Final Indymac Loan Modification Obtained for Homeowner Located in Ontario, CA

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The Law Offices of Michael Gaddis recently obtained a final IndyMac loan modification for a homeowner located in Ontario, CA.  The IndyMac loan modification was a Home Affordable Modification.  The homeowner successfully completed the trial period and was rewarded with the final IndyMac loan modification.  The terms of the IndyMac loan modification call for an initial interest rate of 2% set for 5 years.  After the 5 year period expires the interest rate increases to 3% and once more in year 7 to 3.875%.  From years 7 until the end of the term the interest rate will remain fixed at 3.875%.  The initial payment of $1,194.94 principal, interest, taxes and insurance (“PITI”) reflects an over $550 per month reduction from what the homeowner was paying prior to becoming delinquent.  This reduction in the homeowner’s PITI payment provides considerable relief to the elderly homeowner that had recently incurred a substantial reduction in his pay.  This loan modification allowed him to keep a home that he had owned for a very long time.  The homeowner was referred to Michael Gaddis by another one of Michael Gaddis’ clients that Michael Gaddis had successfully obtained an IndyMac loan modification for.

Many homeowners contact Michael Gaddis complaining about IndyMac but Michael Gaddis really likes working with IndyMac.  In fact, Michael Gaddis asserts that IndyMac is one of the more efficient servicers when it comes to reviewing loan modification applications. 

As always, Michael Gaddis and his staff will continue to monitor the homeowner’s file in order to ensure that 1)  the final IndyMac Loan Modification paperwork is received by IndyMac; 2) IndyMac properly uploads the modified terms into their system; and 3) IndyMac returns the homeowner’s file to regular servicing.  If you would like to see a copy of the IndyMac Loan Modification referenced in this article or review other loan modifications obtained by Michael Gaddis please click the following links: and