loan modification: Loan Modifications Q&A, Indymac Bank's New Trend.
- 12/09/08 12:45 PM
Hello... We are seeing the mortgage industry change before our eyes. Rather than simply foreclosing on borrowers, many folks are being offered loan modifications on their existing loans in order to avoid foreclosure, which costs the bank money and the housing market growth. What is this process? There are several blogs on ActiveRain that explain it in detail. I work with IndyMac Federal Bank and it seems as though they are trying to be the model for this process. I had originally heard that a borrower needed to be 90 days past due to be considered for the process, but after (0 comments)