Federal Plan

Before you contact Indymac to apply for a loan modification, learn the HAMP guidelines and be prepared with a properly completed financial statement.  SInce the Federal guidelines are standard for everyone, it only make sense to learn them and then fine tune your application so that you have the best chance of getting approved.  The truth is that informed homeowners have a much better success rate than those who do not do their homework. Here are some important tips for Indymac loan modification approval:

1.  The bank will perform a test to determine if it is more cost effective for them to modify your loan or to take your home back as an REO.  This is where the value of your home comes into play-as many areas have lost significant equity as the market has declined, most homeowners will be able to show the bank that it makes sense to modify their loan as the bank will lose more money if they try to sell the home.

2.  An Indymac loan modification under the HAMP plan means that the new target payment will equal just 31% of the household gross monthly income.  That payment always includes your property taxes and homeowners insurance, so it is designed to be very affordable.  There are standard methods to reach this target payment.  If you financial statement shows that you can afford to pay and maintain this new payment, and that by reducing the interest rate to as low as 2% for up to 40 years that target payment can be reached, you are a good candidate.  You can take the frustration and confusion out of this target payment calculation by using a new software called Loan Mod Quick App-simply input your information and it will figure it all for you!

3.  The Indymac HAMP plan is only for primary residences and for homeowners who are facing a financial hardship situation.  This could be from loss of income, increased expenses, depleting savings accounts and using credit cards to pay daily expenses.  With the high unemployment rates across the nation, many borrowers are facing with decreasing income and increasing expenses-this makes them a good candidate for federal help.

4.  Be prepared to provide proof of all of your household income and expenses.  THis is a full disclosure process, so paycheck stubs, award letters, bank statements, tax returns, etc. will all be required so that Indymac can verify your ability to pay the modified mortgage payment.  The good news is that you can include miscellaneous income, even from non-borrowers.  A room mate or spouse who is not on the loan can provide part of your gross income for qualifying purposes.

5.  It takes persistence and patience to be successful but it can be done!  Over 700,000 homeowners have been helped with the HAMP plan, why not you?  Be prepared and knowledgeable before you apply-that is the secret to success.

can 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 Kit. You can do it yourself with this 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 get all the required forms, and an easy to use Loan Mod Quick App software program that actually computes your budget and tells you where you may need to make adjustments so that you have the best chance of approval.

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. Learn how to qualify for the Obama Federal loan modification plan. Don’t waste time and money, this kit makes it easy to prepare your application! Order The Complete Loan Modification Guide Kit now. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

Loan Modification Central is not affiliated with Indymac/OWB or any other financial institution.