IndyMac Federal Bank (IMFB), the Federal Deposit Insurance Corporation (FDIC), the City of Riverside, Neighborhood Housing Services of the Inland Empire, Inc. and Neighborhood Partnership Housing Services, Inc. are proud to announce the second "Home Preservation Day" for IndyMac Federal Bank borrowers. Approximately 4,200 past due IndyMac customers in Riverside and San Bernardino Counties have been invited to attend the event. IndyMac customers in other areas or at great risk of foreclosure are also welcome to attend.
The free event will occur on Saturday, December 6, 2008 from 9:00 a.m. to 4:00 p.m. at the Yeager Center at California Baptist University, 8432 Magnolia Avenue in Riverside, California 92504.
At the event, customers who are at least 60 days behind in their payments will have the opportunity to meet face-to-face with IndyMac loan counselors and discuss their options, including whether they may qualify for a loan modification. Representatives from local homeowner advocacy and counseling groups will also be on hand to discuss options. To receive counseling, customers should bring with them documents that show their income (such as recent paycheck amounts and other sources of income), expenses and assets, and their IMFB loan number. Spanish-speaking staff will also be available.
As conservator of IMFB, the FDIC has piloted a series of innovative, proactive tools at the bank to reduce the number of unnecessary foreclosures nationwide. Chief among these is an ambitious loan modification program to avoid unnecessary foreclosures by modifying loans, and create long-term affordable payments by reducing monthly housing payments (principal, interest, taxes and insurance) to a maximum of 38 percent of the borrowers' gross monthly income. While not every IMFB borrower will qualify for a modification, IMFB wants to assist distressed borrowers that do qualify. The program was announced on August 20, 2008 and the bank estimates that as many as 38,000 of its 650,000 residential mortgage customers nationwide are at least 60 days behind in their payments and may be eligible for a loan modification. Approximately 24,000 modification offers have been made to date and approximately 5,750 have been completed. To be eligible for the program, the borrower must be living in the home, at least 60 days past due, and be able to demonstrate by providing financial records that they cannot afford their current payment, but could afford a modified payment. All modifications require verification of the borrower's income, consent to a Modification Agreement, and the first payment of the new modified monthly payments. Customers unable to attend the event or who are not behind their payments may seek assistance by calling 877-908-HELP (4357).
Though the event is being held on private property, media will be permitted at or around the registration area; however media will not be permitted inside the waiting or counseling areas. Media may interview borrowers coming or going from the event, with the borrowers' consent. Television media should RSVP in advance.