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KELLIE JIM E | We are buying a forclosed home that we just found out is owned by indymac. Any ideas on what will happen? |
We are totally scared now. We are doing an FHA loan, so I am thinking that it doesn't really matter who the seller is, only the financing. Help! |
 |
 
Lakerman
 |
Hi, chances are there is no problem! The FDIC will be taking over the portfolio of the bnk owned properties and if you are "under contract" the FDIC will honor the agreement. But, it will take some time for them to research all that they need to do. Priorty will be to demand deposits (checking and savings accounts) but they will get to it. Your FHA loan will take some time anyway, maybe longer than it takes for FDIC to get around to it! The ONLY thing I can think of is that the FDIC is in a fudiciary position, they have legal obligations to do what is best for public interest. If you contracted with the bank for a sale price for significantly less than the home is really worth, which is unlikely, the FDIC may transfer the property with others, in trust, for disposition at a higher price. While this is possible, again, it's highly unlikely, your FHA loan requires the property to be appraised and it will most likely come in at a value close to the contracted sale price. So don't lose sleep over this aspect!
No, it doesn't matter who owns the property, FHA is the guarantor of the loan, not the lender or funding agency (unless you are obtaing special financing directly from FHA).
If you have applied for your loan, continue with your loan. If you have a Realtor, make them earn the commission. They need to coordinate the deal as they would with ayone else. FDIC has a special division for receivership, banks shut down, and the agent that was listing the property might be out of the picture now, or the FDIC could just allow the agent to continue. As I said, it might take more time, but FDIC doesn't want to keep any property held in the bank portfolio, they, like the bank, want cash!
It's been awhile since I was a Bank Examiner for FDIC, but you got the scoop! Don't worry! Good luck with your new home! B |
|
acermill
 |
IndyMac continues to operate under the auspices of the FDIC. If you have a signed and agreed upon offer to purchase, things should go mostly smoothly. If you do not, I can't tell you what will happen. |
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Expert Realtor
|
It's really, really hard to say, because mortgages are assigned to a trustee during foreclosure that handles the transaction once that process gets started.
The FHA loan doesn't matter...the problem is the decision making ability on current assets held by Indymac may or may not be frozen.
Have your Realtor find out through public records who the Trustee is...they will be able to give you an immediate answer if and when the closing can take place...if at all. |
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loanmasterone
|
You should not have any problems with your transaction. The FDIC has taken over the assets of Indy Mac and will conduct business as usual.
If there is a change in policy, a letter will be sent to all parties concerned with any transactions with this bank.
If you do not have a contract you should get one through the real estate agent you are using to purchase this house.
You did not indicate that you were pre-approved, therefore your transaction might be held up until you are approved for your FHA mortgage.
The seller of the property you are buying is still Indy Mac, there has not been a name change, only that the FDIC has taken charge and placed a trustee in the position of policy. The same people are still working there. Indy Mac was not purchased by another company where all the employees will be fired and a new crew brought in.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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pibzz
|
Indy Mac bank (that just failed) is not the same as Indy Mac mortgage
Indy Mac mortgage doesn't own the property anyway, they are just servicing the loan for the investors that do own it.
Chances are its owned by Freddie Mac, you really have nothing to worry about. |
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William H
|
The seller is motivated to move non-performing assets off the balance sheet. Close as soon as practical. |
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minootoo
|
If your loan is issued by FHA then you are OK, they do have checks and balances, and you should take out a policy that is home owner title Insurance policy to protect you, lander will require it but you should have full price policy to protect you. As a rule it is issued for nomonal charge when you buy one for the lander in the amount of loan (charge is the additional amount plus some fee for difference betweeen loan and the purchase price of the house, try and get inflation protection also on your part of the policy). |
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daeve930
 |
You don't have to worry about it, especially if your lender isn't Indy Mac. |
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Free Thinker
|
More important is the results of a title search. Make sure there are no clouds on the title before you sign the closing docs. I wouldn't worry about IndyMac too much |
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boilerette72
|
Are you under contract? Was your contract approved by the 3rd party already? If so, I'm sure Indymac is ready to get rid of it ASAP. |
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