The FDIC has announced that many IndyMac borrowers will be permitted to modify their loans in order to avoid foreclosure.

This is in line with the federal governments plan to avoid as many foreclosures as possible.  The FDIC is currently running IndyMac, which it took over, while seeking a suitable buyer.

IndyMac borrowers who find themselves in trouble may be able to obtain a lower-priced, fixed-rate loan.

This week, IndyMac plans to send out 4,000 loan modification offers to borrowers, as well as thousands of additional proposals in the future.

The FDIC hopes that 25,000 or more borrowers will be helped by the announced plan.

Alt-A borrowers, those who obtained ARM's through stated incomes, small downpayments or not having to prove their assets may also be able to seek help.

To receive help, the mortgage must be on the borrowers primary residence.

If you are an IndyMac borrower and deliquent on your mortgage, you should call 1-800-781-7399, go to the IndyMac web site, or the FDIC web site.