What happens with those who are behind in mortgage payments with Indymac? Will the foreclosure process drag on for months longer?
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Who knows what to expect?? If I had to guess, then yes, any IndyMac foreclosures may well move more slowly through the legal processes as responsibility for the thousands of loans (delinquent and otherwise) changes hands over to the feds.I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to go -
FDIC Chair Sheila Bair has been pitching loan mods as a cure-all, so I expect Indymac to be much more flexible than ever before.
However, that's just the first step. The recidivism rate, even after a loan mod, is about 50%, depending on whose stats you believe.
So please be sure that your game plan includes a significant amount of planning ahead, and a fair amount of financial vigilance for the next 12-24 months.Comment
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