Indymac Bank Wants A Profit And Loss Statement More Recent Than Last Month
by Lotus Golden
(Kailua-Kona, Hawaii)
IndyMac Bank keeps faxing me stating that my P&L statement is not recent enough but it was for Jan - March of 2010?
Please help
Aloha, Lotus Golden
Mortgage Loan Modification Answer:
by Loan Modification Expert - Dan North
Well you can not get much more recent than March since it is the middle of April. So IndyMac Bank is either asking for the wrong thing or they are stalling.
IndyMac Mortgage Services requires "Most recent quarterly or year-to-date profit and loss statement (must be at least three consecutive months)." I cut and paste that from "Step 2: Provide Documentation of Income" directly from the IndyMac Bank website
Apply for a loan modification under the Home Affordable Modification Program (HAMP). Submit your updated financial information today.
Possibly The Person Who Is Sending This Fax To You Is Incompetent But Most Likely IndyMac Bank Is Stalling
A Jan - Mar 2010 P&L Statement fulfills the required P&L Statement as part of the income documentation. Since IndyMac Bank has such a bad reputation on helping borrowers I would say this is not an honest mistake but an intentional stall tactic. (This is being kind beyond what IndyMac Bank deserves)
My first advice is find out if your mortgage with IndyMac Bank is a Government owned or guaranteed loan:
Is your Mortgage owned or guaranteed by Freddie MacIs your Mortgage owned or guaranteed by Fannie MaeIf you have an FHA or VA loan you most likely would know that information but if you are not sure the easiest way to find out is ask IndyMac Bank by calling the number on your mortgage statement.
If your loan is Government owned or guaranteed IndyMac Mortgage Services has little choice in following the Making Home Affordable Guidelines.
You will need this information for the next step to accelerate your loan modification.
- Fannie Mae Loans
- Freddie Mac Loans
- For Non-Government Owned or Guaranteed Loans
- For an FHA-insured loan contact FHA's National Servicing Center
- For a VA-insured loan
If you do qualify for a HAMP Loan Modification this will dramatically increase the cooperation of IndyMac Mortgage Services in processing your Request For HAMP Loan Modification.
For additional actions you can take, see the article
Is Chase Just Wasting My Time? Or Can I Modify My Loan? PART 2 for information on getting help from a government agency and what to do to accelerate your loan modification.
Related Loan Modification Questions & Answers:
Return to topReturn to Ask Your Own Mortgage Loan Modification Questions from IndyMac Bank Wants A Profit & Loss Statement More Recent Than Last MonthReturn to Mortgage-Loan-Modification-Answers Home page from IndyMac Bank Wants A Profit & Loss Statement More Recent Than Last MonthApply for No-Upfront Fee Hardship Loan ModificationFind out for yourself. Apply for no-upfront fee hardship loan modification even if you do not qualify for the Government Making Home Affordable Modification Program. You may qualify for a No-Upfront Fee Hardship Loan Modification.
(Currently available in California, Oregon and Washington more states being added)DIY Loan Modification KitAre you looking for a DIY Loan Modification Kit that will walk you through the entire process of modifying you loan? Then read on. Gain the competence you need to submit and negotiate like a PRO - with real insider advice on how to negotiate a modification.
See more Mortgage Loan Modification questions and answers