My husband worked for Indymac for nearly 10 years as a remote, (off-site), employee and oblivious to any rumors that bank was in trouble. He went online and ran his information to received a prequealification for a home loan, as we were ready to buy a home and he works for a lender. So as we began searching the bank started calling him and pressuring him into a "Employee VIP" loan and he eventually gave in.
Six months later, he was out of a job after qualifying for the loan, using full documentation and in that documention was a verification of employment indicating his job was continuing. But that didn't happen and FDIC took over. My husband had his earnings reduced to less then 1/2 of previous earnings, from $130,000yr to $55,000k a year and we just bought our home with a 10yr I/O that starts adjusting 5yrs later. We immediately forsaw trouble ahead and asked to shortsale and minimize the loss because we were only about 5% underwater at time.
Since Feb 2009 we have submitted no less then 12 complete applications for a short sale, loan modification, HAMP modifcation and HAFA short sale. We have verbally and in writing requested a workout, documenting everything and even providing the infamous "Rest Report" to back us up and validate that we qualified. We had to file bankruptcy in the end because lender said our debt ratios were too high and during the bankruptcy automatic stay, they sent us a HAMP modification trial agreement. We signed, returned and made payments.
As of April 2011, we were discharged from bankruptcy, confirmed eligible and validated by NACA, REest Report, Fannie Mae, Treasury Dept, SigTarp and Making Home Affordable Escalation Counselor but bank still denied us and the reason was clerical mistake by the bank. We argued it for 3 hours with the MHA counselor on the line too, trying to help us.
We finally stopped making payments when our 401k ran out and business got worse so now we barely get by and have missed 8 months of payments appx. Then the bank sent us a new HAMP Trial Offer out of the blue in Oct 2011 and the payment was what we qualified for all along!! So we went to an attorney to get help finalizing it this time and were told probably too late. So we formally requested a short sale because we have no money at all now, some 3 1/2 years later.
The bank denied us stating ineligible and yet we are! It's frustrating and I have starting sharing our story on Social Media Networks and Blogs because it is all I can do. I believe it is because of our careers that the bank has treated us so wrong and dragged this out for so long. I believe they have wrongly stereotyped and labeled us as strategist defaultists and we have done nothing but give up everything we had in the spirit of cooperation with this lender who was the root cause for our financial demise in the first place.