Indy Mac Help!!

[Mike]

Hello CAT & everyone on this forum,I feel what everyone is going thru with this mortgage crisis. My mother is in a similar situation, please any opinion suggestion...My parents purchased a home in 2004 with Countrywide, for 430K. In Southern, California. Divorced/Split in 2005, father was the bread winner and the mortgage was $2,400. Affordable for him.My mother, stay at home mom, not being educated on loans and real estate business, and the home loans under her name/credit could not afford the $2,400 monthly mortgage. So she refinanced once in 2005 and dropped her payment to $1,400. By not being educated on loans and real estate, and pressured to refinance by those MONEY HUNGRY MORTGAGE COMPANIES, she went into a ARM and her payment jumped UP again in 2006 close to $2,200, she refinanced again in 2006 to a INTEREST ONLY LOAN (WITH INDY MAC), opened a second loan with the same REFI company. Until this day, July 2008, my mother works two jobs, makes low pay, can barely afford a $1,700 mortgage payment, not including property taxes (about 5k). Now owes, close to 520K in negative amortization with no equity in the house, with a pre-payment penalty until Sept. 2009. Her projected monthly mortgage will be close to $4,000 by Sept 2009!! She has never been late/default on her mortgage payments and her credit score at nearly 700. I've been assisting her in this whole process, she works late, two shifts and seeking help. I just received her INDY MAC LOSS OF MITIGATION package, and was told to fill out and submit a hard ship letter. I've read threads on the zinomortgage website, that INDY MAC is a pain in the butt, and wont help unless your at Default. Please Cat, is there any information you can share with me to help us through, or how to go about a process like this, or what YOU suggest for a situation like this.I'm sorry for a long post, I'm really trying to help my mother out..i don't own a home, im just a student. Thank YOU SO MUCH. God bless!- Edward