Indymac borrowers have a lot of loan modification questions-it can be a very stressful process!  If you are frustrated and confused with loan modification questions that you can’t get a straight answer to then read on.  It can seem like a complicated process-but you don’t have to try to figure it out all by yourself.  You know you need a lower mortgage payment, but you may not know how to get started.  Here are some answers to the questions to may have about how to apply and qualify for a loan workout.

Indymac Loan Modification Question #1 is always, “How do I know if qualify for a loan workout program with my bank?”  Well, each lender has their own guidelines in place to determine who is eligible.  These can vary a bit, but usually a homeowner must be able to prove certain basic criteria.  These include:

1. Evidence of a financial hardship situation
2. Proof of ability to pay and maintain the new modified payment

A financial hardship may be the loss of income, increased expenses, medical issues, natural disaster, military service, and many other circumstances.  Due to the economic recession, almost everyone has some type of situation that has impacted their finances.Proof of ability to pay and maintain the new payment is done by providing your lender with a financial statement that details your income and monthly expenses.  You must also provide them with copies of your pay stubs and bank statements to verify that what you are telling them is in fact correct.

Indymac Loan Modification Question #2 is “What are the exact guidelines I must be able to meet to qualify?”  Thankfully, the new government assistance plan, called Home Affordable Modification has standard guidelines that the banks are required to follow.  For each loan modified using these standard guidelines, the banks will be paid by the Treasury Department.  That is a big incentive for lenders to help eligible borrowers.  You can learn these standard guidelines, then use that information to prepare your application forms correctly.  This way you know if you need to make any adjustments to your budget before your bank reviews your information.

Indymac Loan modification question #3, “What’s the first step?”   If you are delinquent on your mortgage payments, contact your lenders loss mitigation or home retention department right away.  Tell them that you want to apply for the Home Affordable Modification plan.  This will get you in the system and start the process.  If you are not yet delinquent, but are facing the imminent risk of default, then you are also allowed to apply for help under this plan.

APPLICATION TIP:  Do NOT disclose your financial information to your lender until you have taken the time to learn the basic guidelines, prepared your financial statement and made any necessary adjustments.  This is your chance to get the help you need, take the time to do it right!  It just makes sense to learn the basic 4 step formula the bank will use to qualify you-and then make any necessary adjustments to your application before the bank reviews it.

Learn the exact formula the bank will use to qualify for the federal loan modification plan and get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes.

Home Edition Loan Modification Kit with Customer Assist

Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com