IndyMac is making my life HELL!!

[mintdeer]

I've complained on here last week about my bank and today was another horrible day!. I had to hang up on the rep who was arguing with me about how much Money my husband really makes per month. They think he makes $5400 per month ( last week it was $6400) when he really makes about $4400. They were taking a paystub from July and dividing it by 7 which gave them $5400, I tried telling him that is only because he went and did some hurricane relief in Houston for his company he works for ( a billboard co) at the begining of the year and got some OT that will not repeat itself. At the rate of pay he is now making we will only clear $58,000 this year. divide that by 12 and you get a little over $4800. But like I said his gross per month is really $4440 and his take home is $3800 per month. Our 1st mortgage is $1700 and our secound is $308. that is half of his pay. I finally told him that if they can not work out a deal I will talk with my real estate attorney again or a bankruptcy lawer, as I have had it with these people. Its just not worth the stress and tears!

[Evan Bedard]

Hi mintdeer,

You need to call and get someone else on the phone. It seems that many reps calculate income differently. Many times I have seen then take the last two to three months worth of stubs and average them out...

[mintdeer]

Thanks for the tip! You should have seen me try to argue with this guy! It seems they just try to stall, stall, stall. I will try again tomorrow.

[kimber2222]

I understand what you are going through, because they have also given me the "run-a-round" for months, regarding a modification. I did not get any results, until I contacted Kelley Spencer, and I sent an email describing my situation/hardship, as well as my frustrations....and the next day a very nice rep called me and was extremely helpful.

Three weeks later, I was sent a MHA trial packet....I know that the trial is no guarantee that I will save my house, but it's a start and helping me to stay in my home for now.

I should also say that for months I struggled to stay current....and was eating noodles for lunch and dinner, to pay my mortgage and as long as I was not over 30 days late, I got NO help from Indymac/OneWest at all. When I finally could not make my payment, then it seems like someone wanted to help me. If you are current, it seems like its truly an uphill battle to get a loan mod, but once I could not make the payment, then I received some help and the trial plan.

Try sending an email and explain your situation. This is the ONLY thing
that helped me.....after months of phone calls.

kelley.spencer@imb.com

[mintdeer]

Thanks for the E-mail address! I sent one off describing my situation.

Today my husband spoke with a loan escalation specialist Dan Mandick
( 512-250-2787) and he told my husband that since his gross monthly income is $4800 per month/ $4400 taxable if that makes a difference, he makes to much money to qualify for a loan mod???( this Dan mentioned something about escrow on top of the payment would still give up our high loan payment) what!!! His take home pay is only $3800 per month ( of course they don't care about this) and our 1st mortgage is $1700 per month and our 2nd ( they don't care about this either) is $308 per month. My total mortgage is more than 1/2 of what comes home, we are drowning in debt. I really thinking about living here for as long as we can without paying so I can save up money and move to a better bigger house for less money.( my current home would only rent for around $1100 per month) How hard is it for them to draw the 30 year loan out to a 40 year at a little lower interest rate?? They'll still be making tons of $$ Guess they really want my crappy house that needs, new flooring, new roof, and probably a new septic drain field soon. ( hey maybe this housing problem will be a good thing for me LOL!) PS thanks for this site, it is really making my days more bearable!

[mintdeer]

Mr. Hamilton,

We cannot bend the guidelines nor are we hiding the guidelines. They are available on the internet. Here is how we figured out your gross monthly income:Take wages(not taxable) =$2448.80 X 26=$63,668.80/12=$5,305.73 (not including OT) x .31=$1,644 still more than his paymentThis amount does not include your pay for going to Houston nor does it include overtime..

Please let me know if you have any further questions.ThanksDan MandickDefault Escalation SpecialistIndyMac Mortgage Servicesa division of OneWest Bank, FSB

Office: (512) 250-2787andick@owb.comdick@owb.comck@owb.comowb.com


This is the e-mail I received this morning, so I guess they will not work with me. I guess they are getting their house back. Does anyone else have any tips for me???

[daglo]

Mintdeer,That is not true. We missed three payments with Indy and received a letter in the mail for the Hope Now Program. I faxed it to my HUD rep (which I hope you called) and she called Indy (One West) for me. They told her it was for a modification which I already had in process. Someone came out to see if we still lived in the home, took pics and left. We waited for almost a month. It was like missing that third payment was the key. A month later, we got the mod papers in the mail. It was like they didn't believe us that we needed the help. We were told by Kristin McLain that we did not qualify for a modification, but we got one. PLEASE don't give up. I contacted my congressman. He wrote to Indy and the Office of Thrift Supervison in my name. I don't know if that was they key either, but I got the mod the same week!

[daglo]

Forgot one more thing, our congressman said that Indy Mac was backed with funds from the FDIC, which are taxpayer dollars!!!! That is our money they used for their sale. You deserve to be helped in return!!

[mintdeer]

I talked to a new rep yesterday after I got the project lifeline letter in the mail and she told me they didn't have any other programs that would help us right now because we were only 2 months behind. Guess I should wait till we are three months behind!! I am going to speak with a chapter 13 bankruptcy lawyer today, but don't worry I'm just going for a consult to see if they have any other ideas for me. I have contacted my state senator, governor, made my compliant with the OTS, and have been in contact with a Freddie mac guy. I know when the fed sold IndyMac to Onewest they made the promise to Onewest that would cover any bad loans so it doesn't seem to be in their best interest to help anyone as they will be getting paid regardless. I HATE THEM!!!!

[Cali5]

Hi All. I'm in contact with Claudia Mann. I was offerred a loan mod in July 09 sent in my first payment of $1585 then in August was denied. They said they needed more information. I received NOD already. This is my second request for loan mod since our income was cut due to CA budgets. I am getting nervous. Claudia emailed me this morning that the income is calculated based on year to date income. How could that be if our come is higher in the beginning of the year.

[Cali5]

Is it true that banks aren't likely to modify a loan under HAMP if the investor isn't Freddie/Fannie Mae. Mine is Deusche.

[daglo]

My investor was Aurora. I was persistent, not paying for three months. I was not able. I need my second modified and they willnot work with me on this.

[mintdeer]

Well got another letter from IndyMac yesterday September 28th dated September 24 from A "work out specialist" who was reviewing my loan for a modification. ( my 1st mod was denied on September 3rd) It states that if I do not send it back filled out within 10 days with the attached paperwork ( paysubs etc) they will assume I am no longer interested in a loan modification. HA HA HA HA! I have been trying to get one since March 09! I have sent them this stuff at least 5 times ( mail and fax each time!) so nice of them to give me 6, wait 5 days to get it back to them since October fourth is a Sunday! Guess I will mail and fax everything again! I am not hopefull they will grant me anything though. Hey for all you IndyMac/ Onewest clients out there this letter did come with a couple of different numbers and a address I didn't have before. the new fax number is 1-877-736-5556 the phone number is 1-866-205-4478 and the address is 2900 Esperanza Crossing Austin , TX 78758.

Oh I had to argue with them once already about how they calculate income, my husband had some overtime at the beginging of the year that will not repeat itself unless there is another hurricane where his company does business and they send him back to repair stuff, I can not predict that that will happen again any time soon! They averaged out that extra income at the begining of the year with his normal pay to give him a higher gross income. Anything to deny me. I am waiting to hear my house won't qualify becasue I owe more than 105-125% whatever number they are usuing or they'll say my debt to income is to high, I am sure they will come up with a new excuse. In the mean time I am still seriousely considering chapter 13 bankruptcy. I am toally tired and worn out from dealing with this mess!! Anyways Good luck everyone!

[daglo]

Originally Posted by mintdeer

Well got another letter from IndyMac yesterday September 28th dated September 24 from A "work out specialist" who was reviewing my loan for a modification. ( my 1st mod was denied on September 3rd) It states that if I do not send it back filled out within 10 days with the attached paperwork ( paysubs etc) they will assume I am no longer interested in a loan modification. HA HA HA HA! I have been trying to get one since March 09! I have sent them this stuff at least 5 times ( mail and fax each time!) so nice of them to give me 6, wait 5 days to get it back to them since October fourth is a Sunday! Guess I will mail and fax everything again! I am not hopefull they will grant me anything though. Hey for all you IndyMac/ Onewest clients out there this letter did come with a couple of different numbers and a address I didn't have before. the new fax number is 1-877-736-5556 the phone number is 1-866-205-4478 and the address is 2900 Esperanza Crossing Austin , TX 78758.


Oh I had to argue with them once already about how they calculate income, my husband had some overtime at the beginging of the year that will not repeat itself unless there is another hurricane where his company does business and they send him back to repair stuff, I can not predict that that will happen again any time soon! They averaged out that extra income at the begining of the year with his normal pay to give him a higher gross income. Anything to deny me. I am waiting to hear my house won't qualify becasue I owe more than 105-125% whatever number they are usuing or they'll say my debt to income is to high, I am sure they will come up with a new excuse. In the mean time I am still seriousely considering chapter 13 bankruptcy. I am toally tired and worn out from dealing with this mess!! Anyways Good luck everyone!

The Texas address is where our modification came from. They are better to deal with than the 781-7399 people. Good luck with all this.

[tc4gold]

HI,

I too am in Hell with Indymac on a rental property. Sale date is set for october 14th, I just found out a negotiator was assigned on Sept 25th but no one has contacted me. Had only one short sale offer of just below 50% of loan balance and they can't make a decision. I asked for a deed in Lieu today and they said that Freddie Mac won't allow that because there is less than 30 days before the auction. Well, the package has been there for 60 days and they have done nothing but give me the run around. I am at the point where I give up and take another foreclosure as the investor who offered the short sale in the first place is about to back out because of the low values in the area and the difficulty of renting such a property as this in Nashville. All this work to do the right thing for nothing and I sent in a QWR and received nothing but a half page document from the attorneys showing payments for two years?
Any suggestions? I did just send an email to some of the execs on these threads.

[tammi]

I also have a loan with indymac/onewest bank, we stopped paying our loan due to the economy in dec '08, I tried the modification in Jan '09, they sent us a package to modify the loan by lowering the payments by $500.00, I told them it wasnt enough i needed at least $1500.00. so they sent us a decline in march. I then went to Acorn Housing, they drew up a proposal for indymac that, which by the way started in March and just this week Sept 29, 09, indymac finally called Acorn and told them they would not look at there proposal because they declined us in march.

I have done A LOT of research on indymac/onewest bank, and the same thing is happening to alot of people, indymac is giving everyone the run around. We were advised that indymac wants to forclose on there loans then resale the home, they get to write off the dept (tax benifit) they got money from Obama, and they get money on a new and good loan.

We were advised to get a lawyer if we want to keep our home.

I talked to an attorney Thursday, he talked to me for about 1/2hr. a friend referred him so he was very open and honest.

He said Never Never pay for modification, sometime this month it will be illegal for people to charge, and he also said to submit the modification myself with a letter spelling out what I want.

because we owe $720K and our home is worth $450K the lawyer said to walk away from the house, he says that if the banks foreclosed on all the homes they should the market would crash. that is why they are allowing people to stay in there homes for so long. He said bank our money and stay in the house for as long as we can. so I am going to try to do the modification. and if we get a notice to vacate i will call the lawyer and he said he can by us more time.

He also said even though the banks got money for modifications from the government they do NOT have to use it for that. and that only 3% are actually getting modifications.

So:
1. do modification yourself(lower loan to market value-lower interest rate-forgive back payments)
2. do NOT hire anyone
3. if you owe more than your house is worth (like me) do a short sell -
this way no foreclosure on your record.


Also we filed bankruptcy and that lawyer said file BEFORE you let anything get reprocessed then its covered under the bankruptcy. in Calif the difference of what you owe and what they sell it for is considered income so you will pay taxes on this so called income.and on cars you will still be liable to pay back the loan it wont fall under the bankruptcy

[tammi]

"Sale date is set for october 14th,"

the lawyer said that he can postpone the sell date possibly up to 30 to 90 days, he said to do anything possible to stay in the house for free. Look at paying a lawyer to do this like you would pay rent.

Also if you decide to do a short sell or let the home get reprocessed do not pay any taxes or fees and do not talked to the lender.

[mintdeer]

Okay got my 2nd denial today this one dated Oct 1 2009 and it stated this time

" we are unable to do a loan modification as the principal forbearance that we would need to do this loan affordable would outweigh the cost associated with proceeding with foreclosure and as a result we would not be able to offer you a loan modification" I thought foreclosures cost thousands of $ guess they just write it off. Ps this was from the lovely loan escalation specialist Dan Mandick and was in regards to my complaint with IndyMac to The Office of Thrift Supervision.

Different excuse from what I was told the last time.

I did call the loss mitigation dept because I just filled out new paperwork to get a loan mod ( that they sent me) just last week and she couldn't tell me if I was still under review or not?? She said she was going to transfer me to the right department and then I got disconected. Fun Times! Another super fun day dealing with IndyMac!

[mintdeer]

Here is a good/bad article I found on my wonderful bank .
Liberal Billionaire George Soros? Major Shareholder in IndyMac/One West Bank - Mandelman Matters

Looks like I'm gonna have lots of fun with them!

[mintdeer]

One more web site, I don't know if it would help or not but I put in a complaint any ways, good luck everyone!
Home | OneWest Bank, Mortgage Companies, Foreclosure Evictions, Bank Fraud - onewestbankfraud.com

[Cali5]

Mintdeer, I'm in the same boat as you. I received a denial letter today. We received our NOD as of 8/28/09. They are calculating the income based on YTD income. Our income has dropped due to cancellations at work so their calculation isn't accurate. I requested to be reconsidered for another loan mod. I am getting nervous because my house will probably be up for auction soon. When do I apply for Chapter 13?

[mintdeer]

I would suggest speaking with a bankruptcy attorney, the first meeting is usually free and I have been told I still have lots of time to file, I received my NOD last month too. I am currently getting all my paperwork together to file as the attorney I spoke with needs 6 months of pay stubs, bank statements, A current Market Analysis ( because I may get some $ taken off my 2nd) and some long forms to fill out. It actually doesn't seem to be to hard to file here in Washington and I just want to do it for the peace of mind I will finally have. I can't wait to sleep good at night again! Good luck!

[Cali5]

Mintdeer, I am so confused right now what I should do. We owe $16K. I don't know if I should take that out of my 401K but then we continue with monthly payment of $3K on a house worth $350K. Or short sell the house and face humiliation with our relatives. Someone please shed some light in my situation.

[mintdeer]

We took out money from my husbands 401K a couple of months ago to catch up and now I wish we didn't because we are back to being behind once again. I also owe around $16,000 on credit cards due to me using them to pay for food and bills. I do not feel bad about filing chapter 13 because my lenders would not work with me when I asked for help. No help from our mortgage company, the help line number chase has for my credit cards only has people on it asking when I can make my next payment, they never offer the payment arrangements that are in their mailers, Wacovia doesn't want to refinance my auto loan as it is one year to old ( I'd even pay higher interest to get a lower payment) I feel stuck. My parents do not care if I file, infact it was on the evening news last week that Bankruptcy filing have risen 41% as of this time last year. If I had gotten lucky enough to have gotten a modification on my mortgage when I fist applied for one in March maybe I would not be in such a bad mess. I do not believe the stigma about Bankruptcies is as prevalent today as it used to be plus a chapter 13 bankruptcy is the repayment bankruptcy, I am using the court to help me do what I could not do on my own. I felt a lot better after I talked with a lawyer, not so much stress anymore! In a way a lot of these mortgage companies are forcing people into chapter 13 bankruptcies so they can save their homes. Good luck with whatever you choose!

[daglo]

Originally Posted by mintdeer

We took out money from my husbands 401K a couple of months ago to catch up and now I wish we didn't because we are back to being behind once again. I also owe around $16,000 on credit cards due to me using them to pay for food and bills. I do not feel bad about filing chapter 13 because my lenders would not work with me when I asked for help. No help from our mortgage company, the help line number chase has for my credit cards only has people on it asking when I can make my next payment, they never offer the payment arrangements that are in their mailers, Wacovia doesn't want to refinance my auto loan as it is one year to old ( I'd even pay higher interest to get a lower payment) I feel stuck. My parents do not care if I file, infact it was on the evening news last week that Bankruptcy filing have risen 41% as of this time last year. If I had gotten lucky enough to have gotten a modification on my mortgage when I fist applied for one in March maybe I would not be in such a bad mess. I do not believe the stigma about Bankruptcies is as prevalent today as it used to be plus a chapter 13 bankruptcy is the repayment bankruptcy, I am using the court to help me do what I could not do on my own. I felt a lot better after I talked with a lawyer, not so much stress anymore! In a way a lot of these mortgage companies are forcing people into chapter 13 bankruptcies so they can save their homes. Good luck with whatever you choose!

Mintdeer, you are my friend on this site, as you are in the same situation as we are in. We, too, are Indy customers. I got a modification, but because it took so long, I have mounting credit card debt that I used to pay my mortgage and bills. If they had lowered my payemnt months and months ago when I asked, we wouldn't be in this situation. I have begged my creditors to wrok with me to lower my payment. They raised my interest rate, even when I was current, which made my payemnts so high, we couldn't afford them. So, we are filing Chapter 13 which will eliminate our second mortgage. That is what happens in our state if your home if under water, which ours is. If Indy Mac would've worked with us to lower that payment, they would've got their money for the sedcond. Now, they are getting none of it. The creditors will get some, as like you said, a Chapter 13 is a repayment plan. I felt so bad at first doing this, but I tried hard to get them to work with us, so now they will have to do it through the courts.