If you do there may be good news- if you are facing foreclosure. The Wall Street Journal is reporting that IndyMac, the 8th largest lender, is freezing all foreclosure proceedings. Here is the full story.
“Federal Deposit Insurance Corp. Chairman Sheila Bair, who has been one of the most outspoken officials calling for banks to ease up on struggling homeowners, said that the agency is “really focused” on keeping borrowers in their homes for both their sakes and to maximize IndyMac’s value for taxpayers. “We will very aggressively pursue loan-modification strategies for unaffordable loans to make them affordable on a long-term, sustainable basis,” Ms. Bair said in an interview Monday”
She goes on to say “We can’t make any promises,” Ms. Bair said. “We’re going to look at each one before we are going to let them continue on to foreclosure, and when we find people who want to stay in their homes, we are going to try to work with them to see if we can modify their loan.”
Sounds like there is a lot of work to be done, but let’s up they can keep some families, that want to stay, in their homes at payments they can afford.
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