How to Stop Indymac Foreclosures
Mortgage-banking group Indymac has become associated in the popular media with the housing crisis and the dreaded "F" word: foreclosure. The situation seems most dismal for those faces behind the headlines--the people who don't want to let go of their homes but feel they have no choice. There are options to explore to avoid an Indymac foreclosure. You need to explore your situation: Just how much of a short-term fix do you need? You also need to be aware of any implications of programs that aim to steer you clear of the foreclosure process.
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Instructions
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Consider a conditional forbearance. If you qualify, your payments may be lowered for 3 months, in turn propelling you out of a delinquency by suspending foreclosure proceedings.
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Opt for short-term repayment. This is a way to get caught up on any payments on which you are behind. It gives you 3 to 6 months to pay the delinquent amount.
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See if the loan may be modified. In some cases, you may be able to alter your terms as a way of keeping your home. "Altering terms" includes setting a new interest rate, repayment period and/or principal balance. You can apply to do this online.
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Think in terms of overall debt reduction. This includes the short-sale option, which comes into play when you feel you have exhausted all other avenues. This allows you to settle debt even if the sale nets less than what you owe.
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Evaluate the market you are in. You may have options if you're in a declining market. You may be able to be relieved of your obligations more quickly through deed-in-lieu. Be aware that this and some other options may adversely affect your ability to get a loan in the future, as they can have a long-term impact on your creditworthiness.
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