Complain about a product or service

Downey Savings & Loan

William of Campbell, CA November 10, 2009

My mortgage was with Downey savings when the were Seized by the FDIC and sold as a whole bank to US bank, part of the agreement of the sale was that US Bank agreed to modify qualified mortgages for Downey mortgage holders to the formula established by the FDIC but two weeks after I contacted US Bank for a modification I received a notice that my loan had been transferred but didn't say where and it was on Downey letter head. Then I was contacted by Ocwen loan servicing saying they would be servicing my mortgage neither Ocwen or US Bank will tell me who owns my loan and Ocwen refuses to modify my loan. I have tried to contact the ombudsman at the FDIC, Ocwen, and US Bank many times with out success. What do you think I can do? Do you think that the FDIC would be able to enforce the agreement? I have five friend who all were with Downey and have been transferred to Ocwen so I'm sure US Bank transferred any one with an adjustable loan or who asked for a modification. US. Bank agreed to change the terms of mortgages taken out by Downey customers. The FDIC agreed to share losses on the acquired loans with the bank's U.S. Bank unit. I am qualified for loan modification how do I proceed , U.S. Bank is not modifying any loans but transferring them as soon as they could that's is not in the spirit of the agreement with the FDIC who can help me to get a loan modification through The FDIC's loan modification plan agreement with US Bank.

Maria of Oxnard, CA November 27, 2008

I as Ledeem of Long Beach and Miriam of National City were deceived by Downey they called and really convinced us of refinancing with the, the whole process was done either by phone of by fax. they told us about these new loans where we can make the minimum payment and never told us about negative amortization or told us that our paymet will increase almot 3000 dollars from one month to another one.

When I saw that I called Downey and asked them why the increase that high, because the closing papers said that I have to make about three and some payment of the same amount and one last payment of a different amount. I was reading that some judges are dismissing foreclosures if the information that the bank has it is not correct and I think that we all should file a class action agains Downey because he is one of the biggest bank and is denying help to all of us that got caught in his net.

I also been calling for months and they keep saying that Downey is owed by investors and they are only servicing the loan and that the investors do now want to modif the loans and not only it's me but only all the other people that have loans just like me. According to the Housing and Economic Recovery Act of 2008, the banks do not have to help, it is vountay but if we ask for help the bank has the obigation to help us.

I wanted to mention something else we received a flyer where it said that they can help us with the house and this person was helping an attorney from Los Angeles named Daniel M., well gues what happend this guy dissapeares with the money and the lawyer was forced to take the case himself. He meet with us and said that he was going to send the papers to the bank and for about five weeks we did not heard nothing from him or do anything until I went to se another lawyer which called him and then his assistant called me three times and later on himself telleing me that he was really busy.

I already lost a house and I'm on the way to lose my other house because this attorney didn't do his job. so if anybody knows that someone is doing business with Daniel Marquez better make sure that he is really sending the papers to the bank. Anyway I think we all should get together and do a class action against Downey Saving please let me know I will join. Lost one house, economical stress and emotional stress not only for us but for a 77 year old grandama and a family with a baby that now is facing eviction.

Cynthia of Glendora, CA October 9, 2008

Cynthia of Glendora CA (10/09/08)
I agreed to a negative home loan about 4 years ago, the payments went up way before they were scheduled to, and we did negotiate for a loan modification , which we were granted - about a year ago, the payments have become difficult to make and we are behind one month on the mortgage.

A mortgage broker actually encouraged my husband and I to get this negative loan, with Downey Savings, I realize i signed the loan docs, and agreed, but i really believe I was taken advantage of, and I'm sure the mortgage broker - Budget Real Estate- is the broker who has represented me, I'm sure he made a big commission on this loan, he has lent me money when i needed to pay property taxes, but i'm sure he felt guilty, he knew my husband has a disablily and receives disability income plus part time work as a community college science teacher,

i read the consumer complaints on your web site about similar issues with Downey Savings and mortgage brokers who did the same thing, Is there any help for me that you can think of, we are just behind one month on our mortgage because of other large cost of living expenses, I know that countrywide customers have received help I feel that Downey Savings mortgage customers, have suffered similar faulty loans and need tha government help as well.

Nicole of Santa Clarita, CA September 26, 2008

Nicole of Santa Clarita CA (09/26/08)
I was a victom of creditcard fraud and was promised a resolution within 90 days. Apparently the ATM card number was taken after I got gas. The next day the Visa fraud protection services contacted me to let me kown someone was using my card. When I went into the Huntington Beach location, the manager promptly took my ATM card and had me wright a statment. She told me it takes 90 days to reaserch and then I would get a new ATM card. I was really irritated that I would be without a card for so long but relived to get it taken care of.

A few weeks later I went in to withdraw money at the Stevensons Ranch location and asked about the status, the teller told me then that I would have to drive to the Ventura location after the 90 days and request a card from the bank manager, she went on to tell me that he will decide IF I got another card or not!

Now 4 months later, I still have not gotten a card, or an answer on why I am being punished for someone else using my number. I have been with this bank for 10 years! I have never been overdrawn, bounced a check or deposited a bad check, why is it ok for them to treat me this way?

I can no longer get money out when I need to. I would just swich banks but everything is on automatic payments and deposites, I feel stuck!

Geretha of Gilbert, AZ August 22, 2008

Geretha of Gilbert AZ (08/22/08)
i refinanced my home with equity finanical. downey savings paid them 8,200.00 rebate for this bad loan. downey informed me that i should never have been givin this type of loan. they say my investor's are wells fargo.

i will have to foreclose on my loan soon. i'm going to write the F.B.I to investigate downey savings and equity financial. they are doing some underhanded things to homeowners. lawyers should look at class action suits againt them

Miriam of National City, CA July 15, 2008

Miriam of National City CA (07/15/08)
In September 2004 I decided to purchase a new home. We dealt with a broker that I met once mostly talked to him over the phone. I was an existing homeowner and sold my home and applied 125k to the new home. I was told my payment would be around 2200 to 2400 a month. No one ever explained this Negative Amortization or that my balance would increase along with my payment.

After a year of making payments I began to notice my balance increase. I immediately decided to put the house on the market to hopefully save some of the money I put down. I contacted Downey Savings, I wrote letters to all the Board of directors, VP, SVP, and requested that they let me out of this horrible thing they called as loan. Because I had a prepay penalty.

They sent a response stating that I signed the paper and that I was responsible. Meanwhile the broker walked away with over 10k in commisions? I'm trying to save my home but I'm way over on the value and amount I owe the bank. Is it really worth it?

I may lose my home and can't afford huge increase in payments.

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