When Pasadena's IndyMac Bank sent letters to 35,000 borrowers who had missed mortgage payments, contribution a imperil to rework the credit terms to give rise to them affordable, it got an primary return from fewer than half the borrowers, as The Times reported Oct. 31. The savings and loan, a expert in "stated income" loans that was seized by federal regulators in July, is now hoping the borrowers will be more compliant to disquisition over their options with advance counselors from nonprofit agencies. IndyMac and the Federal Deposit Insurance Corp., which is now continual the thrift, said today they are planning trade sessions with such undecided counselors for borrowers in the Los Angeles tract and the Inland Empire.
The counselors, including Spanish speakers, will be able to review IndyMac's assertive energy to reform loans. IndyMac employees will be at the sessions as well to get the solid workout procedure rolling. The cardinal session, with counselors from the Neighborhood Housing Services of Los Angeles, is scheduled for 10 a.m. to 3 p.m. Saturday at the Van Nuys Civic Center, 6262 Van Nuys Blvd. The move will be in Riverside on Dec. 6. To ascertain counseling, borrowers should depose paychecks or other documentation of their incomes, as well as documents itemizing their expenses and assets.
IndyMac spokesman Evan Wagner said the bank is mailing 4,000 invitations to this weekend's conclusion to L.A. County borrowers who have missed mortgage payments.
Borrowers who are known on their loans but are jumpy of falling behind are appreciated to argue their situations as well, although their options are more limited, IndyMac said. The modification program is designed to farther down payments on earliest mortgages to 38% of borrowers' incomes by reducing rate rates, extending accommodation terms and, in some cases, charging bottom captivate on partial of the allowance balance. Given the paucity of documentation on representative IndyMac loans, it's presumed that many borrowers are weak-kneed of getting in affliction because their loan applications overstated their earnings. But Wagner said not to worry: "At this point, we don't caution about that.
" Borrowers unqualified to follow the sessions can be relevant more advice by speciality (877) 908-HELP.
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