How to Avoid an IndyMac Foreclosure
If you fall behind on your IndyMac mortgage, the lender may start the foreclosure process, and you may run the risk of losing your home. If you're facing a difficult financial situation, you may not have the money on hand to make your mortgage payments. Thankfully, your lender may have options that will help you avoid foreclosure. You can also seek help through the U.S. Department of Housing and Urban Development, which offers counseling to homeowners in need.
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Instructions
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Read your loan documents and make a note of any foreclosure avoidance or payment options your lender listed in the documents.
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Read any mail you receive from your lender immediately. If you have missed one or more payments on your IndyMac mortgage, your lender may provide you with a way to bring your loan status up to date.
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Contact your lender as soon as you know you have a financial problem that will prevent you from making your mortgage payment on time. Your lender uses a process known as loss mitigation, which provides you with options for avoiding foreclosure. Explain your financial situation to your lender and ask for alternatives that will allow you to avoid foreclosure.
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Review any options provided by your lender. Your lender may offer a payment plan that will allow you to make extra payments on your mortgage to pay off any past due balance. Your lender may also offer a loan modification. A loan modification allows the lender to change the terms of your loan, such as lowering monthly payments or extending the loan terms. Make sure you can meet the terms of any agreement before accepting.
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Contact a U.S. Department of Housing and Urban Development counselor. Explain your financial situation and your attempts to work with your lender. The counselor may be able to provide you with an alternative or help mediate between you and your lender. HUD offers a database of nationwide counselors on its website.
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Pay your payment arrangement or loan modification payment on time to stop the foreclosure process.
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Tips & Warnings
Keep the number of a Dept. of Housing and Urban Development (HUD) approved counseling agency handy since they offer many free services that could help you. Call (800) 569-4287 or TDD (800) 877-8339 for the housing counseling agency nearest you.
Ask for help as soon as you see a problem. Delaying talking to your lender or a HUD counselor may make the problem worse. Many lenders only offer options if you seek help quickly.
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Comments
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Indymac for over 2 years flat out refused me for a loan modification, now that I lost my job for the last 2 months I did not pay my mortgage but kept in touch with Indymac to help me, I got a new job starting this Monday and what did indymac tell me that I have to pay 2 1/2 times my mortgage in 10 days the next pmt in 30 days and 2 days after that get back to normal payment, or they will foreclose asap. WTF they will not help anyone at all. Has anyone gotten help from them?
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tonymanx
Feb 18, 2010
Does the writer of this article have ANY examples of people actually getting help using these steps -- especially help this year 2010. It is so easy to write these advise articles based on PR statements from the bank but what are they actually doing. -
bobby12345
Jan 25, 2010
Indymac (now One West Bank) does not assist homeowner's under any circumstances. I was stuck with the depreciating property after a divorce, with half the income to attempt to continue to make payments. After pursuing financing solutions for more than a year and a half, first calling HUD, credit counseling through Springboard, filing 3 times on 3 different packages for loan modifications, being "refused" in writing since my loan was not yet deliquent, then falling behind on payments after deciding NOT to continue borrowing from other sources to keep up with the payments, getting the house appraised at -15% value, and finally short selling the property. They will not help you.
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harterdd
Nov 18, 2008
Is there a date on this article? Was it after FDIC took over?
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harterdd
Nov 18, 2008
Is there a date on this article? Was it after FDIC took over?
