Indy Mac Loans?

Hello all…a question… my mother purchase a house in 2004…divorced in 2005… and has refinanced twice.

She has her mortgage payments up to $ 1,700/month…interest only loans…she purchase the house for 428K… and now since the real estate market is on its ups and downs..she will owe about 530K (negative) by Sept 2009…and her payments will be as high as $ 3,900/month….

She works two jobs and can barely come up with the $ 1,700..she has her two home loans with Indy Mac…ive heard about the Loss Mitigation…and I am willing to help her out in that process…she has never been late on her payments, bills or rent.

what does anyone suggest…will indy Mac at least drop her payments down by sept 2009?

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