Federal Plan

The Treasury Department is frustrated with the lender taking months and months to review HAMP loan modification applications while homeowners struggle to hold onto their homes. The dismal success rate for loan workouts using the federal program has meant that the vast majority of borrowers have not been helped using the government backed home rescue plan. This is going to change as Obama has now mandated timelines and revised approval processes that Indymac will be following.

Indymac Loan modification help under HAMP will now be determined within 30 days of receiving a homeowners complete application. Here is the basic timeline that the Fed announced needs to be implemented immediately:

• Written confirmation of receipt of loan modification request within 10 days
• Approval or denial for Indymac loan modification within 30 days of receipt of homeowners complete application
• 3 month Trial Modification given to qualified borrowers and at the end of the trial the modification will become permanent automatically.
• If denied a loan workout, homeowners will be offered another option such as short sale, deed in lieu or other exit strategy.

Finally good news for millions of homeowners who have been getting the run around from Indymac-sending and resending the same information over and over again, or being told they are approved one day and then the next week being told they do not qualify. This also means that homeowners will only have one chance to apply-so it is very important to prepare and accurate and acceptable loan modification application the first time.

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