. Unfortunately, my friend's property is going to be auctioned on the 14th of May. It is a shame. He is still trying to get the loan modification but nobody seems to find all the letters he has written and all the information he has submitted. He is emailing Monday to Senator Feinstein, representative Bryan Bilbray, the President of IndyMac, etc. Besides of losing his hopes he is also losing his $ 70,000 down payment.

Isaac Bensussen

May 01, 2009 04:28 PM