ATTENTION-INDYMAC BOROWERS!

Good News! If your loan is with Indymac Bank, the federal government has just announced that if you are 'seriously delinquent' or in default on your mortgage and it's from Indymac, you will be able to switch it to a fixed rate loan with an interest rate of about 6.5% per annum. So far, no one has defined exactly what is meant by 'seriously delinquent' or how it differs from default. However, just the fact that the FDIC, who is managing the failed bank, is willing to do this is definitely a big plus. Basically, it requires that you be able to accurately document your situation when you apply for the switch. The best way to get started is to go to your local Indymac location, and ask about this plan.