Mortgage Modification in process with IndyMac - Now what?

[Mike]

We were in the process of trying to sort out a mortgage modification with IndyMac. We were in an ARM, and payments reset as of July 1st, pushing our mortgage up by nearly $1100/month. Like many others, we're upside down on our home, but only by little. 1st mortage is 292 000, and 2nd is right around 17 000. Our home apparaised in 2006 for 353 000, and now would probably appraise right around 295 000. Due to our lack of equity we cant refi. Also, debt to income looks a little high thanks to credit cards we're still paying off after completing an adoption last year. Have tried for debt consolodation loan to lower monthly payments on credit cards, but was declined due to amount of cards and balances. Still current on mortgage payments , and no lates. IndyMac took all of our info via the phone, and just on Friday we faxed in copies of paystubs, hardship letter etc. With our combined incomes we do show a surplus of around $250/month. Anyone have any idea how the takeover of IndyMac is going to affect those of us currently in the process of trying for a mortgage modification? Thanks in advance! Jo