INDYMAC LOAN MODIFICATION APPLICATION PDF

I was given a loan modification with IndyMac and went through the trial period. I made my last payment for December and after following up with them for status, they said I will be getting an extension of the loan modification and the packet was in the mail. Then, for my second mortgage with CitiMortgage, I get done with the loan modification application and did a followup call just yesterday -- the loan counselor in the in the Loss Miti Dept said I was denied because they were still using the original payment on the first mortgage and not the trial modification payment because it is not the FINAL APPROVED payment. So, I told this counselor, why did you folks send me this packet in the first place since I told the rep in the begining that the first mortgage is only in the trial period? She said, she was sorry for the inconvenience

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Where should borrowers interested in the program call to apply? What loans are eligible? The streamlined loan modifications will be available for most borrowers who have a first mortgage owned or securitized and serviced by IndyMac Federal where the borrower is seriously delinquent or in default.

As with all modifications, borrowers will have to demonstrate their financial hardship by documenting their income. The goal of this streamlined loan modification program is to achieve improved value for IndyMac Federal by turning troubled loans into performing loans and, thereby, avoiding unnecessary and costly foreclosures.

Accomplishing this goal will reduce the costs to the FDIC of the failure of IndyMac Bank and provide improved returns to investors in securitized mortgages. Some mortgages serviced by IndyMac Federal are subject to additional contractual terms governing loan modifications. While additional steps are necessary to comply with those contracts, IndyMac Federal will work to expedite approvals for modifications to help eligible homeowners keep their homes.

IndyMac Federal will only make modification offers to borrowers where doing so will achieve an improved value for IndyMac Federal or for investors in securitized or whole loans. Modification offers will be provided consistent with agreements governing servicing for loans serviced by IndyMac Federal for others. The modification program does not guarantee a modification offer for IndyMac Federal borrowers. What is the timeline for rollout of offers?

Proposed modification terms already are being sent to IndyMac Federal borrowers based on information provided by the borrowers. Several thousand modification offers will be sent by the end of this week and we will continue to reach out to many more distressed borrowers in the coming weeks. Borrowers who have not been contacted by IndyMac Federal with a modification offer, but who are experiencing financial hardship and are falling behind on their mortgage payments should contact the bank to inquire whether they may be eligible for a loan modification that could help them keep their home.

How will you determine which loans receive modification proposals first? IndyMac Federal is focusing on mortgages that are now seriously delinquent or in default in order to prevent further losses on those mortgages and to avoid unnecessary and costly foreclosures. What modification options will be available to borrowers?

Under the IndyMac Federal program, eligible mortgages would be modified into sustainable mortgages permanently capped at the current Freddie Mac survey rate for conforming mortgages now about 6. Modifications would be designed to achieve sustainable payments at a 38 percent debt-to-income DTI ratio of principal, interest, taxes and insurance.

To reach this metric for affordable payments, modifications could adopt a combination of interest rate reductions, extended amortization, and principal forbearance.

Other modification features could be combined with an interest rate reduction, as necessary and consistent with maximizing the value of the mortgage, to achieve sustainable payments. It is important to remember that there are no fees or other charges for this modification. All unpaid late charges will be waived. How does IndyMac Federal determine whether the modified mortgage is affordable to the borrower? IndyMac Federal determines whether a modification proposal is affordable based on income information received from the borrower.

Modifications would be designed to achieve sustainable payments at a 38 percent housing debt-to-income DTI ratio of principal, interest, taxes and insurance. How do borrowers apply for the program? Thousands of delinquent borrowers will be receiving proposed offers for a loan modification in the coming weeks.

These offers are based on current income information provided by the borrowers. Borrowers also may call to talk with an IndyMac Federal customer service specialist and find out if they may qualify for a loan modification under this program or alternatives that may help them keep their home. Once a borrower has provided financial information to an IndyMac Federal customer service representative, IndyMac Federal will evaluate whether a loan modification may be available and, if so, provide a proposed offer to the borrower by mail.

Once a borrower has received a proposed modification offer, all it takes for them to bring their mortgage current and qualify for a final modified mortgage is to sign and return the enclosed Modification Agreement along with a check for their modified monthly mortgage payment and provide verification of their income to confirm that they qualify for the proposed modification.

The borrower must then continue to make timely payments at the modified monthly payment amount and comply with all other terms of their mortgage agreements. Borrowers who are delinquent or who are experiencing financial hardship and are falling behind on their IndyMac Federal mortgage should call to speak with an IndyMac Federal customer service representative. They may also visit the FDIC website www.

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Use this step-by-step instruction to complete the Indymac loan modification fillable application pdf form swiftly and with excellent precision. The advanced tools of the editor will lead you through the editable PDF template. Enter your official identification and contact details. Utilize a check mark to indicate the answer wherever needed. Double check all the fillable fields to ensure full precision. Make use of the Sign Tool to create and add your electronic signature to certify the Indymac loan modification fillable application pdf form. Press Done after you fill out the form.

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Where should borrowers interested in the program call to apply? What loans are eligible? The streamlined loan modifications will be available for most borrowers who have a first mortgage owned or securitized and serviced by IndyMac Federal where the borrower is seriously delinquent or in default. As with all modifications, borrowers will have to demonstrate their financial hardship by documenting their income. The goal of this streamlined loan modification program is to achieve improved value for IndyMac Federal by turning troubled loans into performing loans and, thereby, avoiding unnecessary and costly foreclosures. Accomplishing this goal will reduce the costs to the FDIC of the failure of IndyMac Bank and provide improved returns to investors in securitized mortgages. Some mortgages serviced by IndyMac Federal are subject to additional contractual terms governing loan modifications.

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Telabar Other modification features could be combined with an interest rate reduction, as necessary and consistent with maximizing the value of the mortgage, to achieve sustainable payments. They may also visit the FDIC website www. Select Portfolio Loan Modification. Can you view my other post from today? To reach this metric for affordable payments, modifications could adopt a combination of interest rate reductions, extended amortization, and principal forbearance. The new program will help IndyMac Federal improve its mortgage portfolio and servicing by modifying troubled mortgages, where appropriate, into performing mortgages.

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