Following the take over at Indymac the FDIC recently created a plan to systematically modify loans for homeowners who are most at risk for foreclosure. They began this process by sending out 25,000 letters to homeowners who are seriosly behind on their payments.

To qualify for this loan modification homeowners have to verfiy their income and verify that the home is their principle residence. After they have recieved approval they have to sign the letter the FDIC sent out and send it back with the payment due on the new modified loan.

They are hoping that by starting this mass loan modification campaign they will inspire other banks to do the same.

This entry was posted on Thursday, August 21st, 2008 at 6:04 pm and is filed under Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.