| The loan modification program under IndyMac Federal | | | | - After program term of 5 years, interest rate will |
| Bank (FSB) is implemented to modify troubled | | | | increase by no more than 1% yearly until it capped the |
| mortgages under IndyMac. This program has been | | | | current Freddie Mac survey rate, which will be the new |
| created as a result of millions of defaulted mortgage | | | | interest rate of the remaining loan term. |
| agreements. Indymac Bank is suffering financially as | | | | - No fees or other charges when applying for the |
| well as their customers. As a result, Indymac has put | | | | Indymac mortgage modification program. |
| together a comprehensive mortgage modification | | | | - All unpaid late charges will be waived! |
| program to assist struggling homeowners. | | | | What Do I Need To Apply For The Indymac Loan |
| The mission of the program is: | | | | Modification Program? |
| - To provide borrowers cheap monthly mortgage | | | | - Income tax return to validate your financial hardships |
| rates. | | | | - Account balances on all monthly payments and |
| - To improve diminishing property value. | | | | monthly housing expenses, such as, credit cards, |
| - To restore mortgages into performing loans | | | | student loans, second mortgage, insurance and taxes, |
| maximizing their value for the FDIC (Federal Deposit | | | | etc. |
| Insurance Corporation) | | | | How To Apply For The Mortgage Modification |
| - To help creditors and investors of the former | | | | Program? |
| IndyMac Bank | | | | - Contact IndyMac Federal customer service specialist |
| - To work on improving IndyMac's Federal mortgage | | | | at 1-800-781-7399 |
| portfolio | | | | - You can also log on to the official websites: or |
| Who Is Eligible for The Indymac mortgage Modification | | | | - Present them essential proof of financial information |
| Program? | | | | If you qualify you will receive proposed mortgage |
| - Borrowers with first mortgage loan serviced by | | | | modification offer. You will be required to: |
| IndyMac Federal Bank | | | | - Sign and return the loan Modification Agreement |
| - Must be a primary residence | | | | along with a check for their modified monthly |
| - Seriously delinquent or in default due to a financial | | | | mortgage payment and |
| hardship | | | | - Provide verification of income to confirm that they |
| What Are The Features of The Indymac Loan | | | | qualify for the proposed mortgage modification. |
| Modification Program? | | | | Note: Make sure that you continue paying on time |
| - Borrowers will get fixed interest rate capped with the | | | | after getting modified and comply with all other terms |
| current Freddie Mac survey rate | | | | of their mortgage agreements. |
| - Manageable mortgage payments at a 38% | | | | This modification program does not guarantee an |
| debt-to-income ratio (DTI) of PITIA, which can be | | | | approved mortgage modification offer for IndyMac |
| achieved by combining interest rate reductions, | | | | Federal borrowers. |
| extended amortization and principal forbearance. | | | | |