IndyMac is making my life HELL!!

[mintdeer]

Got this from a Freddie mac, guy, he has been pretty helpful. What the heck is front end debt to income? Do they still think we make to much $$ ??? HA HA HA HA HA!! Actually I think they would have only been able to make my payment $50 or so less which does nothing to help but at least I would get out of this god awful arm that will adjust in 2 years! Right now we are at 6.5 % interest and upside down so even 5 months ago when our credit was still good we could not refi. What do you think a traditional modification would be?

The last response we received from OWB stated that the reason you were denied for a modification under HAMP was because your Front-End Debt to Income Ratio (DTI) was below 31% of your Gross Income. (DTI = Principal, Interest, Taxes, Insurance, Association Fees (i.e. HOA), and Escrow Shortages).

We then advised OWB to process your case for a traditional modification on September 21st. From there, the servicer was supposed to contact you, which he did early in October.

I sent in a second request for a review of your case with your email inquiry attached to my correspondence with them. They will respond to you by the end of next week. If they do not, reply to this email and I will escalate this case further.

Thanks...


PJ Santiago

Helping Homeowners Avoid Foreclosure
===========================
Borrower Outreach Junior Specia

[unityforce]

Wow. There must be something we can do if we unity. I'm tired of Indymac, i have seen other friends of friends getting help but me. why ? because I have indymac... My loan is owned by Freddie Mac and still I was told that the investors did not approved it. Investors ??? I said ... no further information as to what or why...

I wonder if we can start compiling names of people struggling with Indymac who deserve a definite and honest explanation as to why we do not qualify (concerned about privacy however) and send them or let know proper authorities of such atrocities. After all this is money from us the tax-payers.

If anyone has other brilliant ideas on how we can congregate or generate a list securely would be great. If we can gather 100 or more I'm pretty sure we can take this issue to next level. The can of worms needs to be open.


I'll start by adding myself on the top
1- unityforce -- E.R.V loan number XXXXX1685 alphacube@sbcglobal.net

[tammi]

I was told to go to this web site to complain to the people who monitor indymac/onewest bank. If everyone goes and complains maybe it will help.
Office of Thrift Supervision - Home


heres my story:
hey, isn't it great that the banks get all this money to "help" there customers but don't.

Our bail out was declined back in March of '09 but we found out in Sept. So what i am doing is trying to do it again but by myself with just the help I get from the net.

I did talk to an attorney last week, very interesting what he said. There will not be a class action suite due to the fact the banks do not have to legally give this obama money to anyone. It wasnt part of the deal.

here are the steps he told me to take:

1. first unlove the house. you might lose it.

2. If you owe more on your mortgage, say 20% more then what the house is worth you are paying for a dead horse. the economist say the real estate market will not recoup for minimum of 5 to 10 years. If this is the case walk a way.

We filed bankruptcy, it is final this month so if we have a repo it wont hurt our credit anymore then it already is. If you don't do a short sell.

the market is going down even more. you need to make a decision to try to stay or get a cheaper home, maybe even better then what you have.

3. stay in the house as long as possible, free rent, just because you got a sell date dosnt mean you have to leave. In California you will get a notice to vacate, at this point you call a lawyer ASAP that you already have lined up and he will be able to get this notice to vacate extended. this will give extra time to move. Check the laws in your state. you can do this by typing in the "Notice to Vacate" then your state, in a search.

4. If your mortgage is less then what the house is worth and you have income to make the lower payments call the bank and keep calling, do your own modification: with lower interest rate 2%, bring loan to current market value. 30 fixed. If you still cant make these payments they wont even talk to you.

5. Never ever pay for a loan modification, banks are only giving about 3% of the money to people.you will waist your money. also its going to become illegal for this to happen I believe this month. If they give you a 3 month trial period dont take it they will probably decline it at the end of 3 months. then you have given them more money and lose the house anyway. get a loan that has no conditions.

we are going to submit another modification but to be honest I dont believe they will do it. When I read everything that people are going through. It was hard to finally come to this conclusion, We owned our property for 10 years waiting to build our dream home, finally was able to. got to enjoy it for 2-1/2 years when the economy took a turn and my husband was out of work for 4 months.

We did learn, dont live at your means you need to live below them.
We are in our late 40's and to old for this to be happening. We are looking at moving on someone property in a trailer and saving our money to buy something this winter when the market is bad. It will get worse. So homes and property will be extremely cheap. I have done a little research in purchasing and the banks are listing what there loans are due them. they will want to dump these bad loans so offer them a ridiculously low price. the worst they can do is turn it down.

Number one thing to do is stay in your house as long as possible. Also you need to find out how bad you will owe taxes with a repo home. depending on how much you are in default and what you owe, you will owe the IRS that money on your taxes, this is why we filed bankruptcy. the bankruptcy also delayed the foreclosure.

[mintdeer]

Great idea Untiyforce, I have e-mailed you! I too am sick about this especially since I have friends who didn"t even know about the Hamp program until I told them already get mods from their lenders yet here I am 7 months later no further along than the start.

I got a reply for The Office of Thrift Supervision about IndyMac One West yesterday that made me sad. It reads---

The Office Of Thrift Supervision ("OTS") contacted the institution of your behalf and recieved a copy of the banks letter to you, dated Oct 2, 2009. Based on our review of this information we believe the letter clearly states the bank's position in this matter. We encourage you to work directly with One West Bank's Loan Servicing Department at 1-800-781-7399 for possible workout options for going forward,

GRRRRRR!!! The letter I recieved just said I failed the NPV test but did not make it clear as to why. ( something about pricipal forbearanceand the cost to make the loan affordable would outweigh the cost of a foreclosure)I Did not understand what this means. What numbers were used? Was it the correct information? ( they have used the wrong income in the past by over $2000) What value did they give to my home? Plus the phone number they gave me is just the regular customer service number and no they have no other options for me unless I am further behind than I already am!( this is what the phone rep said)

Luckiy I am still holding out some hope as I am getting some help from Freddie Mac in trying to get qualified for a traditional MOD. They did a BPO without my consent last Friday ( I'm sure I'll get charged for that!) So I am still waiting, waiting, waiting. Good luck to everyone who has a loan with these people.

[mintdeer]

Well now I can't even log onto Indymacs/ onewest website anymore with our loan number???? What the heck does that mean? Plus I got another letter saying I may qualify for a mod or a repayment plan?? What the heck we are in review for the third time! GRRRR!!! I gotta wait till the morning now to talk to a live person and to see what crazy stuff is going on now. I spoke with the attorney again on Thursday and he suggested I don't make any more 1st or 2nd mortgage payments, just keep on top of my auto loans and wait two more months to see if I can get the mod on the first before I file chapter 13.( chapter 13 will wipe out the 2nd) He says a ARM loan can still adjust while in ch 13 bankruptcy so we want to get it fixed so I don't have to deal with that problem in a year and a half. He also said they are suppssed to mail me a sale letter and post it on the home but I am going to check the county on Monday to make sure it hasn't been set yet. I in no way trust IndyMac / One west at all!!! How difficult is it to just lower my interst rate??? You'd think I was asking them for a million $$$$$ Geeees!!!

[daglo]

[QUOTE=mintdeer;150252]Well now I can't even log onto Indymacs/ onewest website anymore with our loan number???? What the heck does that mean? Plus I got another letter saying I may qualify for a mod or a repayment plan?? What the heck we are in review for the third time! GRRRR!!! I gotta wait till the morning now to talk to a live person and to see what crazy stuff is going on now. I spoke with the attorney again on Thursday and he suggested I don't make any more 1st or 2nd mortgage payments, just keep on top of my auto loans and wait two more months to see if I can get the mod on the first before I file chapter 13.( chapter 13 will wipe out the 2nd) He says a ARM loan can still adjust while in ch 13 bankruptcy so we want to get it fixed so I don't have to deal with that problem in a year and a half. He also said they are suppssed to mail me a sale letter and post it on the home but I am going to check the county on Monday to make sure it hasn't been set yet. I in no way trust IndyMac / One west at all!!! How difficult is it to just lower my interst rate??? You'd think I was asking them for a million $$$$$ Geeees!!![/QUOTE

What a mess. I agree with the attorney. We got our first modified, now we are filing Chapter 13, and the second will be gone. We tried to negoiate it with Indy, but they refused, now they get nothing. They send us letters, still one today, months after we got approved for our mod. Remember mintdeer, at Indy, the left hand doesn't know what the right hand is doing. They're idiots!!!

[mintdeer]

Dear Mr. Hamilton, On March 4, 2009, the Department of Treasury launched the Home Affordable Modification Program (HAMP). On August 11, 2009, IndyMac signed the participation agreement with the US Treasury to review loans under the HAMP loan modification program. According to the new HAMP IndyMac will be able to consider your loan for a loan modification if the following are applicable: Your home is an owner-occupied primary residence. Your housing payment is more than 31% of your gross monthly income. Your loan amount is less than $729,500. Based on the financial information you provided, your current mortgage payment is less than 31% of your gross monthly income and affordable. We denied your request for a loan modification. We understand that this was not the outcome that you were looking for. We are no longer reviewing loans under previous loan modification models. We are reviewing loans under the current HAMP model. At this time, you have two options available to you. If you want to keep your property, you must bring your account current, which you can do by either paying the total amount due or by qualifying for a repayment plan. If you are considering selling your property, we can review with you the possibility of participating in our short sale program. For review of any of the mentioned loan assistance options, please contact our Loan Resolution department at 1-877-908-4357. Respectfully, Claudia Mann Default Escalation Specialist IndyMac Mortgage Services, a division of OneWest Bank, FSB Fax: 626-440-7148 claudia.mann@owb.com ________________________________ Sent: Monday, November 09, 2009 11:42 AM To: Mann, Claudia Subject: loan mod denial acct Hello, I am writing in response to a loan mod denial I just received dated Oct. 23rd 2009. This mod was requested on the behalf of the borrower outreach program at Freddi Mac. I was led to believe that if a Hamp mod could not be obtained that indyMac was to look into doing an "inhouse" modification per the request of Freddi macs Borrower outreach. I was just told by phone that Indy Mac no longer does Inhouse modifications as of August 9th, which really lets me down as I have been asking for a modification sinch March 2009. Do you have any more information on the subject? Thank you. Looks like another fun day with IndyMac. I would still like to see what numbers they used to get these final results as they have been incorrect in the past. Also Like I questioned Freddie mac had asked them to do an inhouse mod not a Hamp Mod so that I may be approved for something! They think my loan is affordable HA HA HA HA!!! If I was renting my house I would only be paying around $1000- 1200 per month not $1703! Guess I am going to write all my state reps some more letters and hopefully somebody will fix this mess!

[mintdeer]

Dear Mr. Hamilton, Our income verification department reviews the proof of income and determines the gross monthly income using the HAMP verification guidelines. We use the year to date information to get an average as income fluctuates through out the year. If you have any questions or feel the gross monthly income was calculated incorrectly you may submit a new HAMP financial package from our website at OneWest Bank. We do not have any other loan modification models other than the HAMP. There are no in-house loan modification options. We are now OneWest Bank, FSB. The mortgage division is called IndyMac Mortgage Services, a division of OneWest Bank, FSB. We are the servicer of the loan and Freddie Mac is the investor (entity which holds/owns the note). Please contact our Loan Resolution department for any assistance with other loan assistance options. Thanks, Claudia Mann Default Escalation Specialist IndyMac Mortgage Services, a division of OneWest Bank, FSB Fax: 626-440-7148 claudia.mann@owb.com -----Original Message----- > Hello Claudia, is it possible to see the numbers that were used in your NPV test so that I know that the correct information was used? ( I was told that you used paystub gross which is fine but if you calculate it using year to date income you will come out with a higher gross as I made extra overtime income at the start of the year that will not repeat itself. My normal gross is usually 4200-4400 per month. Also the question was not answered, why was the possiblility of an in house modification not looked at since that is what the Freddie mac Borrower outreach asked for? In any case even if I become current with my past due payments my loan is an interest only ARM that is set to adjust in 2011 so once again It will become unaffordable without a set interest rate. One more question, I know that IndyMac / Onwest services this loan but I was wondering what bank actually owns it? IE: is it Deutsche Bank? Thank you again for your time. Ryan D. Hamilton > > Another response I received. So if I think they put in the wrong numbers they want me to fill out an application again! LOL! Lets see I have currrently mailed and faxed 7 applications SEVEN!!!! I want to see the info they used to verify that it is correct! ARGHHHHH!!!!!! > > > > > > > > > > > > > > ________________________________ >

[needcaffeine]

Awesome thread title. Way too accurate.

Hi. I stumbled across this site last night after Indymac once again jerked us in another direction.

We were reportedly sent a loan modification offer over the summer that we never received. At the end of August, with our home in foreclosure, I finally got through to Claudia Mann and she was able to get the offer extended long enough for us to overnight the packet, along with a certification check for the modified amount. She said that it could take up to 30 days, maybe a little longer, to process but that, in the meantime, foreclosure activities would be put on hold.

Great. We were happy. The modification gave us exactly the flexibility we needed to, you know, eat and stuff.

In October, we hadn't heard anything so I called to make sure the amount was still the same. It was. The loan modification was going fine. We sent off another certified check.

I called a few days later, to follow up, and they said that the first check wasn't processed b/c it had taken so long for them to get to the loan modification, but that they would now go ahead and apply it to another month.

I called every few days. Same story. Everything was great.

Found out there was a sale date on our house again. Called them on 10/24, the rep said not to worry, it didn't mean anything, the loss mitigation dept just had to catch up on the paperwork and then they would be cancelling the sale within the next few days. Our loan modification was finalized and we would, he said, be staying in our home.

On 10/29, I called back, just to follow-up, and was told whoops, sorry, the loan mod was denied on 10/28. It's too late to do anything except rush a repayment plan request.

The "rushed" repayment plan didn't materialize until 2/2, at which time they wanted $20,000+ to reinstate the loan. Because we have $20,000. We also found out they hadn't applied either certified check to our acct. and, of course now we were into still another month.

One rep said would email out a request to put a hold on the sale. Every single person I spoke to after that said it wouldn't happen. That our investor never postpones sales. The sale date was 11/6. I called several times a day, and, while the reps would agree that what happened was unethical, it wasn't illegal and it's just how they do things. They continued to say that the sale would not be put on hold.

I spoke with Claudia Mann again. She said that since our loan mod was denied, there was nothing that could be done. We could reapply for another modification 45-days after the denial date, but the home would be gone by then anyway.

I talked with our federal representative's office and, while they were very sympathetic and appropriately horrified, they said that the legislation simply isn't in place to force the banks to act ethically.

Someone in our HOA told us to follow through after the sale date, because the houses don't always go at auction and people don't realize that they still own the house. So I called Indymac yesterday evening, just to see what happened on Friday.

And the sale was put on hold.

The rep said we should reapply for a loan modification because it wasn't true that we had to wait 45 days.

I do not want to fill out all that paperwork again only to be told "sorry! We won't even look at it."

And the rep couldn't say that what happened before wouldn't happen again, that, yes, they may very well move forward with a sale while processing the loan modification and that, no, they wouldn't be able to tell me that was happening until it did.

We have three kids. I'm really not trying to live rent/mortgage-free while Indymac farts around. I want to be settled and stable by the holidays so we can focus on our family and not on whether or not we'll be kicked out of the home we've lived in for 15-years.

[daglo]

Originally Posted by needcaffeine

Awesome thread title. Way too accurate.

Hi. I stumbled across this site last night after Indymac once again jerked us in another direction.

We were reportedly sent a loan modification offer over the summer that we never received. At the end of August, with our home in foreclosure, I finally got through to Claudia Mann and she was able to get the offer extended long enough for us to overnight the packet, along with a certification check for the modified amount. She said that it could take up to 30 days, maybe a little longer, to process but that, in the meantime, foreclosure activities would be put on hold.

Great. We were happy. The modification gave us exactly the flexibility we needed to, you know, eat and stuff.

In October, we hadn't heard anything so I called to make sure the amount was still the same. It was. The loan modification was going fine. We sent off another certified check.

I called a few days later, to follow up, and they said that the first check wasn't processed b/c it had taken so long for them to get to the loan modification, but that they would now go ahead and apply it to another month.

I called every few days. Same story. Everything was great.

Found out there was a sale date on our house again. Called them on 10/24, the rep said not to worry, it didn't mean anything, the loss mitigation dept just had to catch up on the paperwork and then they would be cancelling the sale within the next few days. Our loan modification was finalized and we would, he said, be staying in our home.

On 10/29, I called back, just to follow-up, and was told whoops, sorry, the loan mod was denied on 10/28. It's too late to do anything except rush a repayment plan request.

The "rushed" repayment plan didn't materialize until 2/2, at which time they wanted $20,000+ to reinstate the loan. Because we have $20,000. We also found out they hadn't applied either certified check to our acct. and, of course now we were into still another month.

One rep said would email out a request to put a hold on the sale. Every single person I spoke to after that said it wouldn't happen. That our investor never postpones sales. The sale date was 11/6. I called several times a day, and, while the reps would agree that what happened was unethical, it wasn't illegal and it's just how they do things. They continued to say that the sale would not be put on hold.

I spoke with Claudia Mann again. She said that since our loan mod was denied, there was nothing that could be done. We could reapply for another modification 45-days after the denial date, but the home would be gone by then anyway.

I talked with our federal representative's office and, while they were very sympathetic and appropriately horrified, they said that the legislation simply isn't in place to force the banks to act ethically.

Someone in our HOA told us to follow through after the sale date, because the houses don't always go at auction and people don't realize that they still own the house. So I called Indymac yesterday evening, just to see what happened on Friday.

And the sale was put on hold.

The rep said we should reapply for a loan modification because it wasn't true that we had to wait 45 days.

I do not want to fill out all that paperwork again only to be told "sorry! We won't even look at it."

And the rep couldn't say that what happened before wouldn't happen again, that, yes, they may very well move forward with a sale while processing the loan modification and that, no, they wouldn't be able to tell me that was happening until it did.

We have three kids. I'm really not trying to live rent/mortgage-free while Indymac farts around. I want to be settled and stable by the holidays so we can focus on our family and not on whether or not we'll be kicked out of the home we've lived in for 15-years.

Get an attorney (some with Legal Aid are offering their services to homeowners in your situation for free) and file a lawsuit. Our real estate told us to stop paying,and said that they can do nothing to you if you file suit and you don't have to pay your mortgage if you dispute them in any way. Boy do you have a suit! We just threatened them (Indy) with a lawsuit after being denied,(we had a predatory loan) and within 3 months after submitting another mod, we were approved. They are sooooooooooooooo disorganized there. We got a denial letter the same week we got an approval! They are terrible with customer service also. Each person says a different thing. They make their bank look like a bunch of idiots. They had one of my payments in a suspense fund. I couldn't understand why it wasn't applied. We called three times to find out where our payment was. They told us it was for the mod fees. I said a mod had no fees, according to our papers. They then applied it to our escrow, which made it over the amount. I called again. They took it and finally, after three months, applied it to our payment like it should have been originally. So, tell Ms. Mann you are contacting an attorney. Call Legal Aid and see if they can help you. If anything, it will get your mod rolling!! I'll tell you this much, it was worth the attorney fees we paid. We only saw him once, and no suit was filed. Best $250 I ever spent.