Loan Modifications Q&A, Indymac Bank's New Trend.

By
Real Estate Agent with Coldwell Banker Schmidt Realtors

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 speaking directly to IMFB, have found that 45 days past due is the entry point into the process. If you are an IMFB borrower and feel that your hardship may qualify you for a potential loan modification, the number to call is 877-908-4357. I have heard that the counselors are friendly, understanding, and most importantly... helpful. No one wants to back out on their commitment to pay back what they borrowed, but IMFB seems to be making it less offensive than some of the other 'big box' lenders out there. I'd love to hear about your experience with a loan modification, whether it be IMFB or some other institution and I feel that the ActiveRain community can benefit from pooling knowledge and experience from its members to start making lemonade out of the financial lemons some folks have been dealt. Go ahead and blog away on this topic and let's try to help those that need it in this sticky situation! Make this the loan modification forum for the answers to questions that no one wants to ask.

www.markhagan.com

Comments (0)