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

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 loan modification

Indymac Loan Modification Questions-How it Works, How to Apply & Qualify

Posted by admin On October - 6 - 2009

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

IndyMac loan modification

Indymac Loan Modification Agreement-How it Works

Posted by admin On September - 26 - 2009

When you enter into a loan modification agreement with your Indymac, you are signing a modified note that commits you to a new contract.  Ideally, these new terms should be providing you with an affordable monthly mortgage payment.  Since their as many different types of loan workouts, it is very important that you read and understand exactly what your new terms are before you commit yourself.

A loan modification agreement is mailed to you from Indymac once you have passed the initial qualifications.  This usually involves submitting your financial information, including a detailed accounting of your household income and expenses.  Once your bank reviews this data, they will either approve you or deny you.  If you are qualified, then you will be overnighted some very important paperwork.

Usually, this initial loan modification agreement will outline your new mortgage terms and ask you to provide some additional income documentation, ask you to sign the agreement in front of a notary public, and then return everything to the bank within a certain time frame.  This agreement can be a temporary or trial modification, and if you prove that you can afford the new terms by making several payments on time, then the modification will become permanent.  Sometimes, you are given a permanent modification and no further action is necessary.

Either way, it is critical to carefully review this Indymac loan modification agreement and make certain that you understand the new mortgage terms.  You are committing your self to a debt, and if you cannot afford to pay it, then it is better to try to re-negotiate with your bank.  Remember, you are only allowed one modification, so it makes sense to agree to one that will be affordable now and in the future.

Federal Plan

Federal Plan

Indymac is offering the federal loan modification plan, called Home Affordable Modification.  This is a program paid for by the stimulus bailout funds, and $75 billion has been set aside to help homeowners get a low affordable mortgage payment.  Find out if you qualify for assistance under this government plan-learn the 4 step approval formula the bank uses.  It is easy to learn following the step by step directions provided in the #1 resource for homeowners, The Complete Loan Modification Guide.

You can get the help you need to apply and qualify for an 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

Indymac Mortgage Loan Modification Approval

Posted by admin On September - 22 - 2009

Homeowners facing a financial hardship situation may be eligible for a Indymac mortgage loan modification under a government sponsored plan.  Obama has implemented a far reaching home saver effort called Home Affordable Modification.  Indymac is participating in the federally subsidized program, and the bank is currently offering homeowners the opportunity to apply for assistance.

What are the details of this plan and how can you apply?  The first step is to contact Indymac and let them know that you are facing a problem paying your mortgage and ask to be considered for Home Affordable Modification.  Make certain that you only call the Loss Mitigation Department-this is a special phone number just for this purpose.  Obama has mandated that all borrowers who ask for help under this federal plan be allowed to apply.  This means that even if you have applied before or are in the process, you can begin the loan modification process again.

Federal Plan

Federal Plan

The good news for Indymac borrowers is that the Home Affordable Plan has standard guidelines for approval.  So if you take the time to learn about what the bank is looking to see from you, and then prepare your forms correctly, you have a very good chance of getting a loan workout.  No more guessing about how to apply and who qualifies-it is all standard for everyone.

You can use the very same 4 step formula that Indymac will use to help you pre-qualify and then prepare your forms so that they pass through the standard calculations for acceptance.  Don’t worry-you can follow simple, step by step directions provided on page 23-26 of the #1 resource for homeowners, The Complete Loan Modification Guide.

You can get the help you need to apply and qualify for an 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

Indymac Loan Modification Guidelines

Posted by admin On November - 12 - 2008

Indymac Federal Bank has implemented a systematic loan modification program aimed at streamlining the process for delinquent borrowers to obtain affordable and sustainable monthly payments.  Since the FDIC takeover, Indymac loan modification proposals have been sent out to thousands of borrowers and the lender will continue to reach out to at risk borrowers by mail.

Homeowners wishing to apply for an Indymac loan modification need to know the guidelines to improve their chance of approval.  The basic criteria for the loan modification offers are:

  • Lower payment to represent a total of 38% of gross income
  • First mortgages only
  • Interest rate reductions
  • Further rate reductions for first 5 years, capped at 1% rate increases
  • Longer loan terms
  • Principle forebearance
  • No cost to borrower-fees & penalties waived

Borrowers must provide financial statements and proof of their income to qualify for an Indymac loan modification.  In order to meet the debt ratio requirement, borrowers need to add together the principle and interest payment, property taxes and insurance, and HOA ( if applicable) then divide that total by their gross monthly income to arrive at their debt ratio.  The new, lower payment needs to be no more than 38% of the gross monthly income.  Remember to include the taxes, insurance and HOA as well.

Borrowers will have to demonstrate a financial hardship to qualify for an Indymac loan modification.  A hardship letter briefly outlining the circumstances surrounding the delinquency and what steps have been taken or you are prepared to take to overcome your financial situation.  A well written, brief and compelling hardship letter will provide your lender with a clear picture of your circumstances and good intentions.

Indymac loan modification principal forebearance could involve deferring some of the loans balance for up to 10 years, with the new loan payment calculated on a lower loan amount reflecting 90% of the homes current market value.   

Borrowers who have received a proposed Indymac loan modification offer should take the time to make sure their paperwork is completed properly, including calculating their debt ratio, to have a better chance of acceptance.  A family budget meeting, where all income and expenses can be discussed and modified accordingly can be beneficial to meet the debt ratio guidelines and demonstrate a willingness to the bank of commitment to the new loan modification.

Borrowers who are delinquent or who are experiencing financial hardship and falling behind on their Indymac mortgage can call 1-800-781-7399 to speak with a customer service representative.  It is important for borrowers to have a complete understanding of the Indymac loan modification process before submitting any paperwork.  Informed and prepared homeowners will have an increased chance of getting the Indymac loan modification help they need and deserve.

You can get the help you need to understand the Indymac loan modification process by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook 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. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide. 

For more information about mortgage loan modification, please visit us at:

http://www.myloanmodificationcenter.com

IndyMac loan modification, Loan Modification

Loan Modification-IndyMac Program Guidelines Q & A

Posted by admin On October - 25 - 2008

IndyMac Bank has implemented a systematic loan modification program for troubled borrowers.  The new Indymac loan modification program is designed to achieve affordable and sustainable loan payments. The streamlined loan modifications are available for borrowers who have a first mortgage with IndyMac Bank that is seriously delinquent or in default.  Loan modification outreach efforts to work with borrowers facing payment resets or changes to the homeowners financial situation are also planned.

What loans are eligible for the IndyMac loan modification program?  Indymac Federal Bank is focusing first on mortgages that are seriously delinquent or in default to avoid unnecessary and costly foreclosures.  Proposed loan modification terms are already being sent out to thousands of Indymac Federal borrowers and the lender will continue to reach out to many more distressed borrowers.  Borrowers who have not been contacted by IndyMac Federal with a loan modification offer, but are experiencing financial hardship or falling behind on their mortgage payments, should contact the bank to find out if they are eligible for a loan modification that could help them keep their home.

What are the IndyMac loan modification options being offered?  Eligible borrowers would receive a loan modification designed to achieve sustainable payments at a 38% debt to income ratio including principal, interest, taxes and insurance.  To reach this ratio, loan modifications could include a combination of interest rate reductions, longer terms and principal forebearance.  If necessary, IndyMac loan modification offers will include a further interest rate reduction for the first five years, and after that time, the interest rate increase would be capped at 1% per year until at Freddie Mac survey rate, where it will remain for the life of the loan.

Learn how to figure your own debt ratio to qualify

Learn how to figure your own debt ratio to qualify

How does a borrower qualify for an IndyMac loan modification? The borrower must provide the bank with income documentation to determine what loan modification is necessary to reach the 38% debt to income ratio.  To reach this 38% ratio, the loan modification may adopt a combination of interest rate reduction, extended amortization and principal forebearance.

How do borrowers apply for this IndyMac loan modification?  Thousands of delinquent borrowers will be receiving loan modification offers by mail.  These offers are based on current income information provided by the borrowers.  Once a borrower has provided financial information to an IndyMac customer service representative, the lender will evaluate whether a loan modification may be available.  Borrowers seeking help with an IndyMac loan modification can also call 1-800-781-7399.

What happens after the borrower receives the IndyMac loan modification offer?  All it takes to bring the mortgage current and qualify for a final modified loan is to sign and return the loan modification agreement along with a check for the new modified loan payment and provide verification of their income to confirm that they qualify for the proposed IndyMac loan modification.

Home Edition Loan Modification Kit

Home Edition Loan Modification Kit

Before you contact Indymac about your loan modification, make sure you understand how the process works and what you must do to qualify.  An excellent source of the most complete and up to date loan modification information is The Complete Loan Modification Guide.  This is a low cost, easy to read handbook that will provide you with everything you need to submit an acceptable loan modification application.  The Complete Loan Modification Guide shows you how to compute your debt ratio, helps you with your hardship letter, provides you with all of the necessary forms along with detailed directions on how to complete them properly, and much more.

Do not miss out on your chance for an IndyMac loan modification, order and download The Complete Loan Modification Guide now and get back on the path to home based financial security.

For more information about loan modifications, please visit us at:  http://www.myloanmodificationcenter.com

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