Comments on: When the FDIC is away, the new Indymac owners will play http://loanworkout.org/2009/07/when-the-fdic-is-away-the-new-indymac-owners-will-play/ - Free Mortgage, Auto and Student loan Calculators by LoanWorkout.org Wed, 23 May 2012 16:08:16 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: hope http://loanworkout.org/2009/07/when-the-fdic-is-away-the-new-indymac-owners-will-play/#comment-21953 hope Tue, 19 Oct 2010 15:06:10 +0000 http://loanworkout.org/?p=4739#comment-21953 WE ARE FIGHTING INDYMAC JOIN US YOU HAVE NOTHING TO LOSE GO TO WEBSITE www.indymaccomplaints.com OR SEND NAME ADDRESS PHONE NUMBERS WE NEED DOCUMENTS FROM YOU TO PROCESS CLAIM 1. COPY OF TRUST DEED OR MORTGAGE PAPERS 2. DEFAULT PAPERS OR FORECLOSURE PAPERS BOTH SIDES!!! DO NOT WORRY THEY ARE PUBLIC DOMAIN EMAIL TO indymaccomplaints@gmail.com WEBSITE IS www.indymaccomplaints.com CONTACT ME IF YOU NEED TO MAIL THESE VIA REGULAR MAIL THANKS THE TEAM WE ARE FIGHTING INDYMAC JOIN US
YOU HAVE NOTHING TO LOSE
GO TO WEBSITE http://www.indymaccomplaints.com

OR

SEND NAME ADDRESS PHONE NUMBERS

WE NEED DOCUMENTS FROM YOU TO PROCESS CLAIM

1. COPY OF TRUST DEED OR MORTGAGE PAPERS

2. DEFAULT PAPERS OR FORECLOSURE PAPERS BOTH SIDES!!!

DO NOT WORRY THEY ARE PUBLIC DOMAIN

EMAIL TO indymaccomplaints@gmail.com

WEBSITE IS http://www.indymaccomplaints.com CONTACT ME IF YOU NEED TO MAIL THESE VIA REGULAR MAIL

THANKS

THE TEAM

]]> By: Gerrin Beck http://loanworkout.org/2009/07/when-the-fdic-is-away-the-new-indymac-owners-will-play/#comment-19151 Gerrin Beck Tue, 12 Jan 2010 21:54:32 +0000 http://loanworkout.org/?p=4739#comment-19151 HELP!!!! We are desperate for help, for a voice! Please help us expose IndyMac Bank for fraud and abuse of its mortgage customers who are trying to keep their homes. Our story is one of thousands of people who are on the verge of being foreclosed on. We have 3 teenage children and also have my parents living with us. At the beginning of the year we started to get behind on our mortgage. My husband is in construction and I was laid off. Our income had decreased substantially. At that time we contacted IndyMac to get some help. We applied for a modification and was denied because the IndyMac increased my husband's income to disqualify us. Then the Home Affordability program came out. We qualify for that as well. We were to be on a 3 month trial modification. We sent in all of the documents, made all of the payments on time and when we called on Nov. 30 to make the last payment we were told the trial was cancelled on Nov. 25 due to one missing paystub. Mind you they had 4 weeks worth of income from us. They still took our money for the last payment but are holding it and not showing us as complying. Here is what they are doing-they are not modifying loans. They are getting government money for the "trial" mods and the denying them over "missing" unimportant documents. We had tried numerous time to talk to a supervisor and have been denied access to anyone other than the person who answered the phone. We are being to told to resubmit everything and not make payments-does that smell to high heaven or what! The review process could take 60 days putting us further behind and and no guarantee they will not sell our house during the "review" process! If you Google complaints about IndyMac you will see we are not alone. We do not have money to hire an attorney but there is a story out about Diane and Greg Horoski in East Patchogue, NY that got their house free and clear. The Judge, Jeffery Sinner, said chided IndMac and made this ruling to show them a lesson! Please help us expose them and help thousands of people save their home! I look forward to hearing from you-we don't have much time before our family is out on the street! Rhonda Beck 541-474-4311 Here is an example of how they operate: 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. -- Rhonda Beck 541-474-4311 HELP!!!! We are desperate for help, for a voice! Please help us expose IndyMac Bank for fraud and abuse of its mortgage customers who are trying to keep their homes. Our story is one of thousands of people who are on the verge of being foreclosed on. We have 3 teenage children and also have my parents living with us. At the beginning of the year we started to get behind on our mortgage. My husband is in construction and I was laid off. Our income had decreased substantially. At that time we contacted IndyMac to get some help. We applied for a modification and was denied because the IndyMac increased my husband’s income to disqualify us. Then the Home Affordability program came out. We qualify for that as well. We were to be on a 3 month trial modification. We sent in all of the documents, made all of the payments on time and when we called on Nov. 30 to make the last payment we were told the trial was cancelled on Nov. 25 due to one missing paystub. Mind you they had 4 weeks worth of income from us. They still took our money for the last payment but are holding it and not showing us as complying. Here is what they are doing-they are not modifying loans. They are getting government money for the “trial” mods and the denying them over “missing” unimportant documents. We had tried numerous time to talk to a supervisor and have been denied access to anyone other than the person who answered the phone. We are being to told to resubmit everything and not make payments-does that smell to high heaven or what! The review process could take 60 days putting us further behind and and no guarantee they will not sell our house during the “review” process! If you Google complaints about IndyMac you will see we are not alone. We do not have money to hire an attorney but there is a story out about Diane and Greg Horoski in East Patchogue, NY that got their house free and clear. The Judge, Jeffery Sinner, said chided IndMac and made this ruling to show them a lesson! Please help us expose them and help thousands of people save their home!
I look forward to hearing from you-we don’t have much time before our family is out on the street!

Rhonda Beck
541-474-4311

Here is an example of how they operate:

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.
–
Rhonda Beck
541-474-4311

]]> By: mariposa http://loanworkout.org/2009/07/when-the-fdic-is-away-the-new-indymac-owners-will-play/#comment-18519 mariposa Wed, 09 Dec 2009 00:02:44 +0000 http://loanworkout.org/?p=4739#comment-18519 I sent my loan modification about a month ago and today I called and was told that they could not help me. I wasn't outright denied, but like the article says they said that they're investor did not have a program that I qualified for. They would not tell me what I would need to qualify or who the investor is. They were no help at all. I sent my loan modification about a month ago and today I called and was told that they could not help me. I wasn’t outright denied, but like the article says they said that they’re investor did not have a program that I qualified for. They would not tell me what I would need to qualify or who the investor is. They were no help at all.

]]> By: Bob K http://loanworkout.org/2009/07/when-the-fdic-is-away-the-new-indymac-owners-will-play/#comment-18480 Bob K Mon, 07 Dec 2009 20:10:54 +0000 http://loanworkout.org/?p=4739#comment-18480 IMB / OWB sent me a loan mod and then took it away. I understand they get $1,000 from thye Gov for every mod they send out. Is there a scam going on? There is way too many of these bad faith dealings going on. Is there a lawyer out there that can help. I'm willing to chip in with others to see if there is a class action possible. Just read all the stories about how bad it is. I will not buy a Dell computer of buy Progressive Insurance, who just happen to be the new owners of IMB. Michael Dell and George Soros. It's time to fight back. IMB / OWB sent me a loan mod and then took it away. I understand they get $1,000 from thye Gov for every mod they send out. Is there a scam going on? There is way too many of these bad faith dealings going on. Is there a lawyer out there that can help. I’m willing to chip in with others to see if there is a class action possible. Just read all the stories about how bad it is. I will not buy a Dell computer of buy Progressive Insurance, who just happen to be the new owners of IMB.
Michael Dell and George Soros. It’s time to fight back.

]]> By: rober brown http://loanworkout.org/2009/07/when-the-fdic-is-away-the-new-indymac-owners-will-play/#comment-16639 rober brown Wed, 09 Sep 2009 19:20:46 +0000 http://loanworkout.org/?p=4739#comment-16639 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 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

]]> By: vvcalgirl562 http://loanworkout.org/2009/07/when-the-fdic-is-away-the-new-indymac-owners-will-play/#comment-16257 vvcalgirl562 Fri, 21 Aug 2009 02:38:02 +0000 http://loanworkout.org/?p=4739#comment-16257 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. 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.

]]> By: Denise http://loanworkout.org/2009/07/when-the-fdic-is-away-the-new-indymac-owners-will-play/#comment-16215 Denise Tue, 18 Aug 2009 03:50:15 +0000 http://loanworkout.org/?p=4739#comment-16215 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 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.

]]> By: Mellissa http://loanworkout.org/2009/07/when-the-fdic-is-away-the-new-indymac-owners-will-play/#comment-16141 Mellissa Fri, 14 Aug 2009 09:53:09 +0000 http://loanworkout.org/?p=4739#comment-16141 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. 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.

]]> By: Silence http://loanworkout.org/2009/07/when-the-fdic-is-away-the-new-indymac-owners-will-play/#comment-16048 Silence Sun, 09 Aug 2009 02:57:43 +0000 http://loanworkout.org/?p=4739#comment-16048 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. 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.

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