If you are stuck in an unaffordable mortgage and facing a financial hardship situation, you need to learn how to apply and qualify for help using this government program. Here is a basic overview of the guidelines for approval and the terms offered for eligible homeowners. You will be asked to submit an application that includes a hardship letter explaining your circumstances, a financial statement detailing your income and expenses, and proof of your income. There is a standard 4 step formula that Indymac will use to determine if you fit the guidelines and will be approved for a loan workout. You can use a simply software program designed just for homeowners that actually uses the very same formula. Simply put in your own income and expenses and your debt ratio, new target payment, new interest rate and disposable income are all figured automatically.
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IndyMac and CitiMortgage Loan Modification
Telabar Other modification features could be combined with an interest rate reduction, as necessary and consistent with maximizing the value of the mortgage, to achieve sustainable payments. They may also visit the FDIC website www. Select Portfolio Loan Modification. Can you view my other post from today? To reach this metric for affordable payments, modifications could adopt a combination of interest rate reductions, extended amortization, and principal forbearance. The new program will help IndyMac Federal improve its mortgage portfolio and servicing by modifying troubled mortgages, where appropriate, into performing mortgages. There is no mention of February.
Indymac Loan Modification Questions and Answers
Share: October 25, AM If you are looking for help with your IndyMac loan, a new program that seeks to systematically offer loan modifications to troubled borrowers is being implemented. This new IndyMac loan modification program is designed to offer affordable and sustainable loan payments for homeowners facing default or foreclosure. Here are the most common questions about the new IndyMac loan modification program: What is the goal of the IndyMac loan modification program? This new streamlined loan modification program seeks to reduce the costs to the FDIC by offering its borrowers an expedited loan modification process to help homeowners avert foreclosure.