How to Get an IndyMac Loan Modification

If you're in danger of foreclosure with IndyMac, consider requesting a loan modification to save your beautiful home.

IndyMac Mortgage Services, a division of OneWest Bank, began modifying home loans under the Home Affordable Modification Program (HAMP) in 2009. HAMP was designed to provide guidelines for lenders, such as IndyMac, to lower struggling homeowners' monthly mortgage payments to an amount that is equal to or less than 31 percent of their gross monthly income.

Things You'll Need

• Income documentation

Instructions

1. Determine if you are eligible to be considered for a modification by visiting the HAMP portion of the IndyMac Mortgage Services website. The initial criteria include proof of financial hardship for your primary home's mortgage, among other financial requirements.

2. Gather financial documentation to prove all income you receive, including hourly wages, salary, self-employment income, rental income, alimony, child support, Social Security benefits and any other money that contributes to household income. Acceptable forms of documentation include pay stubs, payment receipts and your most recently filed taxes.

3. Produce a copy of a recent utility bill to your home that includes your name to prove that the mortgage you wish to modify is for a primary residence.

4. Complete IRS form 4506-T to officially send your tax returns to IndyMac Mortgage Services for review.

5. Access the loan modification application, also known as an RMA (request for modification), by clicking on the application links found on the IndyMac website or request that a paper application be sent to your home by calling customer service at 800-781-7399.

6. Complete all required fields in the application, keeping in mind that you will need to provide the previously stated financial documentation to support all claims of income.

7. Fill out the included hardship affidavit, which is your opportunity to explain in writing the reasons for your financial difficulties in maintaining your monthly mortgage payments. Common reasons for hardship include medical bills, high debt and a loss such as death or divorce.

8. Fax or mail the entire application with all of the supporting documents.

9. Accept your trial modification offer by mail, if IndyMac determines that you qualify for HAMP, and begin making your lowered payments on a three-month trial basis. IndyMac will further review your situation to verify that your financial information remains the same during this time.

10. Accept your final modification offer for permanent lowered payments, if IndyMac has approved your financial information during the trial period.

Tips & Warnings

• If you did not file your taxes for the previous year, provide the previous year's tax forms along with a proof of your tax extension.

• Call IndyMac customer service 800-781-7399 to ensure that you are following all procedures correctly to be considered for a loan modification.

• Contact a loan counselor from the Department of Housing and Urban Development at 800-569-4287 for further assistance with your request for modification.

• All required information and documentation must be submitted by all borrowers on the loan (e.g. co-borrower).

• Don't falsify any information on your application. This could result in your request for a modification being denied forever, even if your financial situation qualifies you for the program.

• Failure to supply even one required document can lead to delays and potentially denial of your modification request.

References

• IndyMac Mortgage Services: Home Affordable Modification Program
• Internal Revenue Service: 4506-T
• HUD: Talk to a Housing Counselor