How to Apply for Foreclosure Help with FDIC Loan Modification Program

The Federal Loan Modification Program was developed for homeowners who are at a risk of losing their homes due to foreclosure or because they are falling behind on their mortgages. The loan modification program attempts to take those mortgages that are in trouble and changing them into a successful mortgage.

Difficulty: Moderately Challenging

Instructions

1. First find out if you are eligible by visiting the FDIC website. If you have a mortgage that is a first mortgage and IndyMac Federal either securitized and serviced the loan, and the borrower is seriously delinquent or in default you may be eligible.

2. Your modified loan amount will depend on your income.It is based on a debt to income ratio.If you receive a loan modification offer you will need to qualify for a modified mortgage offer by sending in the modification agreement and a mortgage payment by check. In addition, you will be asked to confirm income to ensure you qualify for the loan modification program.

3. In order to apply for the FDIC Loan Modification Program go to Resources below and click on the link that takes you to the website where you will be able to determine if you can receive assistance with a mortgage, or help in avoiding foreclosure. In addition, you can call 1-800-781-7399 to talk with someone at IndyMac customer service.

Resources

• Federal Insurance Deposit Information (FDIC)

[Mitestarossa]

on 3/24/2009 Excellent article. 5*

[sunshine11219]

on 3/24/2009 Good information