Preventing a Foreclosure

The Federal Deposit Insurance Corporation (FDIC) is offering delinquent IndyMac borrowers significant concessions on their past due mortgages--lowering interest rates to as low as 3%, extending terms to as long as 40 years, waiving traditional loan modification fees, and holding payments under 38% of borrower's gross income. Why did they do this? Banks and mortgage companies do not want to take your home from you. They are not real estate sales companies and the market is brutal even if they were real estate companies.

Home Foreclosure Advisors will work hand in hand to negotiate the best loan modification with most of the loss mitigation department from over 100 different mortgage lenders. Take advantage of payment reduction opportunities that are available with loan modifications.

In a recent statement by FDIC Chairman Sheila C. Bair she advocates "a systematic and streamlined approach to loan modifications to put borrowers into long-term, sustainable mortgages." The hope, according to FDIC officials is that this program will become an industry model.

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