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Step 1
IndyMac says the first thing borrowers should do if they are at risk of missing a payment is contact them as soon as possible to "share their situation and provide as much detail about their circumstances as possible." This will enable them to collect data that can be used to help borrowers.
The bank says, "Many times, borrowers in trouble fear the bank and avoid contact. However, if borrowers avoid contact, the bank cannot provide any assistance. Customers should know that we are eager to work with any borrowers who have the desire and ability to stay in their home." -
Step 2
IndyMac tells Bankrate.com, the Web's leading aggregator of financial rate information, that borrowers should call them even before they're late with their first payment. "Customers should call us as soon as they know they are in danger of falling behind on their payments. This could be at the onset of a life-changing event or after the realization that they cannot continue making payments."
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Step 3
IndyMac says that borrowers should call (877) 908-4357 for their collections department. The lenders says its loan counselors are trained to ask for information that will allow them to suggest appropriate workout options. IndyMac says that when calling the loan counselors, customers should be ready to share private financial information.
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Step 4
IndyMac says there are a number of solutions that might be available to borrowers. "We currently offer repayment plans, loan modifications, a short sale and deeds-in-lieu options to our customers. Each workout option is chosen based on the customer's specific situation. It is important to know that not all customers may qualify for the workout options presented."
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Step 5
IndyMac says that it will not accept partial payments except "under specific circumstances related to a particular workout scenario."
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Step 6
IndyMac does not report the percentage of borrowers who might expect to get some type of workout. What the bank does say is that "The ability to achieve a workout is reviewed on a case-by-case basis. The key component in any workout scenario is for the borrower to contact the bank and seek assistance."
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Step 7
There may be fees associated with the IndyMac workout process. The bank says that the fees are not intended to be punitive but are fees that the bank incurs (including property inspection fees, foreclosure fees and costs) that it passes on to the borrower.
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Step 8
IndyMac says it reviews all cases of borrowers having mortgage difficulties on a case-by-case basis whether the borrower is missing a regular payment or has a mortgage that's about to reset. The band says, "While the primary focus may be on delinquent loans, we have had campaigns that target homeowners whose mortgage loans are about to reset."
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Step 9
While IndyMac does not actively encourage borrowers to approach them through a credit counselor it says it is willing to work with anyone who is authorized to address the customer's situation. "However," indyMac adds, "it is important for customers to know that if they contact us, we are trained and skilled at helping them find the most beneficial solution for them and that we will work with them free of charge." The bank says it also encourages customers to contact a HUD-approved housing counseling agency for assistance.
