Indymac Bank has been working hard to keep homeowners in their homes If your mortgage is about to adjust and your with Indymac Bank, you may qualify for a loan modification that could lower your interest rate to 3% Here are some factors that will help you qualify:
1) You need to be at least 60 days late on your mortgage
2) You need to prove you make enough income to afford the payments yet not make so much they can’t justify lowering your rate
3) You will qualify easier if your interest rate is currently adjustable
I think we will see many mortgage companies following suit like this in the near future
Rob Bonahoom
Mortgage Coach
952-808-2820
Rbonahoom@houseloan com
3 responses so far ↓
1 susan wilson // Dec 1, 2008 at 2:40 am
what strings are attached to indymac loan modifications. I read they take 90% of all equity & 50% after the 5th yr forever.
If so then does modifying my loan help if all equity is lost leaving no possibility for finanical security for old age.
Can you tell me if this is correct?
2 admin // Dec 2, 2008 at 9:49 pm
Dear susan wilson,
Indymac Doesn’t take any equity. They simply change the terms of your loan to become more favorable.
3 chris dodson // Feb 18, 2009 at 12:51 pm
Is IndyMac making loan modifications to any existing loans that are investment properties?
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