| Here's a good one- IndyMac miscalculated my monthly net income by $5,000!
To make an extremely long (and probably familiar to many of you) story short, we owner-built a house using IndyMac construction-perm financing. In May of this year, we applied for a loan modification as my husband's hours were reduced and we have new financial hardships as a result of having a baby in February. This is how it's played out:
May: we are current on our loan, but see there is going to be a problem. We submit all docs, hear nothing back.
June: call to check up, the rep says they LOST our personal docs during a move and we would need to resubmit and go to the bottom of the review list. Rep says no need to resubmit tax returns, just the 4506. We resubmit the package and 4506
August: once again have heard nothing back. Call IndyMac and they say nothing has been reviewed because we didn't submit a tax return. We tell them we were told not to submit a tax return. They say too bad, resubmit everything and go back to the bottom of the pile b/c our pay stubs are now out of date. We resubmit everything. We try to refi through another company but the appraisal comes in $40k below our note.
August: file a complaint with the Office of Thrift Supervision (OTS), who then contacts IndyMac.
September 1: IndyMac responds and says they're sorry that we think they are not being held accountable for their misinformation, but too bad. Also, we don't qualify for a mod because we have FIVE THOUSAND DOLLARS IN DISPOSABLE INCOME PER MONTH. I get all excited for about 30 seconds until I remember that I DON'T have any disposable income and that my mortgage company has made an egregious math error somewhere along the way.
September 3: receive a denial on our mod request. OTS closes our case based on the misinformation from IndyMac. We write back to IndyMac letting them know their math sucks. Submit an appeal with OTS.
October 1: we don't pay our mortgage
October 27: talk to Consumer Credit Counseling Svcs, who says we qualify through MHA and gives us the number for IndyMac loss mitigation. I call them and they say oops, we miscalculated your income, but you'll have to reapply anyways and wait another 30-60 days.
October 30: call IndyMac again and try a different tack- I politely ask for a 2% interest rate and 40 yr amortization. They say I will need to reapply again. They also tell me I was denied in September due to income too high. I explained again about the little math error they made, they deny it.
We are so over this. We have tried to do everything right, only to hit a brick wall every time. I truly appreciate all of you who have shared your stories, it makes me feel a lot less alone!
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