REALTORS® keep your eyes open for new features of Matrix to arrive December 3, 2008.

Driving Directions

·         Get turn by turn driving directions to at least 20 listings at a time.

Interactive Customer Portal

·         Customers have the option to rate and select listings as favorites or possibilities.

Visited Listings

·         The ML# will change colors after you have reviewed the listing.

Quick Add to Contacts

·         Quick link to add customer information during the email process

Refreshed new look and color scheme throughout Matrix

·         A modern sleek look to the overall Matrix System.

Smart Search Menus

·         Matrix automatically condenses search lists and links to what you frequently use.

Glowing Search Fields

·         Search fields will change colors after some criteria have been specified.

Co-list Agents ability to Modify Listings

·         Co-list agents now have the ability to modify and edit co-listed listings.

Mortgage loan modifications are typically handled on a case-by-case basis. Prior to calling a lender or loan servicer, homeowners should have the following information available:

·         Loan number

·         Income information and documentation

·         Most recent mortgage statement

·         Bank statements

·         Letter demonstrating financial hardship

If your loan is with IndyMac Federal Bank, FDIC:  Program is to modify troubled mortgages to achieve affordable and sustainable mortgage payments for borrowers, and increase the value of distressed mortgages by rehabilitating them into performing loans. 

Eligibility Requirements:

• No requirements on origination.
• Must be a first mortgage and must be a loan owned, or securitized and serviced, by IndyMac Federal.
• Primary residence, owner occupied.
• IndyMac borrower already seriously delinquent or in default.
• IndyMac borrowers at risk of default due to payment resets or changes in the borrowers’ repayment capacities.
• Modifications would be designed to achieve sustainable payments at a 38 percent debt-to-income (DTI) ratio of principal, interest, taxes and insurance.

Call an IndyMac Federal customer service specialist to check for eligibility.  Program timeline is from August 2008 and there is no end date specified.  Call (877) 908-4357 or http://www.fdic.gov or http://www.indymac.com/default.aspx?id=1178

The Federal Government Loan Modification whose participants include Fannie Mae, Freddie Mac, Federal Home Loan Banks, Hope Now participants, Department of the Treasury, Federal Housing Administration and the Federal Housing Finance Agency, and Wells Fargo.  The program is designed to reduce preventable foreclosures with a simplified, streamlined loan modification program to put struggling homeowners into mortgages they can afford via a uniform process for loan modifications that the majority of lenders and servicers will use.

• Borrower must have missed three or more payments.
• Primary residence, owner occupied.
• Not filed for bankruptcy.
• Modifications would be designed to achieve sustainable payments at a 38 percent debt-to-income (DTI) ratio of principal, interest, and association dues.

Troubled homeowners should call their lenders or servicers as to participation and eligibility for this new program.  The program timeline is December 15, 2008, with more details to follow.  Contact www.fhfa.gov or http://hopenow.com/loan services/servicer Directory.php

Other lenders and their programs will follow in next week’s article.