My loan was originated by Indy Mac Bank, FSB though I was not informed by IndyMac Venture, LLC that I had a knew lender. Once I completed construction on my new home IndyMAc Mortgage Services a Division of One West Bank immediately foreclosed on my home.
Archive for the ‘Indymac Bank’ Category
After I had a stroke I lost my job,and applied for a mortgage modification with indymac, I was rejected,I went to HUD, was fully Qualified for loan mod but still was rejected then found true lender was Deutsche Bank,totally uncooperative.
I\’ve been unemployed for nearly two years and my lender has been taking me through hoops to complete a loan modification. They\’re not willing to offer one because we haven\’t been late with our mortgage.
I received this last attached letter after my unemployment forbearance agreement expired.
We had a construction loan and midway thru the loan. They stopped rembersing us back. They stole monies from us lots. then shut our account down and wouldnt let us finish the home. They forclosed home and we had to file a chap 7
August of 2007, while refinancing my home Loan, I approached IndyMac Bank at its representative agents’ location (Old Republic National Title Insurance Co. Mesa Arizona) reinforcing the fact I was looking to take advantage of the new low interest rate and specifically asking for a 30 years Fix Rate straight amortization type of loan. In 2009 for the first time I submitted a Loan Modification application with IndyMac, the request which was quickly dismissed, excusing an incomplete file that I knew was complete and insufficient proof of income.
This year my income situation has changed; following the revamping of the Government Program called Making Home Affordable Program (HAMP V2) designed to help American Families to avoid losing their homes, I decided to submit a new request for a Loan Modification thinking the banks would have a much stronger incentive to process the requests since the Federal Government is now ready to subsidize 63 cents per dollar on a Principal Reduction versus 18 cents in the first version of the program. This time though I took the assistance of a third party in my locality empowered by the Federal Government to help Home Owners negotiate with banks in order to take advantage of the HAMP Program. While preparing the file with my advisor, we noticed that the loan IndyMac gave me in 2007 was different than what I was originally requested, which was a 30 years Fix interest straight amortization; this loan to my surprise was in fact an ARM (Adjustable Rate Mortgage) with Interest Only for the first 10 Years of the loan, with a high interest of 7.6% and a Balloon Payment at the end. This loan clearly designs to put me in a position to default on my payments and aiming at eventually repossessing my property. The only element IndyMac did not foresee was that the interest rate went downward instead of upward, which is the only reason I still live in my home today. Every single element of this Hybrid loan are in clear violation of the anti-predatory loan guidelines that were already in effect back in 2007.
We have tried to modify on two different occasions–the documentation requirements are RIDICULOUS and the second mod was denied for some arcane reason.
Because of having to file chapter 7 secondary to fraud committed against me, I had to attempt to refinance our home via HAMP. I reaffirmed the mortgage in the Ch. 7 – I also contacted them to continue to send statements secondary to my intention of honoring the mortgage. The hope was to refinanced to allow us to lower monthly payments . We assumed it was our responsibility to pursue the modification sooner than later and that we should initiate that process during the Ch. 7 proceedings.
It has now been almost 2 years. The representative at Indy Mac told us we should stop making payments, so we did. One to two months later we got a foreclosure notice. Our bankruptcy attorney was able to connect and the foreclosure was stopped and we were punted back to the process with One West reps. We have provided everything they have asked for – have caught them lying and telling us they need certain additional documents when they did not. We showed them documentation that they did not and they finally relented. Months go by and they call back with some lame excuse for needing something we have already given them.
If we ever get a response back from them I assume their terms will not be acceptable. I refuse to pay for any penalties or fees b/c we followed their directions. Besides loosing the house my main concern is that I may be penalized regarding the refinance of my business building with a local bank b/c of the “delinquent” status on the home mortgage with IndyMac (One West) – I am currently submitting paper work for the refinance of the building.
IndyMac (One West)
Bank did file a default notice. I tried three (3) times to modify the loan which started in 2009, 2010, 2012 on going. I even filed an official complaint against INDYMAC for missing forms and paperwork. It has be very stressful and still they refuse to modify the loan. I wish to filie a law suit.