What does Indy Mac's crisis mean for my mortgage?

Question

Can Indy Mac demand my mortgage be paid off or change the terms of my mortgage given their hardships right now? I've maintained a wonderful payment history with both my first (they are my first mortgage) and my second. However I am worried that they could demand my mortgage and if I am forced to refinance, given the state of the housing market I worry that will be considered over mortgaged and will not qualify for any sort of mortgage. Our home value has depreciated about 10% right now.

Answer 1

They did not file Bankrupcy it was all a Conspiracy from a built-up lie from a NY Senator, California will be  working diligently to recover the funds from the FDIC, Sacramento will probably sue FDIC shortly after for it's treacherous take over. California has some of the nations most established banks. Most likely it has been a coverup to increase NY banks Capital over CA Marketed gains in the slow economy.

Investors having heard these lies withdrew in the thousands, making viable grounds for FDIC takeover.

Answer 2

You have a recorded promissory note with Indymac. All terms and conditions remain unchanged.  The servicing of your loan will be transferred, but the new servicer will retain all the original terms of your loan.  Keep making your payments on time.  You do not have anything to worry about.

An ex indymac employee in the mortgage division.

Answer 3

Nothing.

The only thing that may change in the future, is who you make your payments to.  Federal lending laws requires that a 60-day notice be given to you whenever the holder of your mortgage changes.

The note you signed for your loan at closing is a legally binding contract.  That CANNOT be dissolved no matter how many times your loan is sold.

Just watch carefully in the mail...and make your payments like you normally do to Indy Mac.  Start keeping additional documentation in case something gets "missed" in the transition (so certified mail may be a good idea at this time).

Other than that, you are good.

PS:  They are NOT going to demand your mortgage or force you to refinance.  Just because IndyMac made bad business decisions that caused them to file for bankruptcy is not your problem, and you have federal law to back you up.

Please...do not worry.