INDY MAC throws HUNDREDS of THOUSANDS of dollars away!

Indy Mac has put a new policy in place that wastes TONS of money.. probably not hundreds of thousands of dollar but more on the scale of millions of dollars. Indy Mac's new policy is that they will not consider a short sale after sheriff sale.

What does that mean? Well in a redemption state like Minnesota, the current owner retains rights to the property for SIX MONTHS after the sheriff sale. By refusing to do anything after that sheriff sale, they are still accumulating interest, fees, taxes, insurance and all the deferred maintenance expenses on that house during the six month period.

For what? Are they hoping price will be higher in the spring than they are now? Highly unlikely and they cost of holding this on their books, re-keying, hiring an eviction attorney, winterizing and BPOs with be in the thousands for EACH property. Then add more devaluation in the market place (I believe we have quite a way to go STILL before bottom) and this could easily be $100,000 on a single property!

WISE UP IndyMac! WISE UP Goverment! Stop the bleeding and start being proactive!

This is ridiculous!

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