Re: indymac foreclosure question
Posted by NJD on July 15, 2008 at 04:54:04:
In Reply to: indymac foreclosure question
Posted by john on July 14, 2008 at 17:00:36:
Your debt is owed and payable to whoever holds the mortgage. Check for the phrase "its successors and/or assigns" in your mortgage loan documents.
If the foreclosure process is slowed due to the takeover, it is simply to permit the mortgage holder to 'ramp up' for the task. Don't be too surprised if your mortgage is assigned, again, to IndyMac Federal Bank.
The new holder may reach out to you in an attempt to avoid foreclosure. If your finances have improved, you may be able to keep the home. However, if you can't demonstrate you can afford the house if the loan were modified... the foreclosure will continue.
Follow Ups:
- Indymac Federal - NJDave 06:36:37 07/15/08
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