Barack Obama on the Economy 11/7/2008

President Elect Barack Obama held his first news conference on key economic issues facing the nation. He addresses the middle class and urges the current administration along with Congress to get a package out to help stop foreclosures for homeowners.

Lets hold our government accountable. We need help and we cannot wait until January to save our homes! Make your voice heard......

http://www.msnbc.msn.com/id/27590270/

Neel Kashkari & Sheila Bair Plead for Loan Modifications

Neel Kashkari and Sheila Bair (FDIC Chairwoman) testify on Capitol Hill about preventable measures to stop foreclosures nationwide. They are advocating loan modifications for qualified homeowners. Since the FDIC takeover of Indymac Bank, the Home Retention Department is reaching out to homeowners for loan modifications. If you are not serviced by Indymac Bank, check with your servicer about loan modification options. Not all servicers are as open to modifications as Indymac, but Sequoia Consulting Group is here to offer homeowners advocacy to save homes. Don't slip through the cracks.

Please see below a portion of the article written in the New York Times. I have also provided a link to the full story.

Ms. Bair said that the government needed to do more to help thousands of people avoid foreclosure, and that the F.D.I.C. was working “closely and creatively” with the Treasury Department on details of a home-loan assistance plan, while Mr. Kashkari said he and his aides were “passionate about doing everything we can to avoid preventable foreclosures.” “Specifically,” Ms. Bair said, “the government could establish standards for loan modifications and provide guarantees for loans meeting those standards. By doing so, unaffordable loans could be converted into loans that are sustainable over the long term.” Ms. Bair said her agency and the Treasury were developing a proposal to use government loan guarantees and financial incentives to encourage mortgage lenders to modify home loans now in danger of foreclosure.

http://www.nytimes.com/2008/10/24/business/economy/24cong.html

http://www.housingwire.com/2008/10/23/bair-3500-mortgages-modified-at-indymac-under-fdic-program/

Indymac Bancorp files Bankruptcy - How Does this Affect Us?

For all homeowners that are working on a loan modification or will be soon, don't let this news stop you. According to Indymac Bank and their negotiators Friday 8/1/2008, it has no affect on the loss mitigation department as OUR loans are serviced by Indymac Federal Bank.

http://www.newsdaily.com/stories/bng542989-indymac/

Indymac Loan Modification - See Video

I fought Indymac and Won!!!!
Indymacfighter

Check out this video for your loan modification options with Indymac. If you have a loan with Indymac and you need advice on your loan modification or need contact information for high ups in Indymac, please visit our forum for free foreclosure advice at www.sequoiaconsultinggroup.com.

Loan Modification Negotiations

When negotiating with your mortgage company/servicer on a loan modification or loan workout to prevent foreclosure, be honest about your financial situation so the negotiator or third party can find the best solution for you and your family. You will be asked to supply documentation proving the stated facts to be true. After calling and advising your servicer of your hardship, you will need to continue to call, fax and email in an effort not to get lost in their loss mitigation department. The mortgage company/servicer will want to see at least the following for qualification of a loan modification or loan workout.

1. Current Paystubs
2. Tax Returns (if self-employed)
3. Two Months Current & Consecutive Bank Statements
4. Completed Household Budget or Financial Statement provided by servicer
5. Hardship Letter and any supporting documentation to substantiate the hardship.

If the servicer can clearly see there is no way the borrower can make the payment, they may entertain a short sale or deed in lieu. These two options have a smaller negative impact on your credit report.

Please note that if you have income sources living in the home and he/she/they are not on the loan, you CAN still utilize that income to qualify.

Communication is key in negotiations. If you simply don't have the time to work on your own loan modification, I would recommend calling an attorney sponsored loan modification firm such as Sequoia Consulting Group.