| Many people have reported having so many | | | | write who you speak to along with the dates and |
| problems in trying to accomplish a loan | | | | times. Do not just slap together a package and |
| modification with Indymac which is now OneWest | | | | hope it works, make it work, analyze your debt, |
| Bank. It is normal to feel scared and helpless | | | | do your income and expense worksheet in draft |
| when you receive that denial letter. Getting at | | | | form prior to submitting the final copy. Organize |
| least one denial is almost inevitable. Do not be | | | | your income documents and any back up |
| discouraged, if you know you can make a | | | | documents that you need the lender to see to |
| reasonable payment or feel that there is no | | | | help qualify you. Keep everything together and |
| reason why you should be denied. Put on your | | | | NEVER send your originals. |
| gloves and get yourself prepared to win this | | | | Do research on the company if necessary and if |
| battle. My suggestion if you have a mortgage loan | | | | you see you are not getting anywhere make the |
| that is serviced by OneWest Bank is to know | | | | calls. You have to bear the responsibility of the |
| going in that you are going to get frustrated, so | | | | follow-up because this matters most to you. It is |
| you must have patience and be prepared for the | | | | not out of the ordinary for a fax not to be |
| fight. | | | | received so it is of upmost importance for you to |
| I suggest you know your budget and the HAMP | | | | call and verify the items you sent in were |
| Home Affordable Modification Program with | | | | received. You may want to fax and overnight to |
| OneWest Bank, formerly known as Indymac | | | | be positive they get it and then follow with a |
| Bank, income calculation guidelines if you attempt | | | | phone call as well. Make sure you are only |
| to do this on your own. You must also be | | | | speaking to Loss Mitigation or management rather |
| prepared to ask them to give you the exact | | | | than the collection department. The collection |
| numbers line by line that they are using to qualify | | | | department has one job and that is to collect a |
| or disqualify you as well as the exact reasons if | | | | debt, just like the recording says. |
| you were to get denied. Knowing this you can go | | | | There is absolutely no reason why you cannot |
| into this with a little more confidence because | | | | reapply for the HAMP Home Affordable Loan |
| whatever you do experience from them is | | | | Modification Program. You can definitely reapply if |
| normal. Do not, I repeat do not, let yourself get | | | | your income or expenses change or if you know |
| frustrated to the point that you come across | | | | they used the incorrect figures. Make sure to be |
| rude or angry on the other end because this will | | | | clear and advise them as to why you think they |
| not help your cause. | | | | made a mistake when you reapply. As of 01/01 |
| Keep a large calendar with all the pertinent dates | | | | 10 under the HAMP guidelines they must inform |
| because you will have to monitor this. Be | | | | you why you were denied and you have the right |
| prepared to possibly escalate any issues to a | | | | to correct any mistakes. You also have the right |
| manager or even possibly a governing agency if | | | | to know the reasons you failed the NPV Net |
| you are unable to get results. I am definitely not | | | | Present Value test if that is what you are told |
| saying it is impossible to get your loan modification | | | | make sure you put a letter in writing requesting all |
| done with OneWest Bank because it is very | | | | of the reasons you were turned down. I have |
| possible you just have to work a little harder, call | | | | seen many people be turned down up to 6 or 7 |
| a little more, put together a professional looking | | | | times and still end up getting approved at some |
| package with all of your numbers accurately done. | | | | point. The key is to be determined and know |
| Be organized, have a conversation log where you | | | | your facts. |