I wrote about this last month and it seems to be picking up steam in the media. Which is great for Indymac borrowers because a loan modification spot light needs to be shined on these new creeps who bought Indymac on the cheap from the FDIC after the bank failed in early 2008.
Here’s an excerpt from my last Indymac blog post:
The failed Indymac and subsequent takeover by the FDIC has garnished a lot of press, fan fare and accolades for the great Sheila Bair and her agency. They came in, shaped up the ship, plugged the holes, hired a new crew and homeowners were sailing in loan modification paradise.
This takeover and the FDIC’s handling of homeowners went down in the loan modification history books a the “model” for all mortgage servicers to follow.
Screech…..Fast forward to today and the now. Please scroll below and take a look at who owns this bank now. There you will see who is in control of loan modifications and loss mitigation. It sure isn’t the great Sheila Bair anymore.
Here is a great article on Indymac and the BS going on there now from the Florida Suntinel:
In March, the FDIC sold IndyMac to OneWest Bank, which is regulated by the Office of Thrift Supervision. OneWest services or outright owns nearly 23,000 mortgages in Illinois.
“Part of the frustration in working with them is it doesn’t seem like they’re doing their due diligence to help these homeowners stay in their homes,” said Michele Taylor, co-executive director of the Northwest Side Housing Center. “They kept repeating that investors don’t allow modifications.
“We have not seen one modification come through from IndyMac. IndyMac is supposed to be the role model. We’re seeing borrowers who can pay $1,800 to stay in their homes and IndyMac seems unwilling to work with them.”
Instead, borrowers say they are first stuck in a circuitous maze of paperwork and phone calls, and then their modification applications are denied. Borrowers are not told why they were denied, how much income they need to qualify or who the loan’s backers are, counselors say.
{ 5 comments… read them below or add one }
You are right on about Indymac/onewest. They haven’t modified many, if any home loans. But there is a bigger problem. Homeowners are saying that they apply and have been told that Indymac will review their application, and then months down the road, after the homeowner contacting them over and over, instead of getting a home loan modification, they get a foreclosure notice. This is the bank’s way of waiting out the homeowner, so they can take them by surprise and take the house without the homeowner having a chance to get help elsewhere. A little deceptive don’t you think? Rack up as many costs as possible so there is no out for the homeowner. And to think the federal gov does nothing, all the while saying that they want to stop foreclosures.
05/27/2009 I downloaded forms from Indymac Loan Servicing and faxed few pages with our income documents to them. When I called to follow up I was told they did not know if they had received the documents, there was nothing in their log system but please give them 30 days or so before asking for status. In the meantime on 06/02/2009, I discovered there was updated, financial package available on the OneWest Bank website. Onewest was also requesting we update personal financial information online also within our customer profile. I called to confirm that yes, the new documents and online profile would need to be completed before they can help me. So I downloaded 9-12 page package, and went to work, it took some serious time to get it all completed accurately and in accordance with our customer profile online, but I did it. 06/12/2009 I faxed this new package to the Loss Mitigation Dept.
I called 07/02/2009 to followup and was told that it had not been received, could I please re-fax it, making sure to include the loan number and name on each piece of paper. On 07/10/2009 I faxed BOTH the orginal application and the current application with all applicable documentation reqquired, everything as was most recent available, I included fax log reports to show prior transmissions went thru, and I numbered each page 1 of 39, 2 0f 39 etc., in addition to loan# and name along the top, plus the current date. I included a cover letter that outline the fax contents, number of pages for each type of documentation, plus I addressed the fax to BOTH Loan Servicing Dept and Loss Mitigation Dept along with their corresponding fax numbers.
08/12/2009 I received a call at 8:45 pm, IMB Loan Servicing was instructed to contact us and request most recent paystub, then investor can make final decision on what to offer. So I faxed it to the number the girl provided.
I had a similar experience with Indymac. They sent me a preliminary modification agreement and I sent the money in. Only later to find out that the fees and late payments have increased to 14,000 in three months, while I was making the payments. Its a scam. Do not fall for it. Indymac now is supposed to send me the “real loan modification” agreement which lowers the payment but increase the principal, sort of like a negative amortizing loan. The more I pay the more I owe. I have already invested 125,00 down and three years of payments. Its time to walk away.
I am on the boat. Indymac sent me loan modification paper and I signed and provide them with all the information that they need and a check. I call to follow up on the process, they indicated that it was denied. That I need to come current with my payment or do a short sale on my house. They do not want to help. They want you to walk away from your home by looking at this way. I am still mad that they would not want to help.
indymac bank is crazy so is one west bank they dont help nobody i had a heart attack a divorce still waiting for a modificatio wow