Indymac Loan Modification

Need an Indymac loan modification and want to get started the right way?  Why would a homeowner faced with foreclosure slap some paperwork together, send it over to their lender for review and just hope it all works out? That is really taking a big chance-a chance with your families home and financial future. Since the approval guidelines and loan modification criteria are mandated by the Treasury Department, doesn’t it make more sense to take the time to learn and prepare before you apply for Obama’s Home Affordable Modification Plan?

The loan modification program under IndyMac Federal Bank (FSB) is implemented to modify troubled mortgages under IndyMac. This program has been created as a result of millions of defaulted mortgage agreements. Indymac Bank is suffering financially as well as their customers. As a result, Indymac has put together a comprehensive mortgage modification program to assist struggling homeowners.

Indymac Loan Modification and Refinance Plan is expected to help all the troubled homeowners, who are into serious financial crisis and are facing foreclosures due to non payment of their existing home loan EMI’ s with the bank. Indymac’s Refinance and loan modification program is going to modify and refinance all the mortgages of the customer’s to make it easier for the borrower’s to pay their installments, so that they can avoid foreclosures and stay in their homes.

How do homeowners apply for the IndyMac loan modification?  Thousands of homeowners will already be receiving proposed loan modification offers in the mail. After IndyMac has evaluated the borrowers application and financial information, a determination will be made regarding eligibility.  If deemed acceptable, the proposed loan modification offer will be sent to the homeowner by mail.  The borrower simply needs to sign and return the loan modification agreement along with payment for the first months modified loan payment.  Verification of income will be required along with the returned agreement.

What options will be available under the IndyMacloan modification program?  Eligible loans could be modified into affordable mortgages designed to achieve sustainable payments at a 38% debt to income ratio.  To reach this figure for affordable payments, modifications could include a combination of interest rate reductions, extended amortization and principal forbearance.  One feature would be to offer a further interest rate reduction for the first five years to meet the 38% debt to income goal.