My mortgage company is bankrupt, how can I stop paying mortgage?

Question

(Please don't reply if you don't have an answer)

IndyMac operations were halted by the Fed this weekend. I want to know how /if anyway possible that I can stop paying my mortgage through IndyMac based on some law, loophole, or logical strategy, etc.

The website says mortgages will be transferred - http://www.fdic.gov/bank/individual/failed/IndyMac.html but I dont really give a c**p.. IndyMac is going down out of their own irresponsibility and perpetual scamming.. so in my opinion there should be a way to give 'em the shaft...

Since us little guys have been getting the shaft (tanking stock market, mortgage scams, deflating housing market) I think it's time to get something back... this will be my way of getting something back...

Answer 1

IndyMac Bank was taken over by the FDIC and is now IndyMac Federal Bank. The terms of your mortgage contract will not change and if you miss payments the bank can demand payment in full (if your mortgage has an acceleration clause) and begin foreclosure against you for non-payment.

Answer 2

IndyMac Bank is a servicer for many other companies such as Freddies, Fannies, Lehman Bros, Deutsche Bank, etc. those companies will still want their money and they call the shots. IndyMac has to check with them for all short sales, DIL, Mods, etc. for final approval. I am sure come Monday the Loss Mit dept in Austin will still be cranking out solutions to keep houses from going into foreclosure.