June 18, 2024


Mad about real estate

Indymac Federal Bank Loan Modification

There are many people who are feeling the weight of the entire world on their shoulders due to the recent economic crunch which has affected the entire world and America in particular. If you are an existing client of the Indymac Federal bank, then there are some reasons for you to rejoice. Indymac offers its customers the option of home loan modification to stall the foreclosure of their houses. This comes as a welcome boon for people who are unable to pay off the mortgage payments due to cut-offs in salaries.

But one thing which you need to remember is that all applicants do not get approved for the modification scheme. There are a set of rules which should be fulfilled in your case so that you become eligible for home loan modification. First and foremost are financial hardships which should be affecting you pretty badly. Indymac takes into account only those people who are facing lots of problems which are out of their control. For instance, if the mortgage payments are more than 31{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4} of the total gross income of an individual, then he is eligible for home loan modification. The rates of interest can be cut down to a low 2{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4} if the application gets approved. The maximum payment period can be extended to 40 years which provides home owners with much needed relief.

Apart from this, homeowners should be able to provide Indymac with documents which should corroborate the fact that they would be able to pay the new payment. This is acceptable since Indymac does not want to modify the loan payment only to find that the owner is lagging behind in payments again. A lot of background preparation is necessary as you would want to put your best foot forward in the application.

To find out more on how you can qualify for a Mortgage Modification Loan, all you have to do is Click Here