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.

Call Customer Service First To Try And Get A Loan Modification

If you are trying to get your mortgage modified, your first call should be to your lender.  Most lenders have loan work or loss mitigation departments to deal with the pre foreclosure homes.  You will most likely need to provide information on your financial wherewithal.  If you do not have any income, you will probably not be able to get your loan modified.  You have to be abel to demonstrate that you will be even able to handle the new payment that can be worked out for you.  You may have to give your lender your tax returns, pay stubs and financial statements to be even considered for a loan modificaiton.

Should I Hire A Loan Modification Attorney?

I have seen law firms starting to advertising for loan modifications.  The truth is that you can probably do a loan mod yourself without an attorney.  If you feel more comfortable using an attorney to handle the modification , I would not try to talk you out of it.  You have nothing to loose to try and do it yourself first however.

Who Can Do A Loan Modification And Get Paid?

You can theoretically do your own loan modification. You just need to call the loss mitigation company for the company that holds the note on your mortgage loan. They can instruct you as to what you will need to be eligible for a loan modification.

How Do You Apply For A Loan Modification?

Most lenders have criteria for modifying mortgages right now. Just call and see what you will need. Most lenders are going to require that you provide your most recent pay stubs, bank account information and the last two years of federal income tax returns. Most banks aren’t just going to take your word for it that you need a loan modification. They are going to want to see that you will be able to handle the new payment or if there really is a hardship.  Most lenders wont consider you for a loan modification unless you are a few payments behind.  If you are current forget it. However new legislation may allow a bank to give you a loan modification even if you are current.  If you are in a loan that will reset and you can proove a future hardship, you may have a shot at getting new loan terms form your bank.