Home Loans and Support

IndyMac Lies

Discussion in 'Loan Modification' started by stagefoursurvivor, Dec 18, 2009.

  1. stagefoursurvivor

    stagefoursurvivor LoanSafe Member

    Well, it's true, leopards can't change their spots.

    It was simply a hope that things would go smoothly but, they lied when they said their mistake meant I had to re-apply in 45 days.

    I have it in black and white, they need to be made an example of by the treasury department.

    I have found no evidence they have helped anyone anywhere on the 'net, only more BS.
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Have you been denied for your modification?
  3. qikvixen

    qikvixen LoanSafe Member

    The Truth About IndyMac

    IndyMac/OneWest is probably the worst bank out there right now. There will never be any permanent modifications granted because of this. If that story doesn't raise your blood pressure, then you're probably dead.

    If you don't want to read the article, I'll sum it up: when OneWest, a corporation that was created for the sole purpose of acquiring IndyMac, purchased it from the FDIC (at 40 cents on the dollar,) the deal also included a provision that the government would subsidize any losses OneWest incurred due to foreclosure for up to 80-95% of the original loan balance. So, for example, let's take my house. My loan balance is 250K and it is worth maybe 125K. Assuming that OneWest can sell it for 125K at the foreclosure sale, the government will pay OneWest 80-95% of the original 250K, regardless of the value of the property. So you tell me, why would IndyMac/OneWest ever want to modify my loan or anyone's for that matter?

    They don't want to help and it has never been their intent. They'll go through the motions, and a few folks may even get trial modifications, but after the trial period, don't be surprised if you "no longer meet the qualification requirements."

    There needs to be a massive homeowner protest, all across the country, to force our government mandate modifications of ALL mortgages. It's time to tell our government that relying on the banks to "do the right thing" won't work.
  4. stagefoursurvivor

    stagefoursurvivor LoanSafe Member

    No, I was approved before they realized they input incorrect numbers which would have reduced the trial payments a lot.

    Now they say I must wait 45 days to re-apply. That's pure BS, I spoke to Fannie Mae and they told me there was no need to wait 45 days, they simply correct the numbers and run it again.

    They haven't replied since I told them they were wrong.
  5. stagefoursurvivor

    stagefoursurvivor LoanSafe Member

    Re: The Truth About IndyMac

    Qikvixen,
    I'm confused, your story says Aurura/Lehman but, then you diverge to IMB/OWB?
  6. qikvixen

    qikvixen LoanSafe Member

    Re: The Truth About IndyMac

    Hi, sorry if it isn't clear. Indymac/Onewest is my servicer. My investor is a Lehman Brothers securitized trust which is itself serviced by Aurora Loan Services. Aurora belonged to Lehman Brothers, but somehow survived the bankruptcy.

    Hope this clarifies things somewhat.
  7. stagefoursurvivor

    stagefoursurvivor LoanSafe Member

    Re: The Truth About IndyMac

    OK, got it.
    They are scum.
    I've sent emails to US Treasury, POTUS, office of Thrift Supervision and my local congressman. They need to be investigated, they have every incentive NOT to modify!
    Why did they bother to join HAMP in August? Must have been purely a PR stunt.
    Treasury needs to show their numbers of trial mods, Permanent mods, applications.
    I'm going to keep digging and email everyone I can find in Treasury, congress, you name it!
  8. darkdays

    darkdays LoanSafe Member

    Have you sent an email to the Office of Thrift Supervision? I sent them an email and they sent me back a reply saying I needed to print out my email, sign it and fax it to them. I didn't do that because things were starting to move in the right direction and I didn't want to cause any waves at that time. Then 5 weeks later I received a letter from Indymac that they were contacted by the office of thrift supervision about my complaint and thanking me for giving them the opportunity to research my complaint. The letter said I was being reviewed for HAMP and the next day I received my trial mod in the mail. I don't know if one dept even knew what the other dept was doing or that it had any effect but it can't hurt. You must be totally frustrated by now.
  9. stagefoursurvivor

    stagefoursurvivor LoanSafe Member

    Yes, I sent a message to OTS via their "contact us" form today. Is that how you contacted OTS?
  10. stagefoursurvivor

    stagefoursurvivor LoanSafe Member

    Ya know, I have to believe if the American people knew how this institution was handling their customers it would be a major media story and uproar!
  11. stagefoursurvivor

    stagefoursurvivor LoanSafe Member

    Hilarious!

    10 minutes ago I received an email that my mod packet has been mailed(likely with the wrong numbers) and I'll have till 12/23 to accept or the deal's off.
    Lessee, at best it will arrive Mon 12/21, that's a 2 day window.
    Jeeze, I've seen used car dealers with more ethics!
  12. darkdays

    darkdays LoanSafe Member

    Yes, I used the "contact us" form of the OTS and then received a reply from some person within a couple of days. I received an email late last night also. It said I have until 12/23 to accept. I already sent it and have proof it was received so I guess it is still sitting around not input into their system. Anyway I don't think they sent out your revised mod I think that was the friday night email blast for all the mods due back by 12/23 that are suppose to be starting 1/1.
  13. stagefoursurvivor

    stagefoursurvivor LoanSafe Member

    I also have an email addy for Ray Faiola at CBS "60 Minutes" who may be interested in exposing what homeowners are truly up against when applying for modifications.

    Plain truth is, the American taxpayers and government are being lied to by these exalted bank execs.
    WE bailed them out and they turn around and laugh and spit in our face.
  14. ChrissyF1214

    ChrissyF1214 LoanSafe Member

    What actually is Office of Thrift and what can they do for you? Sorry if this is a stupid question, I never heard of that before. What type of letter did you write to them. I am also having trouble with Indymac that the "investors" aren't modifying my pooled loan.

    Thanks!
  15. stagefoursurvivor

    stagefoursurvivor LoanSafe Member

    Chrissy,

    Uhhh, duhh. I don't remember now, guess I found something somewhere in searching and figured WTH!:confused:
    Maybe darkdays knows?
  16. qikvixen

    qikvixen LoanSafe Member

    The Office of Thrift is actually The Office of Thrift Supervision (OTS) and is the regulatory body for some of the banks. IndyMac/OneWest is regulated by the OTS.

    I wouldn't hold my breath on getting any results from a complaint to the OTS. I did that back in July and no one from the OTS ever contacted me. Instead, I got a letter from IndyMac referencing my complaint to the OTS and denying my mod.

    The problem is that IndyMac is not doing anything "illegal" that can be acted upon by a regulatory body like the OTS. Sure, they've signed on to HAMP, but what does that mean in terms of real enforcement? Pretty much nothing as far as I can see.

    All IndyMac has to do is say they're reviewing loans for modifications and the ones that they deny don't qualify, without actually having to reveal why not. Furthermore, the NPV test, if they're even using it, can be manipulated so that the borrower fails every time since some of the factors can be adjusted by the servicer.

    The deck is stacked against us, and in IndyMac's case they're going to exploit every loophole they can find to make sure that they end up foreclosing.

    Sorry to be a negative nelly, but these are the facts.
  17. stagefoursurvivor

    stagefoursurvivor LoanSafe Member

    QV,
    Although I don't doubt what you said. I'll keep pushing, emailing, contacting anyone and everyone.
    Perhaps it will be useless but, I'll keep trying
  18. 1901sparky

    1901sparky LoanSafe Member

    First and foremost, let me wish everyone a Merry Christmas!

    But if if you are on this site like me, this Christmas probably isn't very merry at all.

    I've been making my weekly calls, re-sending my utility bill/paystubs/tax form over and over again (because apparently they disappear...often), and waiting. The waiting is the most agonizing..that little carrot called a Trial Loan Modification, just hangs there, so close....

    I called IndyMac on the 15th(btw, is it just me, or does it sound like all the 800 #'s are being transferred to the same automated line?) to find out if I should pay my 4th trial payment. "John" said yes because you are still in review. I called back on the 22nd to verify my funds had been received. Yes, "Jennifer" said,they received my money and oh! by the way, you have been denied...as of the 21st! After I composed myself, somewhat, I asked what I thought was a resonable question, "why"? "Jennifer" said she couldn't tell me why and she couldn't transfer me to anyone who knew.

    Later, that same day, I was on a third party call with a HOPE counselor and "Ramone", who seems to work in the IndyMac loss mitigation dept. "Ramone" said "Jennifer" was wrong, I was not denied, in fact, I am still in review and should hear something by 01/02/2010.

    Seriously?! There seems to be no way to get an honest answer out of IndyMac....after reading why IndyMac doesn't want to modify my loan, it all makes sense...in a very disturbing and cruel way.....

    So count me in....I'll see you at the Pasadena protest!

    One last thing, I recevied a letter from Aurora who said they are now trying to collect money for IndyMac, and telling me I had to give them a 30 day written notice to object to something or the other...I really didnt get it. Did anyone else receive one?
  19. qikvixen

    qikvixen LoanSafe Member

    Great! Hope to see you there! Let's make IndyMac squirm!

    You probably got the same letter I got...it's a form letter that they're required to send out. If it has Aurora mentioned in it then Aurora is the servicer for the trust that holds the note on your mortgage. Welcome to the club. This is good information to have. It lets you know that your mortgage was in fact securitized and there's a good chance no one knows where your note is!

    Anyway, see you at the protest and Merry Christmas!
  20. freeindeed

    freeindeed LoanSafe Member

    Re: The Truth About IndyMac

    I am also a victim of One West Bank. I have been fighting my foreclosure for 21 months now. I have created a website Home Owner Revolution which contains links to current information pertaining to One West Bank and others. I have also created a Home Owner Revolution Forum where homeowners can share their stories and network with other homeowners and professionals that can help.

    I am in the process of a counter suite against Michael Dell and One West Bank. They are committing fraud and stealing homes from homeowners.

    I need homeowners to to join me as I stand against this bank and the Investors responsible for robbing homeowners of their homes and their American dream.

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