Indy Mac denied my loan modification

Bankrupcy will delay process maybe with that you'll have time for a shortsale.

IndyMac Active Foreclosure!

I have been trying to get a Loan Modification through IndyMac for nearly 4mths. Recently, I have missed 6mths of my mortgage payment. I was recently layoff, but prior to my layoff date,I've been in contact with IndyMac since and explain my situation. Each time, they kept referring me to different programs that I might be eligible, but each time the results were negative. Now, I am jobless and still waiting for the process review of loan modificiation. When I contacted them to check on the status of my loan modification process, I was also told that my house is in active foreclosure, but they did not have a pending sale date yet. I'm extremely upset, confused, and frustrated. I've been trying to work things out directly with my lender. Unfortunately, I'm only getting the run-arounds. I'm not sure what I should do at this point. Do I still proceed with the loan modification? Please help me!

We have been working with IndyMac for 2 years and got the run around from Indymac on our loan modidification every time it was dedined with no explanation as to why. They kept refering us to differing programs which resulted to no help. Thanks to no help our house is in foreclosure and I thought they were suppose to help home owners that were struggleing according to Obama's regulations to assisit in helping home owners keep their homes. Indymac is helping no one to do this.

I too have had terrible results with the loan modification progrm through indy banck now one west. They continue to give you the run around, tell you new documentation is required only to take to long processing that certain documentation is required again. The send letters weekly that we are here to help, we can't help if you don't call. WELL THEY DON"T HELP WHEN YOU DO CALL. There needs to be a penalty process in place for mortage companies like this that are obviously not helping there lenders as instructed by the Obama Plan.

PLEASE DO SOMETHING WITH CNN OR OTHER TV NEWS ABOUT THIS INDYMAC BANK THEY ARE FORECLOSING EVEN IF PEOPLE QUALIFY BECAUSE THEY GET MORE MONEY FORECLOSING THAN WORKING A LOAN MODIFICATION SO THEY ARE GIVING THE ROUND AROUND TO PEOPLE AND THEM FORECLOSING.
THEY SHOULD BE INVESTIGATE FOR PREDATORY LENDING AND REFUSING TO WORK WITH PEOPLE TO SAVE THEIR HOMES.

I am going through the same thing with Indymac. Every time I call they tell me a different thing. I am on a repayment plan right now that expires on Oct 31st were I have to pay balloon payment of 13,800 dollars which I don't have. I applied for modification in April and got denied so they offered me repayment plan to stop active foreclosure. They told me to call month in advance if I thought I couldnt pay balloon payment. Well I did this morning and told them I will be short and they told me there is nothing I could do till the 31st. What a bunch of bullshit. I gave them down payment in may and since then been payin them 2300 a month. Why isn't anyone investigating this bank????? They never honor their contracts nor do they give accurate information. I am so stressed out!!!!

These stories read exactly my situation. Months of being lead on by Indy Mac, and even offered a modification sent back UPS red label with a cashiers check for the first month new mortgage, just to be denied for reasons like lack of documentaion. I have sent them EVERYTHING they had asked for and gotten absolutely no help. I have an appointment with an attorney today I only hope we can all band together and Indy Mac gets what they deserve. Swift justice and us working folks a chance at a fair price to keep our homes we have already paid so much into. And by the way the cashiers check for the first mortgage has been cashed with no explination.

I am now 8 months past due did the modification thing too. I am going to see a attorney on Monday because they moved my court date up from 3-1-10 I was notified yesterday that the new date is 10-28-09. I have been going over the truth in lending and it is a lot different than what I was told. I was told I was on a 40 year instead of a 30 year mortgage at closing. It turns out I was lied to try 60 payments of 1236.92, 299 payments of 1209.69, 1 payment when I am 80 years old I guess taht is when I am supposed to get a loan on a fixed income for the balloon payment that I did not know about for 10 years for $93,232.65 since I have been a single mom with 6 kids that is going to be easy...LOL...these are the people that take their sleeping pills when they get out of bed in the morning before they get to work.

Indy Mac bank is the biggest joke I have ever see in my life. I, like others, are working to stay in their home yet Indy Mac is helping me with nothing. I have modified my loan once so far where my rate is 3% for the next 5 years...Nice right..sure if IndyMac would have included the taxes and insurance. They didn't and my payment is the same as it was when I started this.
Now I am trying to re-modify again and am getting the run around. I filled out all the paperwork they sent me and I sent it back...Paycheck stubs, tax returns, expense report...everything.
Just yesterday I got a letter in the mail saying my home is going on public auction on January 14th 2010. I'm only 2 months behind and I sent them a payment, which they cashed with no problem.
I called and spoke with Jennifer, a so-called manager in loss mitigation, and she tells me they received my paperwork a month ago and they were not able to process because they needed to speak with me about my updated expense report.
ARE YOU KIDDING ME!!!!
The paperwork I got from Indy Mac clearly stated that once my paperwork was received, a representative from Indy Mac would be calling me to go over the paperwork.
I am not wanting to move from my home since I just moved in 3 years ago.
Here is a question I can't get an answer for...If someone can please do.
In a short sale, if the bank agrees to list and sell my home for 200,000 but I owe 400,000 i am being told by IndyMac they write off the other 200,000.
My question...if the bank is willing to take a 200,000 bath, why not just reduce the principal on my loan and make it affordable so I can stay here? Write a new 30yr fixed loan with a little higher rate than prime so the investor makes their money back and if I sell the home in a certain period of time with equity the bank would get a % of the equity for selling. The longer you stay in the home, the less the bank would get when the home is sold. HELLO, LET'S KEEP PEOPLE IN THEIR HOMES AND NOT FORCE THEM OUT ON THE STREETS HOMELESS!!!
I am so sick and tired of Indy Mac Bank. Some one needs to climb up their ass with a fine tooth comb and see that they are ripping people off.

I am in the same boat with other commenters. Indymac has stringed me along since may May of this year. Each time I made contact with them, they gave me once excuse after the other. Today, I made a call to check on the status of my modification application. I was told that I was denied. When I asked why, the said my loan was held by a restricted private investor who did not have to comply with the rules regulations for loan modifications. They suggested that I provide them with income information to determine if I qualified for their loan repayment plan. The representative, Venessa(y80)said in less than one minute I did not qualified for the loan repayment as well. She then said within the next 3 days (Monday, 11/02/09), I will receive a letter in the mail about other opitions of repayment. Indymac if full of crap. I think they are trying to fosclose on my home.

Who do I turn to for help?

I am also going through the same thing everyone on here has posted. I found out why people are getting denied on modification. I applied for one and I got declined. Someone in the bank told me that the reason being which we are not suppose to know is because the value on the property declined therfore I don't qualify. He told me it doesn't matter if my income qualifies me but that no one whose property value declined will qualify for modification. He told me that the investors rather have us loose our homes than to modify loans where the loans are higher than the value. That they don't want to waste there time. Now on the repayment plans, well those don't work eithier. I got in one where I pay two months up front and had monthly payment of 2300 a month with balloon payment at end of 13,500 due at the end of six month. Well I signed contract n to my surprise I was told that after I payed ballon payment I will have a balance owe to them for 8000!!!!! Where in the hell did that figure come from??? I told them that wasn't on my contract therfore they should honor my contract. They said they were sorry but the person who wrote my figures for contract added numbers wrong! That is not my fault they screwed up! They offered another me another repayment plan with a balloon payment due up front for 23,000 up front and monthly payment of 3200!!! Where are they getting there numbers from????? How in the hell do they did I'm going to pay 23,000 up front if I can't come up with all my ballon payment of 13,500. My contract states If I can't pay ballon payment to call 30 days in advance to call them so they can see other options. Well they will not honor the contract. These people are full of crap and they don't want to help, they want us to loose our homes because its in their best interest. We should get together and file complaint to Better Business Bureau

I have been calling and sending the required information since Feb, 2009. I had another loan with them that was foreclosed on even though they had an offer that was higher than the amount they requested at the sale. Something is wrong with this company. Please post if a nationwide attorney would like to take this and look into why they make it impossible to proceed, and continue to get away with it. They just offered me $18,715.02 paid by Nov. 27th to stop foreclosure proceedings claiming that is all the investor can do.

indymac bank denied me i had a heart attack we need help not put on the streets thank you, please somone needs to investigate them

please if anyone have any info were i can get help iam getting the run around from indymac bank and i had a heart attack .please what can i do for help anyone please email me thank you ,so stressed out help save homes not forclosure, indymac bank needs to be investigated please email me if you can help me also i owe 275,000 house is worth 170,000 if that thank you , please email me and let me know what i need to do or who i need to contact to save my home thank you.

please if anyone have any info were i can get help iam getting the run around from indymac bank and i had a heart attack .please what can i do for help anyone please email me thank you ,so stressed out help save homes not forclosure, indymac bank needs to be investigated please email me if you can help me also i owe 275,000 house is worth 170,000 if that thank you , please email me and let me know what i need to do or who i need to contact to save my home thank you.-- thank you please advise me

indymac bank is robbing people of everything iam trying to get a modification and they made me fax all the papers like 5 times each for the last month than the said 1 more and i did and the next day said i was denied? thats sick i had a heart attack and i caint get help? were is cnn or some tv program needs to investigate indymac bank i cannot afford another heart attack. please help me

have a intrest rate 9 i had this loan for 5 years trying to fight it i gave them 167,000 in 5 years only intrest my house lost value its only worth 160,000 my mortgage is 269,000 i had a heart attack the wont help me there is powerful people backing them and the ones that are backing them are ots goverment! its a j Good! No Soul! No Heart! No Feelings! No professionalism! No response? Means, violation of RESPA. Borrower, has a consumer rights and if they didn't response within 20 days, they need to face the court!PERIOD! And all of you there, hang in there and don't leave your home! Period!Everyone, listen!sue indymac one west sui them Hire an attorney and do a "forensic audit". I bet you they violate TILA (Truth In Lending Act). Then if you find out that they have violation in Federal and State, SUI THEM! Don't let them get away! Loan modification? It's not in there book! That's a biggest "TRICK" they can ever done to you for going into a "Quick Foreclosure"! No matter what, don't leave your home! Even if the Sheriff will come to your house to evict you, asked them the original "NOTE"! A "NOTE", very important, asked them who is the right holder of that "NOTE". Hold your original "DEED". We have to start fighting with this 800 pounds "GORILLA". Hang in there!!! We are all gonna be allright!!! like to know how many senators , congress persons lost their homes or have problems with refinancing or modifications of their mortgage............with INDYMAC BANK /ONE WEST or they are getting to be foreclosed by ONE WEST/INDYMAC.

I also like to know ,where is the one, who is/was responsible for giving away our money to the Banks ................especially Indymac Bank so WE THE PEOPLE CAN GET F......... BY INDYMAC. Who was it ?....................................................................

I like to know why Government purchased and sold Indymac Bank and where is the Government now ? Do we have government or not ? Where can we find one who is responsible for all these BS.......modification ....propaganda ............................




Comments (9)
1. Written by protest jan.4th--2010 at bank, on 12-12-2009 14:16

IndyMac or OneWest Bank Complaints - Loan Modification joke

Review all IndyMac or OneWest Bank complaints

IndyMac or OneWest Bank

Posted: 2009-12-12 by Rebecca







Loan Modification joke



Complaint Rating:

Company information:

IndyMac a division of OneWest Bank




Exercise your 1st Admendment rights. TELL INDY MAC/ONE WEST BANK HOW YOU FEEL.



I am also a jerked around customer of IndyMac/OneWest.

They are the most dysfunctional, disorganized evil bank ever. I sent and resent and sent again documents. Each time they claimed to have "no record". I was told by their own employees to STOP making my mortgage payments and would receive a loan modification "way before" any foreclosure. Well...jokes on me. IndyMac NEVER modifies anyone's loan.



I have joined a group of other IndyMac customers in Southern CA.



We have a protest planned for January 4 2010 outside the corporate offices of IndyMac located in Pasadena, CA. If you can join us around noon, that would be fantastic.



If cannot join you could email me your protest and I will hand deliver it. My name is Rebecca.



Also send your comments to moveon.org the organization George Soros supports. Soros is one of the MAJOR investors in IndyMac and is increasing his already billions by screwing around taxpayers and IndyMac investors.


Report
2. Written by juan read, on 12-12-2009 13:31

juan keep fighting dont stop theres alot of crooked stuff going on with bigger people than we think.. I want to get on law suit class action.. thank you...if they foreclose its more money for them./.. the truth is that one west bank is robbing people. look into this matter iAnatomy of a Government-Abetted Fraud: Why Indymac/OneWest Always Forecloses

December 1st, 2009 • Related • Filed Under

Filed Under: Avoid Foreclosure • FDIC • HAMP • IndyMac/OneWest • facing foreclosure • featured • government-abetted fraud

Several times per week, I get phone calls from attorneys. These calls all start out the same. “I am unable to get loan modifications done through a lender. What can I do?” The first question I ask is if the lender is Indymac/One West. Invariably, it is.



I also field the same type of calls from homeowners and from loan modification companies. Everyone is having the problem of Indymac not cooperating with regard to doing loan modifications. Furthermore, if I google the issue or check out loan modification forums, the same is true on the internet.



What is going on with Indymac/One West? Why aren’t they doing loan modifications? This article will try and bring together the known facts for a better understanding of the situation, and discuss what the Indymac situation means for foreclosures in general — and the government’s response to the crisis. First, to understand the situation today, one must have an understanding of the recent history of Indymac.



History

Indymac was a national bank in the U.S. It was insured by the FDIC. On July 11, 2008, Indymac failed and was taken over by the FDIC.



Indymac offered mortgage loans to homeowners. A large number of these loans were Option ARM mortgages using stated income programs. The loans were offered by Indymac retail, and also through Mortgage Bankers would fund the loans and then Indymac would buy them and reimburse the Mortgage Banker. Mortgage Brokers were also invited to the party to sell these loans.



During the height of the Housing Boom, Indymac gave these loans out like a homeowner gives out candy at Halloween. The loans were sold to homeowners by brokers who desired the large rebates that Indymac offered for the loans. The rebates were usually about three points. What is not commonly known is that when the Option ARM was sold to Wall Street, the lender would realize from four to six points, and the three point rebate to the broker was paid from these proceeds. So the lender “pocketed” three points themselves for each loan.



When the loans were sold to Wall Street, they were securitized through a Pooling and Servicing Agreement. This Agreement covered what could happen with the loans, and detailed how all parts of the loan process occurred.



Even though Indymac sold off most loans, they still held a large number of Option ARMs and other loans in their portfolio. As the Housing Crisis developed and deepened, the number of these loans going into default or being foreclosed upon increased dramatically. This reduced cash and reserves available to Indymac for operations.



In July, 2008, the FDIC came in and took over Indymac. The FDIC looked for someone to buy Indymac and after negotiations, sold Indymac to One West Bank.



OneWest Bank and its Sweetheart Deal

OneWest Bank was created on Mar 19, 2009 from the assets of Indymac Bank. It was created solely for the purpose of absorbing Indymac Bank. The principle owners of OneWest Bank include Michael Dell and George Soros. (George was a major supporter of Barack Obama and is also notorious for knocking the UK out of the Euro Exchange Rate Mechanism in 1992 by shorting the Pound).



When OneWest took over Indymac, the FDIC and OneWest executed a “Shared-Loss Agreement” covering the sale. This Agreement covered the terms of what the FDIC would reimburse OneWest for any losses from foreclosure on a property. It is at this point that the details get very confusing, so I shall try to simplify the terms. Some of the major details are:



OneWest would purchase all first mortgages at 70% of the current balance

OneWest would purchase Line of Equity Loans at 58% of the current balance.

In the event of foreclosure, the FDIC would cover from 80%-95% of losses, using the original loan amount, and not the current balance.

How does this translate to the “Real World”? Let us take a hypothetical situation. A homeowner has just lost his home in default. OneWest sells the property. Here are the details of the transaction:



The original loan amount was $500,000. Missed payments and other foreclosure costs bring the amount up to $550,000. At 70%, OneWest bought the loan for $385,000

The home is located in Stockton, CA, so its current value is likely about $185,000 and OneWest sells the home for that amount. Total loss for OneWest is $200,000. But this is not how FDIC determines the loss.

‘FDIC takes the $500,000 and subtracts the $185,000 Purchase Price. Total loss according to the FDIC is $315,000. If the FDIC is covering “ONLY” 80% of the loss, then the FDIC would reimburse OneWest to the tune of $252,000.

Add the $252,000 to the Purchase Price of $185,000, and you have One West recovering $437,000 for an “investment” of $385,000. Therefore, OneWest makes $52,000 in additional income above the actual Purchase Price loan amount after the FDIC reimbursement.

At this point, it becomes readily apparent why OneWest Bank has no intention of conducting loan modifications. Any modification means that OneWest would lose out on all this additional profit.



Note: It is not readily apparent as to whether this agreement applies to loans that IndyMac made and Securitized but still Services today. However, I believe that the Agreement does apply to Securitized loans


Report
3. Written by its alot of big people involve, on 12-12-2009 13:29

think the judge felt it was almost a personal vendetta." Dealing with the bank, he said, was "like dealing with organized crime."

To make along story short...Feds sold Indy to One West for about 50c on the dollar for the mortages they were holding, and insured their losses at the 70% level. This were for the most part uninsured mortages [sub prime]Fannie & Freddie mac mortages were insured at the 40% level. What this means is that One West can sell your home for 1/2 of your mortage value and still turn a 65% profit after they pay their lawyers because our goverment is going to pay the 70% loss they took, with tax dollars!!! You can go online and see who owns/running One West. George Soros? Who is he? who was he backing last election?? Where did all of that millions Obama picked up from overseas supporters??? Figure it out!!


Report
4. Written by charge off, on 12-12-2009 00:31

my house was schedule for forclosure and the day before the sell they stopped it and charged it off. its been 5 months and i havent heard anything from indymac every time i call they tell me that whoever they sell the loan to will be in touch with me


Report
5. Written by Lawsuit in Hawaii!!!! Please j, on 11-12-2009 19:11

We will file a class action law suit against Indymac and One West Bank. Anybody interested in your story I will give you .


Report
6. Written by fraud, on 10-12-2009 20:48

like to know how many senators , congress persons lost their homes or have problems with refinancing or modifications of their mortgage............with INDYMAC BANK /ONE WEST or they are getting to be foreclosed by ONE WEST/INDYMAC.



I also like to know ,where is the one, who is/was responsible for giving away our money to the Banks ................especially Indymac Bank so WE THE PEOPLE CAN GET F......... BY INDYMAC. Who was it ?....................................................................



I like to know why Government purchased and sold Indymac Bank and where is the Government now ? Do we have government or not ? Where can we find one who is responsible for all these BS.......modification ....propaganda ............................


Report
7. Written by jagar05, on 19-10-2009 11:45

Why can't the bank that took over from Indymac just lower the interest rates on all mortgages without refinancing and there won't be so many people going into forecloser!


Report
8. Written by JUAN MOJICA INDYMAC CUSTOMER, on 05-10-2009 15:22

I am under review for a mod. with indymac. Indymac told me today they have ALL documents needed to continue the review for the modification. I have a SALE DATE for the end of this month OCT. 22nd and they dont have enough time to coninue the review to give me an answer whether im approved or denied. They stated LOSS MITIGATION "EVEN THOUGH WE HAVE ALL NECESSARY DOCUMENTS TO CONTINUE THE REVIEW WE CANNT POSTPONE THE SALE DATE UNLESS YOU ARE PLACED IN A REPAYMENT PLAN A 1ST DOWN PAYMENT IS NEEDED 90% OF THE DELENQUENT AMOUNT PAYMENT FOR ONE MONTH AND ORIGINAL MORTGAGE PAYMENT FOR 6 MONTHS TO POSTPONE THE SALE DATE IN ORDER TO HAVE MORE TIME FOR THE REVIEW." WTF why didnt they let me know when I first applied back in JULY that they werent going to have enough time to continue the review. ITS NOT LIKE THEY ARE MISSING DOCUMENTS. MOTHER FER'S. its misleading and atleast tell me whether im DENIED OR APPROVED NOT ITS UNDER REVIEW. i have 3 daughters 6,11,4 and I NOW I DONT EVEN HAVE ENOUGH TIME TO LOOK FOR ANOTHER PLACE. PLEASE SUE THEM HARD.


Report
9. Written by mnmarcus, on 27-09-2009 00:21

To make along story short...Feds sold Indy to One West for about 50c on the dollar for the mortages they were holding, and insured their losses at the 70% level. This were for the most part uninsured mortages [sub prime]Fannie & Freddie mac mortages were insured at the 40% level. What this means is that One West can sell your home for 1/2 of your mortage value and still turn a 65% profit after they pay their lawyers because our goverment is going to pay the 70% loss they took, with tax dollars!!! You can go online and see who owns/running One West. George Soros? Who is he? who was he backing last election?? Where did all of that millions Obama picked up from overseas supporters??? Figure it out!!


Report




oke.

Like everyone else, I was denied a modification by IndyMac. My home is to be sold on Jan 19, 2010. These people must be stopped. If I had not called them on Dec 28th, I would not even have know what their final decision was. I qualified for the trial, made all the payments on time and have still not received a "denial letter". At least the customer service person I spoke with told me the truth about being denied. I am attempting to borrow the money to reinstate my existing loan, just to hang on to the house long enough to fight these crooks. This has to be illegal. I am now faced with not only the back payments, but court costs for foreclosure and all late fees. I emailed Barbara Boxer, Diane Feinstein and President Obama and received an email back from Barbara Boxer with a link to a resource website that no longer exists.

I shortsaled with IndyMac on December 23,2009. So you know how my Christmas was. They stated that I am responsible for the deficency of the loan. I also had a second mortgage with Wachovia on the house. Wachovia made us sign an arm length agreement that we could not rent or buy back the house. Bankruptcy is the way to go. IndyMac does not want to help or assist people with their loan problems. I can't wait until the rest of the 3 Option arms come due in 2010 and 2011. I am hoping IndyMac fails. Maybe we all should go into business and build Homeless Shelters. We are going to need them. Not enough place to rent.

I am also an Indymac/ One West Victim. My story is very similar to everyone else... BEING SCREWED BY INDYMAC!! However I have decided to fight back with everything I got. It's time to get up, dust yourself off and get mad as hell!!!

We have been trying to work with Indymac to no avail. We have a lot loan that we owe over $200,000 on and which is now worth about $50,000. We have offered a reduced payment until we get on our feet financially but they would rather end up eating the lot because that is what they are going to do when they foreclose and go to sell it. Its worth nothing. I got the nice little letter telling us we were behind but we could call for help..WHAT HELP. I was told since it was a lot loan there was no program to help us unless we want to do a short sale, but they will not even talk to us about that until we have a buyer in hand. Good luck with that. No one is going to pay a fraction of what we owe on that lot since the economy has hit rock bottom. We have no choice to walk away and ruin our excellent credit. Thanks Indymac. We earned excellent credit for years and this is how it ends up. There is no economic help from these banks. We lost income due to our tenants not being able to pay the full rent so we had to lower rents, which meant our income dropped but banks don't care. Sick of their "help" that doesnt exist.

I too am having these same problems with this bank. It started shortly after my mortgage was bought out by Indymac. They raised our monthly payments significantly and claimed it was an increase in property taxes. After some research, there were no changes in property taxes for that year, the bank just wanted to steal our money. Then a year later I had to move due to military orders. We tried like everybody else to get a modification because I knew my income would be lower at the new duty station. After 3 times submitting paperwork, they denied us every time, and then initiated foreclosure.

Is there really a loan modification program i think this is all a fraud and we are fools to think they will help us.action speaks louder than words. Why so long to get even a phone call etc. No other buisness in history can get away with this kind of total fraud on consumers. t
they deserve to be taken to court and really punish

rebecca

I feel your pain, all of you. I was fortunate enough to find a company that is legitimate. Now I know that the banks the news and government say we shouldn’t go to any company that charges, that the banks will modify your loans for free. Well, how many of us on here have had our loans modified by the banks?

A lot have lost their homes, and lot more still will unless you do what’s necessary to save your homes from the banks. I went through what most of you have, I was there. Then I was referred.

I know I would have lost it to Wachovia if it wasn’t for him and the rest of the people who work there. Got me caught up on my mortgage 1st & 2nd, lowered my interested rate & payment.

Before anyone else on here loses their homes you need to give them a call. Don’t be afraid of hiring a loan modification company, be afraid of the banks, they are the ones who are taking our homes!

I know they get the job done. News and TV made me afraid to even consider a loan modification company because they are all scams and my lender will do it for free (wrong). There hasn't been not one story about a good company and when I tried to contact my local news channel they told me that my success story wasn't news (What!)

So, I am making it my mission to spread the word on this GREAT company!

Loan Modification seems to be the step that sets homeowners up for the reality check that they've got to sell.

I have found that most of my homeowners have finally recognized that they cannot continue living a life they can't support. And, that in every ending there is a new beginning.

It is a tragedy when financial hardship hits a household. Someone got sick or was downsized or a relationship fell apart. The hardest part to recognize is that the house is just a thing. Let it go. Hold on, instead, to the people that together make-up your family.

I just closed another IndyMac short sale today. My clients are thrilled with the release of the burden that distressed property represented.

75% of my business is distressed homes. People ask me. "why would you spend so much time on short sales?" My answer, "because I have walked in their shoes"

PLEASE JOIN US WE ARE GOING TO FIGHT INDYMAC
WE NEED MORE PEOPLE
WE ARE READY TO GO WHEN WE GET MORE PEOPLE GO

you have nothing to lose

PLEASE SEND THE INFORMATION REQUESTED SO WE KNOW YOU ARE SERIOUS ABOUT FIGHTING INDYMAC

AFTER WE RECIEVE THE INFORMATION YOU WILL BE CONTACTED

I want to tell you all a little story. The story begins, as all American dreams do, with unfettered hope and belief, but has, over time, become a nightmare from the darkest recesses of our national psyche. This is not a fairy tale, and I beg you to see yourself in our heroine; for you could find yourself in her shoes very soon. And I promise you that that is not a place you want to be. But read on, and judge the veracity of my words for yourself.

I have been in the mortgage industry for almost a decade, and have seen my share of the ugly side of lending: the foreclosures, the forgotten families, and the greedy, heartless, faceless “holder of the note” gone wild. I have experienced all of this more times than I care to admit, and have been ashamed of my industry more times than I care to count, but the borrower I wish to tell you of was the reason I broke into this business in the first place. People like her, hard-working, honest Americans, are the ones a broker like myself looks for day and night, and strives to take care of in whatever capacity we are capable of.

Why you ask? What makes her so special? There are many answers to these questions, and the easy answer would be that she perfectly fit the mold we in the business look for. She had been employed for 22 years with the same corporation, and had managed to pay every liability on time for her entire adult life. No late payments, no missed payments, and nothing at all to indicate that she would ever change. Her credit score was 780, and she had owned a home for 10 years in Miami Beach (an expensive place to buy). This showed unequivocally that she understood liability, and knew how to get things done in the lending market. In short, she was a lender’s dream come true. A loan you approve and forget about because the payments are always in on time, and so, as a lender, you just count money for 30 years. What could be better from our point of view than that? Every lender in the world will tell you the answer to that question is nothing; absolutely nothing.

This lady decided to move to Chicago to be closer to her corporate office, so she sold her home in Miami and took her dreams and possessions north to Chicago. This took place in 2006 while the housing bubble was still growing larger, and no one outside of the industry had any expectation that it may burst at any time. She did her due diligence while looking for a home in the Chicago area, and eventually settled on a brand new property in an area ripe for gentrification. Basically, she bought in an older neighborhood that was undergoing massive urban renewal projects that were projected to raise property values in her area significantly; as long as there was no unforeseen disaster looming. That is the danger of things unforeseen. They eventually come to pass, and no one is prepared to combat them.

She started with an Interest-Only Loan as at that time it made more sense to use her principal money on personal investments rather than giving it to a lender to make decisions with. Even though interest rates were high at the time, IO rates slightly higher than fixed, she was able to get the property for almost $75K less than it initially appraised for, so she was already ahead of the game. She maintained her perfect history, 0x30 on her mortgage, and everything else for that matter, but that was before the wise and powerful bankers in America decided to play 3-Card Monty with America’s future.

As the signs of the encroaching financial apocalypse began to show themselves, she attempted, through her lender, to pursue refinancing, but was told her case called for the loan modification process. The press was making a fuss about how these modifications were the way for borrowers to get the help they needed to stay afloat in the carnage that followed the bubble bursting, and as an intelligent and savvy borrower with a perfect history she expected the process to go smoothly for her. In that assumption, she would have been right if not for the new credit card laws passed that allowed the companies to raise their interest rates and reduce the line of credit available on any given card. These changes have had an enormous, unintended consequence in the lending world since loans are in large part based on debt-to-income (DTI) ratios.

Imagine this borrower has a credit line of $10K on a card with only a $2K balance, but is then targeted by the credit card company for a reduced credit line of say $2500, so her 20% balance has now become 80% without her actually doing anything irresponsible. Yet, when lenders looked at her DTI they would see that she is nearly maxed out on her card, and in this industry that is a major red flag. She understood DTI, and how it could affect her ability to qualify for extra money (even though she did nothing untoward or rash in terms of spending), but why should that hamper her from getting a reduced rate? It is asinine to ask a person to re-qualify for something they already have, or to tell them they must qualify to save money, but this is what is happening in America today. She signed no agreement stating she could not refinance in the future with the help of her lender, so all she is left with are questions. Questions that for her and the millions like her, unfortunately, have no good answers. The American Dream, for this model American, is quickly becoming the American Nightmare.

There are so many questions our borrower wants to ask, but there are no phone lines to call or government offices to visit with any answer other than, “talk to the lender”. This is just endless runaround from the lender, and more and more frustration for her and her family. How is it possible to be locked into a loan, with bankruptcy laws so much tougher, and have absolutely no way to refinance? More transparency in the industry is great, but how can our borrowers appease the credit companies interest hikes while losing equity in their property due to the housing catastrophe and still meet the necessary financial obligations they agreed to prior to this meltdown? This is a recipe for mass bankruptcy and foreclosure; two things that hurt us all in the long run.

It was March of 2009 when our borrower started the conversation about refinancing with her current mortgage company, Indy Mac, from the 7.625% IO-Loan to a 4.5% fixed rate. They explained to her that she would need to print out a new financial packet, and send it, along with all other pertinent information, in to be reviewed before they could proceed; she did just that. After an entire month had passed, she called in to check the status of her application, and was told that the servicing company, Indy Mac, was changing hands, but she would still be taken care of by the new investor, One West.
Just like that, she and thousands of other customers were being sold to the highest bidder, and after some research she discovered that One West actually only paid up to far less than full value for these notes. It gets better. One West actually had the federal government guarantee them anything lost over a certain percentage. What does this mean you ask? All the numbers are there in black and white on the internet for anyone to see; but no one looks. You do not have to be a rocket scientist to see that it would be more profitable to foreclose quickly and collect the guaranteed funds than to refinance the borrower’s note at a current market rate.

The changing of the servicer of her note, as unsettling as it was, would have been fine if not for the dramatic change in guidelines and customer service she experienced. This often happens after a change of this magnitude in any business field, but these differences were downright ridiculous. She was informed that the financial packet she had sent was no longer valid, so she would have to assemble another one before any process could begin. So, once again she followed procedure in hopes of capturing that elusive lower interest rate.

She waited and waited for a call to inform her of the status of her newest application, and finally tried calling herself to enquire; but to no avail. Her calls were treated as a joke. They repetitiously asked for the same documents, and even claimed after three business days that they had never received her fax, and that it took all that time to verify whether or not they had received her documentation. They have done this over 50 times from March of 2009 to the present day! That is preposterous, shameful, and ought to be criminal! But it gets better; or worse for our heroine.

After calling repeatedly for three months she finally got them to look at her application. They told our borrower that the check stubs submitted were out of date according to Fannie Mae guidelines (must be less than 90 days old), but when she remedied that they told our borrower that her check stubs were fraudulent. Check stubs from one of the three largest airlines in the world which she has worked with for more than 20 years by the way. They focused on some minutiae that they knew to be nothing, but she was forced to get a complete employment record from her employer to along with a Letter of Explanation (LOX) from her Human Resources department. This process has stretched into years with no results. She was even told that the best way to get help is to be late on her mortgage payments! Imagine that. It has become so bad that when she follows up on any fax or correspondence they claim she has never talked to anyone about her issue, and when she asked about recording the conversation she was told it was against their policy. I am not making this up. Every word is true and to the point, and the point is that One West and Indy Mac, Fannie Mae and the federal government are fleecing, and failing we the people.

This is dangerous and uncontrolled corporate behavior, and it cannot be allowed to continue. One West has become the poster child for what is wrong with this industry; what is wrong with America in fact. In my humble opinion (and that of thousands of other Americans…not to mention all the honest lenders in the industry), they have pulled out all the stops when it comes to delaying and deceiving their customers in order to get a government handout and make a dishonest buck. This must not be allowed to stand.

Help her. She has asked again and again, and researched every option. She can’t refinance due to not having value. She can’t modify because it’s not profitable to the lender to do so, and she can’t walk away as her state won’t allow this. Why I ask myself? Is it considered walking away if you have no more options? Why is it easier to profit from bad deals than good ones? There is no hope for this borrower that she can see. The only hope I can think of is a Federal Reserve for primary borrowers in America. By that, I mean the feds open the vaults to primary homeowners at a specific rate, and work directly with the borrowers from a federal standpoint. Cut the banks out. Let them focus on commercial deals and second homes where the rates are higher and people know what they are getting into from day one. I do not think these customers’ closing paperwork said anything about having to stay in one rate for thirty years. Do you know anyone on record in today’s environment that can say they stayed in their home for thirty years at the same rate? I don’t think that is even possible. Please share…

CLASS ACTION INDYMAC LAW SUIT !!!!!

PENDING WE ARE ASSEMBLING A CLASS ACTION SUIT AGAINST THE INDYMAC BANK.
ARE YOU AN INDYMAC BANK CUSTOMER WHO HAS BEEN TREATED UNFAIRLY?
WE ARE TAKING THEM TO COURT FOR DECEPTIVE TRADE PRATICES AND DECEPTIVE BUSINESS PRATICES. THE LAWSUIT IS ALSO FOR PEOPLE IN ALL STATES WITH PENDING JUDGEMENTS, FORCLSURES, PROBLEMS WITH MODIFICATIONS AND FORCIBLE EVICTIONS. TELL US HOW YOU’VE BEEN HURT, OR HOW THIS HAS EFFECTED YOUR SITUATION..MENTALLY, OR PHYSICALLY AND HOW YOU WERE TREATED BY THIS BANK. IF YOU ARE INTERESTED IN JOINING WE WILL RETURN YOUR CONTACT WITH MORE INFORMATION.

I have a balloon Lot Loan with Indymac. The Balloon Loan is due on 1-1-12. For the past 2 Years I have trying to get Indymac to refi my loan as I cannot find any other Bank that is refinancing lot loans. I owe Indymac $270,000.00 and my lot is worth $115,000.00. In order for me to refinance with another Bank I need to come with$190,000.00 so I refinance. LOL. Indymac has refused to help me. I have paid them on time for the past 4 years. I have stopped paying them, seeing that Im going to lose the property any ways. Indymac has told me that Deushce Bank has put a clause on my Loan not to refinance, extend nor modify. The only thing they tell me all the time is to put it ForSale on Short Sale. I refuse to help them sell my property that I have paid over $75,000.00 b/w my loan payment and taxes. I also gave them a 30000.00 down payment on the property when I bought it! They refuse to do anything for me. I cannot believe that they rather Foreclose on me and sell the property for 25% of what I owe them. Indymac sure did give me the Loan quickly in begining and now they wont even help keep my property! I cant believe Im going to lose all my money that I have put into this Lot!

I am unable to stay current on my indymac mortgage as of 2/1/12 , I previoulsy was rejected for a loan mod in 2009 and have exhausted my 401 k and other resources. The bank is sending paper again for a loan mod request, not sure what I can do here?