Recently, Indy Mac announced that it will allow homeowners who are in default on their loans to streamline into loan modifications. If you have a loan with Indy Mac, you may be asking yourself what does that mean?
- To qualify, the mortgage that is default must be your primary home.
- Indy Mac will contact you will a proposed modification to your mortgage.
- If you have not been contacted by Indy Mac and you are falling behind contact the Loss Mitigation department at Indy Mac to get your modification package.
How will the modification work to your advantage?
- The modification will be within 38% debt to income ratio.
- The interest rate will be fixed Freddie Mac rate.
- The modification can include a combination of interest rate reductions, extended amortization, and principal forbearance.
To apply for the program with Indy Mac contact them at 800-781-7399. Visit http://www.fdic.gov/consumers/loans/modification/indymac.html for information on the loan modification with Indy Mac.
I'd like to finish this post with a link to another post where I answer the question - What is a Loan Modification?
Another post is about "A Loan Modification is WIthin Your Reach".
In this post, you will learn the common myths about a loan modification and how to overcome them.