Indymac Loan Modification HAMP Guidelines & Requirements

Posted by admin On January - 29 - 2010
Federal Plan

Federal Plan

Indymac Federal Bank is offering the HAMP loan modification to qualified homeowners. 4 to 5 million borrowers are expected to apply for relief under President Obama’s sweeping plan, called HAMP. Here is some information about the HAMP guidelines and requirements to help you determine if you are eligible.

The HAMP guidelines and requirements are standard for everyone, and under the federal plan Indymac will be paid to modify qualified loans using a set formula. The goal is to achieve a new payment that equals just 31% of the household gross monthly income. That amount includes your principal and interest, property taxes, homeowners insurance and any homeowners dues, if applicable. The new mortgage payment- called your target payment- will be arrived at by using a sequence of options, called a Waterfall Method, in this order:

  1. First, lower interest rate to as low as 2%, then
  2. Second, extend the loan term to 40 years, and finally if necessary
  3. Finally, defer or eliminate some principal balance

HAMP guidelines and requirements were recently expanded to include second loans as well as first trust deeds. Now when the first lien is modified, the second lien will also be eligible for an interest rate reduction to as low as 1%, and in some cases the lender may retire the debt altogether in exchange for a government lump sum settlement. This part of the plan was implemented to encourage homeowners to continue making payments on a home that has lost significant equity.

Indymac is required to review every applicant who requests help and determine their eligibility. So, even if you have applied previously you may request and apply for this Treasury Department loan modification plan. You will be asked to complete an application that includes a financial statement outlining your income and expenses. You must also provide Indymac proof of you income, including tax returns. A short telephone interview will also be conducted and based on the information you provide, a determination will be made to either approve or deny or application.

HAMP has standard approval guidelines and requirements, and a 4 step formula is used to determine if the information you provide fits into those guidelines. You can use this very same formula to fine tune your budget so that you have the best chance of fitting the program criteria. You can take a lot of the confusion and frustration out of preparing an acceptable application by using a software program designed just for homeowners. The Loan Mod Quick App software allows you to simply put in your income and expenses, and all the calculations are done for you. Your debt ratio, new target payment, new interest rate, disposable income and more are computed automatically. You can see immediately where any adjustments might be needed before Indymac reviews your information-avoid costly mistakes and do it right the first time.

The secret to success for homeowners needing a loan modification is to prepare your paperwork before contacting your lender. Take the time to work on your financial statement ahead of time, so that you can make any adjustments required to meet the approval guidelines. When you understand what Indymac is looking for to approve your loan workout, you will have a much better chance of completing your paperwork correctly with the help of Loan Mod Quick App- you will be on your way to secure home ownership.

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-order and get your materials immediately.  Visit myloanmodificationcenter.com and order today.

Indymac Loan Modification-How to Apply & Qualify Correctly

Posted by admin On January - 25 - 2010

Are you one of the thousands of homeowners stuck in an unaffordable Indymac mortgage? Wondering how you can apply for a federal stimulus loan modification plan that will lower your monthly payments? Curious if you even would qualify for a loan workout with your lender? Well, the truth is that not everyone will qualify, but you can definitely increase your chances of success if you know a few important reasons why some borrowers are approved, while others are denied. Read these tips before you contact Indymac about a loan modification.

The truth is that your lender will only offer you a loan modification if you can show them that it is in their best interest to do so. What does that mean? That if it is more cost effective to keep in the home than to foreclose and try to sell your home in this current market, they will be likely to give you a loan workout. Face it, banks don’t care about us personally, it’s all about making money, or more accurately-losing the least amount of money, given this current financial crisis.

Your job is to prove to Indymac in black and white that you can actually save them money by reducing

Know the 3 critical elements of a hardship letter

Know the 3 critical elements of a hardship letter

your interest rate, extending your loan term, and yes-even reducing your principal balance so you can afford to continue making payments. Lenders cannot have too many defaulted properties on their balance sheets, or they risk being declared insolvent. The solution is to offer the homeowner a loan modification-but only if they will lose less money than by taking your home back. Since a foreclosure process has a price tag of about $50,000, your lender also has to figure that into the cost analysis, often making that option very unattractive.

So let’s say you owe $250,000 on your home loan, but due to market depreciation, your home is now only worth $175,000. Indymac has to figure that if they foreclose and try to sell your home, they will lose at least $125,000-not very attractive, right? So if you put together a workable proposal whereby you agreed to continue making payments on the home, at a reduced interest rate and reducing some of that principal-that makes a whole lot more sense to your bank.  Lenders also get paid by the Treasury Department to modify loans using the HAMP guidelines.  This is a program funded by the stimulus plan and designed to help 4 million borrowers keep their homes.  This plan has standard guidelines for approval - so it makes sense to learn what it takes to qualify under the government plan and then prepare your application correctly.

Again, you must show all this to Indymac in black and white. How can you do that clearly and in a convincing manner? You must prepare your loan modification forms so that they demonstrate your inability to pay the current mortgage payment, verify the current property value has decreased significantly so that it is not cost effective to foreclose, and then prove to them that you will be able to afford to pay and maintain the new lower mortgage payment. If you know how to complete your loan modification application properly, you can build a very attractive loan workout proposal that you lender will likely accept. The difference between approval and denial? Knowledge and proper preparation of your loan modification application!

The federal loan modification plan has made it easier than ever for homeowners to work directly with their lender to find a loan workout solution.  Lenders are required to use that standard approval guidelines set forth by the Treasury Department.  You can learn and use the very same formula your lender will use when you complete your application forms.  That way you know ahead of time what areas of your budget might need adjusting and give yourself the inside edge to approval.  You must be able to figure your new payment-called a target payment, debt ratio and disposable income using the federal guidelines.  Sound confusing?  Don’t stress-you can use a software program designed just for homeowners that actually copies the same formula your bank will use.  Save hours of time - all you do is input your specific income and expenses and everything is figured for you.  See your debt ratio, target payment, new interest rate and more right away.  Avoid mistakes-do it right the first time for the best chance of approval.

Get the help you need to prepare your own accurate and acceptable Indymac loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

Indymac Loan Modification Process

Posted by admin On January - 11 - 2010
Federal Plan

Federal Plan

Stuck with high mortgage payments and trying to figure out just how the loan modification process works?  If you have been waiting for help with a Indymac loan modification you may finally get the chance you need.  The Treasury Department has signed an agreement with the bank authorizing them to offer the Home Affordable loan modification plan to its qualified borrowers.  Under this program, Indymac will be eligible to receive incentive payments for each completed loan workout.  Of course, this is a big incentive for the bank to offer this aggressive program to homeowners.

What happens with a loan workout and how will it benefit you?  An Indymac loan modification using the federal plan means that your mortgage payment could be lowered using several standardized options.  These include:

  1. First, interest rate reduced to as low as 2%
  2. Second, loan term extended to 40 years
  3. Finally, principal forbearance

The good news is that your new mortgage payment could become very affordable under the new loan modification terms.  The goal is to reach a new modified payment that equals no more than 31% of your gross monthly income.  This payment includes the amounts for taxes, insurance and homeowners dues if applicable.  The federal plan will subsidize part of the loss incurred by Indymac due to the new loan terms, as well as an upfront payment for each workout that qualifies.

How do you apply for the Indymac loan modification using Home Affordable?  You can visit the lenders website to start, but be aware that not all borrowers will qualify.  Make sure that you understand what is required for approval before you send in your paperwork.  Successful homeowners will be able to prepare their loan modification applications correctly so that they have the best chance of meeting the approval guidelines.  Take the time to learn and prepare so you don’t miss out on this opportunity to stay in your home.

Indymac uses the standard formula mandated by the Treasury Department.  You can learn and use this very same formula to prepare your own acceptable and accurate financial statement.  Don’t worry, you don’t have to try to figure this out all by yourself.  Take advantage of the #1 resource for homeowners, The Complete Loan Modification Guide kit.  You get step by step directions in the easy to follow handbook, and an easy to use software program-Loan Mod Quick App.  Simply input your own income and expenses, and all the calculations are done automatically.  The software mimics the 7 triggers for approval under Obama’s HAMP plan, so your debt ratio, new target payment, new interest rate and disposable income are all calculated immediately for you.  You have the information you need right away so that you can make any necessary adjustments to your financial statement and make sure you fit in the guidelines.

Save hours of frustration and confusion-get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

Indymac Loan Modification Process to Apply & Approval

Posted by admin On January - 5 - 2010
Federal Plan

Federal Plan

There is a program available for borrowers facing a financial hardship situation and having a hard time to make their mortgage payments.  A loan workout could be the answer you need.  The Indymac loan modification process can seem confusing and overwhelming. Millions of homeowners stuck in an unaffordable mortgage need to get a lower payment, but just how do you apply and who will qualify? Let’s get some basic steps down so you don’t have to feel so overwhelmed and will be able to begin the application process.

More about the Indymac loan modification process:

  • Step 1: Get organized-follow an easy checklist to gather all of the required forms and documentation the bank will want to see from you. Have everything at your fingertips so you don’t have to stop and start searching for paperwork.
  • Step 2: Do this ahead of time-work on your family budget, making the new modified mortgage payment your centerpiece. This target payment is what you are shooting for with Indymac. This is the payment that you can afford and that fits into the banks approval guidelines. Adjust your budget, eliminating any unnecessary expenses so that the bank sees you can afford the new modified payment. You can follow simple directions to help you determine your target payment and to complete your family budget.
  • Step 3: Learn how to write a compelling and convincing hardship letter detailing your financial situation. Don’t make it too long-the bank is swamped with requests-but add some personal details so you can gain the empathy of the person reading it. Explain what happened to cause this situation, how committed you are to saving your home, and assure Indymac that you will not become delinquent again if given the modification.
  • Step 4: Almost done-now that you have prepared all of your paperwork, fine tuned your budget, written your hardship letter and gathered all of your income documentation, pick up the phone and call the Loss Mitigation Department. Do not speak with the collection department-that is a waste of your time. Be persistent and get through to a counselor who can take your application and information. Use a log to keep track of everything you do and everyone you talk to from now on-patience and persistence is required.

These are some of the basic steps involved in the Indymac loan modification process. As you can see, being prepared and informed is the key to success. You can feel confident, remain calm and organized when you take the time to work on your application before contacting the bank. This is your one-time chance to get the help you need and deserve-make sure you do it right the first time.  You can increase your chance of preparing an accurate and acceptable financial statement with the help of a easy to use software program designed just for homeowners.  The Loan Mod Quick App actually mimics the 7 triggers for approval under HAMP-simply input your own specific financial information and it does all of the calculations for you.  Ave time, confusion and frustration and make sure your application is accurate and acceptable.

Don’t worry-you don’t have to try to figure this out all by yourself.  Get the help you need to prepare your own accurate and acceptable Indymac loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

Struggling homeowners trying to get a Indymac loan modification can now see a light at the end of the tunnel. Indymac Federal Bank is offering a government sponsored loan workout plan for those borrowers who can meet the basic approval guidelines.  The program is called HAMP-for Home Affordable Modification Plan.   Indymac has been approved by the Feds to receive incentive payments for each qualified modification they complete. What does this mean to you and how can you benefit?

Homeowners who are stuck in unaffordable mortgages are encouraged to begin the loan modification application process right away. Even if you have already applied or been turned down for a Indymac loan workout, you may re-apply for this federally subsidized program. The lender must consider every applicant, and they are now more motivated to assist qualified borrowers. They will be paid an upfront payment for each completed file, and the Treasury Department will share in some of the lost revenue resulting from the new loan terms.

Qualified borrowers will also be paid to participate in this Indymac loan modification program. Homeowners who maintain the new modified payments with no delinquencies will be paid up to $5000 over 5 years. This incentive to succeed will be credited directly towards the loans outstanding balance. Do you qualify for the Indymac Home Affordable loan workout? If you can answer yes to these questions, you are encouraged to begin the application process.

  1. Do you live in the home as your primary residence?
  2. Did you get your loan prior to January 1, 2009?
  3. Is your loan balance less than $729,750?
  4. Is your current mortgage payment greater than 31% of your gross monthly income? (including property taxes, homeowners insurance and homeowners association dues)

This Indymac loan modification program is only available for a limited time and has limited federal funding. If you think you may be a good candidate for this plan, you should take this opportunity to learn how you can apply and qualify for a reduced interest rate as low as 2%, and longer loan term-up to 40 years-or receive principal forbearance. This could be the second chance you need to stay in your home, so get started right away and make sure you do it right.  Since there is a standard formula that the lender will use to determine who qualifies, it just makes sense to learn and use this formula so that you can prepare you own acceptable application.  Fortunately, you don’t have to figure it out all by yourself.

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

Indymac Bank Loan Modification-Application Steps to Approval

Posted by admin On December - 26 - 2009
Federal Plan

Federal Plan

HAMP offers borrowers a federal program that provides a low affordable mortgage payment-this could be the help you need.  Are you stuck in a bad loan and trying to get help with an Indymac loan modification?  Well, now is the time to get started learning how you can qualify for a new, lower mortgage payment when you apply for a Indymac Federal Bank mortgage modification.  The truth is that it has been a long hard battle for millions of homeowners, but here are some valuable tips that will help you successfully reduce your monthly payments.

The Fed has set aside billions of dollars to help homeowners find a solution with an affordable mortgage payment.  Indymac Federal Bank has been offering some borrowers this very aggressive loan workout plans.  But for many homeowners, that help has been elusive.  Why are some borrowers approved and others denied?  The secret to getting the help you need is simple-you must be able to prove in black and white that you meet the guidelines for acceptance.  The first step is learning what those guidelines are-so here are the basics that you need to know:

  1. You must prove that you have suffered a financial hardship due to circumstances beyond your control.  This means that explain in a clear and compelling manner the circumstances that got into this situation and the steps you are taking to try to find a solution to stay in your home.  Do you know what circumstances are considered an acceptable hardship?  Get a hardship letter template in the #1 resource for homeowners, The Complete Loan Modification Guide kit & software system.
  2. Indymac Federal Bank must be provided with proof of your income and expenses so that they can verify your ability to pay and maintain the new, modified mortgage.  The bank does not want to modify your loan only to have you fall behind again.  Do you know how to complete your financial statements to convince them that you are a good candidate for a loan workout?  Simply input your own specific financial information into the Loan Mod Quick App software and all the calculations are done for you.  You can easily fine tune your budget so that you have the best chance of success when you use this simple program.
  3. Do you know what documents you will have to provide to the lender in order to submit a complete and accurate loan modification proposal?  It’s easy when you follow a submission checklist and document stacking order.

An Indymac Federal Bank loan modification can be done successfully by the average homeowner with just a little bit of information and preparation.  You do not have to pay thousands of dollars to a company or attorney to get the results you need.  All you need to do is to make the commitment to learn, prepare and work hard to obtain the loan modification you need and deserve.  Help is available-you just need to know how to get it.

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier! Visit myloanmodificationcenter.com to order today.

Indymac Loan Modification-What Every Homeowner Needs to Know

Posted by admin On December - 23 - 2009
Federal Plan

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.

Indymac Loan Modification Criteria for Obama’s Plan

Posted by admin On October - 22 - 2009

Need an Indymac loan modification and want to get started the right way?  Why would a homeowner faced with foreclosure slap some paperwork together, send it over to their lender for review and just hope it all works out? That is really taking a big chance-a chance with your families home and financial future. Since the approval guidelines and loan modification criteria are mandated by the Treasury Department, doesn’t it make more sense to take the time to learn and prepare before you apply for Obama’s Home Affordable Modification Plan?

Some homeowners may feel that they don’t have the experience or skills to be able to prepare their Indymac loan modification application correctly. Well, the truth is that you do not have to be an expert-in fact if you can follow simple step by step directions, do simple math and use easy charts, you can complete a really good proposal for your lender. Obama’s loan modification criteria is standard for everyone-so take a minute to learn the basics and increase your chances of approval.  Learn all about the program in Chapter 2 of the #1 resource for homeowners, The Complete Loan Modification Guide.

The first thing you need to learn is the basics.  The centerpiece of the Home Affordable Modification Plan is called a target payment. This is the goal-a low affordable payment that equals 31% of the household gross income. In order to reach this target payment, certain methods can be used to modify or change your loan terms. If your target payment can be reached using these standard methods, then you have a good shot at getting assistance.

The methods that may be used to reach that 31% target include:

  • Reduction in your interest rate by .125% increments, all the way down to 2% if needed
  • Extend your loan term out to 40 years if necessary
  • Defer or forgive some of the principal balance to reach that target payment goal

If your loan balance and Indymac loan terms can be modified using these standard methods-called a waterfall method-then you are past the first hurdle. Now you must also be able to meet the debt ratio, loan to value and imminent risk triggers to be a good candidate. Don’t worry, there is a simple way to figure this all out.  You can learn the loan modification process in just a couple of hours.

There is actually a simple, 4 step formula that the federal program utilizes for loan modification criteria purposes. What if you could use this very same formula ahead of time to prepare your own application? That is the inside edge you need to succeed-because now you can fine tune your application so that it fits right into that formula. Sometimes adjusting your family’s budget just a couple hundred dollars can make all the difference!

You can get the help you need to apply and qualify for a Indymac 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.

Home Edition Loan Modification Kit with Customer Assist

Home Edition Loan Modification Kit with Customer Assist

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. 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

Indymac Loan Modification-Obama Plan Top 10 Questions

Posted by admin On October - 19 - 2009

Indymac Bank is offering the Obama loan modification plan which offers a second chance for millions of homeowners stuck in unaffordable home loans.  The standardized plan is called Home Affordable Modification and it seeks to offer a way out of foreclosure for qualified homeowners.  Participating lenders will be given monetary incentives to offer the plan to interested homeowners, however each application will be reviewed and a determination made on a case by case basis.  Learn more about how it works to find out if you might qualify for help.

Top 10 Questions on the Obama Indymac loan modification plan:

#1:  Do I have to be late on my mortgage to qualify?  No, the program is aimed at preventing foreclosures for all homeowners facing a financial hardship now or in the future.  Lenders and servicers actually get paid more to modify loans that are not yet delinquent.  You must pass an “imminent risk of default” calculation in order to be eligible.

#2:  How do I know if my loan is eligible?  If your loan amount is $729,750 or less and was originated before January 1, 2009 if will probably be included in the Obama Indymac loan modification plan. (higher loan amounts allowed for 2-4 unit properties)

#3:  I own a duplex, and live in one of the units-can I apply?  Yes, as long as it is your principal residence.  Investment, second homes or rental properties are not included in the program.

#4:  My current mortgage payment is unaffordable, how low can my modified payment be with this loan modification program?  The plan seeks to lower the monthly mortgage obligation (including taxes, insurance and HOA dues) to equal 31% of your gross monthly income.  If your current payment equals more than 31% of your gross, you may qualify for a lower payment.

#5:  Will this Indymac loan modification plan apply to my second mortgage too?  Yes, the program has been expanded to include second loans as well.  THe modification method include lowering the interest rate to 1% or forgiving some principal balance. The Treasury Department is subsidizing banks at 12 cents on the dollar.

#6:  Does my Indymac have to give me this loan modification plan?  No, it is a voluntary program.  Most lenders and servicers are expected to participate however because of the generous incentives offered by the Treasury Department.  In addition, if you are 60 days delinquent or more they are required to evaluate your loan to see if you might qualify.

#7:  How will my lender lower my payment to reach the 31% debt ratio guideline?  First, the interest rate will be reduced to as low as 2%, if the ratio is still too high, then the term will be extended to 40 years.  If still more is needed, then a portion of the principal balance may be deferred (interest free-but payable if the home is sold or refinanced)

#8:  How do I know if my application is filled out properly?  There is a standard 4 step formula the bank will use to determine if you are a good candidate.  You can learn this very same formula and use it to prepare your own acceptable proposal with The Complete Loan Modification Guide.

#9:  What paperwork will I have to provide to apply for the Obama loan modification plan?  You will be asked to prepare an accounting of your income and expenses (financial statements), document a hardship situation, provide your paycheck stubs, current bank statements and tax return.  The information you provide on your financial statements can have a big impact on whether you will be approved or not, so make sure you know how to complete that correctly.

#10:  What is the cost of this loan modification program?  The plan is free-there is no charge to apply or qualify.  The Treasury Department is warning homeowners against paying any large upfront fees to anyone.

This information is the basic outline of who may qualify, but borrowers are encouraged to take some time to learn more about how to prepare your application properly to increase your chances of success.  The program uses a 4 step method to determine who qualifies.  You can learn this very same formula and use it to prepare your own acceptable modification proposal.  Don’t miss out on your chance to lower your monthly mortgage payment.

Learn the 4 step approval formula and get the help you need to apply and qualify for a Indymac 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.

Home Edition Loan Modification Kit with Customer Assist

Home Edition Loan Modification Kit with Customer Assist

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. 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

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

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