Indymac is my Lender. Loss mitigation reviewing my loan pkg. Should I call them with all this news going on?

By all means stay in close contact with them. It may be a struggle finding the person who has your file, but be persistant. Nice but persistant. I would call them and don't hesitate to make that call once a week until you hear something.

We're dealing with CW. We're in the biz - no sales - no money... We put our house on the market and began making partial payments, they called 3x a week. After 90 days, they call and the discussion was more like, maybe we could consider a short sale or deed in lieu of foreclosure. Keep trying to sell your house, reduce the price and we'll consider any and all offers you may receive. Next call told us that if we made a full payment every 89 days, it resets the foreclosure clock sort of speak. So we've significantly reduced our price and are making one full payment every 89 days. The calls have slowed down, maybe one a week now. No bites on our house, but we just reduced in on Sunday. It's a game. It's a tough one to fight, because you become stressed and weary and tired and sick of it. But you are not alone, there are millions of us going through similar scenarios. Hang in there.

For one thing, there is no law against it. And yes, we would still be in the same fix as most that are or have gotten the loans that are going into default are the ARM or Adjustable Rate Mortgages, that are for the lender, not the buyer. With this kind of loan, the lender can get back the rate increases in interest and the way it has gone it has put the buyers more in the hole as the value of the property went down and the interest went up. Greed is the main reason for the whole crisis as well as consumer ignorance of what they were getting into. The lenders were so greedy as to want as many loans out as they could get to make more money with the ARM's and the consumer did not do the research needed to make a good decision which would have been never to accept an ARM in the first place and not to get into something they really could not afford to do as so many did. Ignorance and greed are two things that go hand in hand to ruin many that if there was none, there would be no crisis now.

Call but everything maybe on hold until the Fed's can find a buyer for Indymac assets, until that time highly doubt they will review and down grade the loan value

but never hurts to call

Since the letter says that they will get back with you within 30 days, I'd wait. With all the news reports, I'm sure their phones are ringing non-stop. It might be an exercise in frustration just to talk to a live person that may be able to help you.

Do not wait!

I would call the FDIC immediately and find out how your mortgage is affected.

Absolutely not...let THEM do the homework.

They will most likely negotiate with you.