Debt Negotiation Zone » how to do a loan modification http://debtnegotiationzone.com Debt Negotiation Fri, 19 Aug 2011 22:59:35 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 IndyMac seeks to rewrite their entire loan portfolio – loan modification http://debtnegotiationzone.com/indymac-seeks-to-rewrite-their-entire-loan-portfolio-loan-modification/ http://debtnegotiationzone.com/indymac-seeks-to-rewrite-their-entire-loan-portfolio-loan-modification/#comments Mon, 02 Feb 2009 16:48:37 +0000 admin http://debtnegotiationzone.com/?p=516 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.

]]> http://debtnegotiationzone.com/indymac-seeks-to-rewrite-their-entire-loan-portfolio-loan-modification/feed/ 0 How To Negotiate With Your Bank For A Better Mortgage Rate http://debtnegotiationzone.com/how-to-negotiate-with-your-bank-for-a-better-mortgage-rate/ http://debtnegotiationzone.com/how-to-negotiate-with-your-bank-for-a-better-mortgage-rate/#comments Fri, 12 Dec 2008 05:21:03 +0000 admin http://debtnegotiationzone.com/?p=453 How To Negotiate With Your Bank For A Better Mortgage Rate.  If you are having a hard time making your mortgage payment, your bank may be willing to renegotiate new loan terms with you.  Through the loan modification process you can actually get a new interest rate, lower principal amount or even a forbearance agreement.  Most lenders including Bank of America, Chase, IndyMac, Wamu, Washington Mutual and Wells Fargo have dedicated departments set up just to help borrowers and homeowners work out new mortgage terms so they can stay in their home.  You can either go online or call your bank to ask for the loan modification or loss mitigation department to get started.

How Do I Get Started On A Loan Modification?

If you are in trouble with your mortgage don’t wait.  Call your bank as soon as you can to see if they will do a loan modification for you.  You must have an income.  You need to be able to demonstrate that you will be able to even afford the new payment.  If not they wont work with you and you will probably end up in foreclosure if you can’t get the property sold.

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