Learning more about the home retention options currently available is the first step to getting assistance.  What is an Indymac loan modification program and how can struggling borrowers get the lower mortgage payment they need to avoid foreclosure and stay in their home?  Here is some information on the new updated loan mod programs available.

Indymac Loan Modification Program-HAMP:  This is a federally subsidized plan that is administered by the Treasury Department and Fannie Mae.  Incentives are paid from the stimulus fund to entice Indymac to offer loan mods and to borrowers who successfully complete their loan workout plan.  The goal is to offer a new mortgage payment that equals just 31% of the borrowers gross monthly income and to keep them in their home.

Know the Guidelines

Indymac Loan Modification Program-In House Plans:  Not all borrowers will qualify for HAMP-but may be eligible for some other type of loan workout.  The lender may offer their own plan to a borrower in order to help them avoid foreclosure.  Under the in house plans, a custom tailored loan mod may be offered-sometimes these can be very beneficial and other times will not be a solution.

Both Indymac Loan Modification Programs require homeowners to submit an application and meet certain qualifying guidelines.  It is critical to know the basics of the approval criteria in order to prepare and submit an accurate and acceptable loan modification application.  Borrowers who spend just a couple of hours preparing before calling the bank will have a much higher chance of approval.

Does all the calculations for you!

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