The main aim of Indymac Loan modification and refinance program is to lend helping hand to all home owners having financial concerns which lead to improper repayment and thus are forced to pre-close their loans. Indymac loan modification and refinance tries to change all mortgage refinancing thus making it easy for borrower to repay their loan and thereby escape forced foreclosures.
Indymac loan modification is designed to help all those owners who have a real issue with their accounts. The key features of this modification and refinance program are:
Bring down the ROI charged and there by the principal.
Extend loan tenor.
Rectify issues with existing loan by refinancing it.
Waive off late payment fee and other charges that arise due to bad loan repayment.
All owners who have concerns with their existing home loan repayment can go for an Indymac mortgage modification. The EMI of the modified loan is capped at 38% of individual’s gross monthly income. This program helps genuine borrowers by extending the tenure of existing loan to maximum period of 50 years or by reducing interest rate charged on it. In case a borrower opts for refinance, not only the rate of interest on the new loan is reduced but borrower is also given an opportunity to fix the tenure for new loan.
Some tips that help in Indymac refinance and principal reduction are as follows:
You can take expert advice in case you have no knowledge regarding the procedure and process that needs to be adopted for loan modification and refinance.
Before jumping to conclusions and sending across the application form for loan modification and refinance, borrowers need to ensure that they is fit and meets all the requirements of mortgage modification and refinance program.
You can request the Indymac refinance and loan modification team for an application form. The same can be submitted online in order to minimise the processing time.
Make sure that you attach all the required documents along with the application form so that you can avoid unnecessary delay in its processing.
Ensure all the calls made by Indymac representatives are answered and key information pertaining to mortgage modification is provided on time. This helps in quick loan processing.
By Madeline Samuels