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Does Indymac/One West give loan modifications?
February 16, 2010
I am now on a Trial Period Plain with Indymac/One West. But I heard that they have not given a loan modification to anyone yet.
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Comments
i tried to go through loan modification with indymac and was denied. i followed their instructions to the tee and now i'm $13,000 in the hole. indymac instructed me to not to make the payment for the mortgage of the month i applied for the modification. following further instructions they told me to short pay the following 6 months by $1,000 per payment. then 7 months later and countless of phone calls to find out where i was in the process they told me i was denied. now they are threatening foreclosure
I have been trying to modify with IndyMac since July of 2008. They will not help you. They never call you back after recieving your paper work. I am currently facing foreclosure because they told me unless I was behind they would not process my application. I asked for help before I was behind.
After months of paperwork, and countless phone calls, I too was turned down by IndyMac/ One West Bank. IndyMac/One West does not care about their borrowers. They stand to make more money by foreclosing on your home. Why? A modification takes time and energy with no return to them. A foreclosure gets an attorney paid, gets the mortgage co thier insurance coverage by the govt, plus IM/OWB stand to collect even more money when they write your house off, because of an agreement that they have with the FDIC. So why would they waste time on a modifiction? Take them to court. I did and am still in court after 2 years---and I have not made a payment in 2 years.
Again Litigation is teh best route. I have had a very good success rate sueing the lender. I agree with Arenn-IndyMac stands to make more money on the foreclosures since the original loan amount is insured by the FDIC at 80% of the origianl value.
IS INDYBANK CONNECTED WITH FANNIE MAE
Did you represent yourself or have an attorney?