Saturday, May 21, 2011

Good News! Here are what just of the few lenders are doing!

IndyMac Federal Bank will start a new program to systematically modify bad mortgages with a loan modification.
What Loans Are Eligible For Mortgage Modification With IndyMac?
The streamline loan mods will be available for borrowers who have a first mortgage that is owned or serviced by IndyMac that are seriously in default and are facing foreclosure.  IndyMac will work with owners show are unable to make their mortgage payment because of a reset or change due to an arm mortgage reseting. As with all loan modifications, to be eligible you must be able to demonstrate an ability to make your mortgage payment at the adjusted level.  If you have no income or not enough income you will most likely not be eligible for a loan modification.
IndyMac is not the only lender that is doing mortgage loan modification.  Some of the other banks like Countrywide, Wells Fargo, Washington Mutual, Hsbc and others are doing loan modifications to help their customers stay out of foreclosure.
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