How can I get a lower monthly rate on this defaulted bank?

gelise10 · Joined: 26 Jul 2008 Posts: 2 1.62 Dollars($)

I have a 285,000 mortgage with Indymac bank which has defaulted. I need to get my payments lower. my interest rate is 7.85 but since last year my fico scores have gone to 704,667,667. I have a five year fixed loan/adjustable. i wont be able to pay the 2200.00 when the adjustable hits. I will be homeless. can anyone help? Besides the broker told me I could pay the minimum fixed payment for five years then refinance...????!! Help

shane · Posted: Sun Jul 27, 2008 6:02 pm Post subject:

You would need to contact IndyMac Federal Bank's loss mitigation department regarding some sort of workout/loan modification. A refinance would not be possible at this time since the loan is technically in foreclosure from a new lenders point of view.

gelise10 · Joined: 26 Jul 2008 Posts: 2 1.62 Dollars($)

tks shane, i really dont want to lose my place of abode. I would be homeless and i cant afford the 2250.00 payments they said i would be paying in 4 years. tks.

Niicss · Posted: Mon Jul 28, 2008 6:04 am Post subject:

Welcome gelise.

I have to agree with Shane above that you should contact the loss mitigation department of the mortgage company and inform them the problems that you are facing. Then request then to accept the loan modification so that you get back on track. There are other options also available for you. Take a look at 17 ways to protect yourself from the foreclosure trap

Let me know if you have any further queries.

All times are GMT - 7 Hours

Page 1 of 1