Finally, some good news for troubled homeowners from Indymac Bank. Last week Indymac Federal implemented a new, streamlined loan modification program. This agenda is designed to systematically modify existing Indymac home loans into sustainable and affordable payments to help homeowners avoid foreclosure. The new agenda will also help IndyMac Federal heighten its mortgage portfolio by turning troubled loans into performing loans.
The new streamline loan modification will be available to borrowers who hold a first mortgage on their principle home with Indymac Bank. Thousands of delinquent borrowers will receive proposed offers for a loan modification in the arrival weeks. The agenda will initially address those homeowners who are seriously delinquent or in default. The goal is to help stop foreclosure for thousands of homeowners. Indymac Federal will also seek to work with borrowers who are unable to pay their mortgage payments due to rate resets or thorough hardship for loan modification.
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Under the IndyMac Federal program, eligible mortgages would be modified into affordable payments using a composition of interest rate reductions, extended amortization and principle forbearance. There are no fees or other charges for this modification. All unpaid late charges will be waived. Borrowers will have to qualify for the free loan modification based on information provided to Indymac Federal Bank by the borrower. It is vitally prominent that the homeowner have a complete comprehension of the loan modification process prior to contacting their lender.
The complete Loan Modification Guide provides homeowners with all of the insider tips and information significant to present an thorough application. Homeowners will learn the 7 steps to a flourishing loan modification and will be provided all the significant forms, with detailed instructions on how to complete them. An informed homeowner is a marvelous homeowner. So get the information you need and get started on the path to secure home proprietary once again.
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