Short in the Family

Hi all,

Foreclosure sale in 10 days.
Indymac FSB said a complete SS package within 5 days will hault the sale.
Home owned by a relative, but I’m an authorized person the bank can speak to about the loan. I have also made direct mortgage payments.

  1. Am I eligible to be the buyer?

  2. Has anyone worked with Indymac on a SS? Do they just review the package?

  3. Do they care about credit worthiness at this point or once they approve the SS, then it is up to the buyer to have or put financing in place.

  4. Can a non-profit LLC buy home through a SS?

  5. If the SS is not approved, could the owner then ask for a modification or repayment plan? Every heard of this?

Indymac is now owned by the government. How long ago were you dealing with them? Is the government handling the SS any different than the bank would have? Before the government take over they were a little tough to work with. I don’t know anything about them since the takeover in July of 2008.

Good luck,

Thank you.

I am dealing with them now. We’ll see how this SS process goes.