| IndyMac Federal Bank, which is now owned by OneWest Bank, is one of the largest financial services providers in the United States and is now headquartered in Pasadena, CA. With over $20bn in loans and other assets, the bank offers home loans and other financial services to the customers. OneWest Bank Group LLC is now the new owner of IndyMac Bank and has promised to help the troubled homeowners by modifying their loans that originated or were serviced by IndyMac Federal Bank.
IndyMac Bank, which is now OneWest Bank, will offer loan modifications to its borrowers in term of rate reduction, payment reduction, principle forbearance and term extension. The bank is willing to help those who are facing financial hardships, those who are behind or having high or adjustable rate mortgages.
With the loan modification program, OneWest Bank (IndyMac Bank) will lower the monthly mortgage payment to a 38% DTI ratio of principle, interest, taxes and insurance. Their loan modification program can adopt a combination of reduction in interest rate, monthly payment, extended amortization and principle reduction and the unpaid late charges will be waived.
To qualify for an OneWest Bank (IndyMac Bank) loan modification program you should be facing some financial hardships like reduction in income, loss of job, got laid off, medical problems, decrease in family income, unemployment of spouse, divorce, family crisis, unexpected expenses, rate adjustment, etc or you should be delinquent on your mortgage payments. Due to the high number of loan modification applications received by OneWest Bank (IndyMac Bank), it might take 3-6 months for someone to complete the modification themselves; hence it’s advisable to hire a loan modification attorney who can negotiate the loan terms for you in a better and faster way. |
