Complain about a product or service

Indymac

Lydia of Las Vegas, NV October 14, 2009

I had a loan with Indy Mac but after my payments kept going up and up I was unable to make my payments anymore.

After 4 years with the loan, in May this year I was late 2 months and I decided to do a Loan modification so I hired a company that had a good record doing so, anyway after sending all my papers, Indy Mac called me and told me that my loan modification was in stage one, then a month later on stage two, after that I didn't hear anything anymore I kept calling the loan modification company and Indy Mac once or twice a week.

Then I received a notice of foreclosure I called them back and they told me that the modification would not stop the foreclosure but that the negotiators will finish the modification before the foreclosure date. During this time they told me not to make my payments because this way I would show hardship and the modification will go faster.

Well time went by and after almost 5 months they told me that my modification was denied and that they didn't have a reason why, this call came only five days before the foreclosure date, they told me that my only option was to re-instead the loan and that I needed to pay over 12 thousand dlls. in payments, late fees and interests.

of course I didn't have the money and I tried to negotiate with them, I even called an attorney friend of mine so he could call on my behalf but he said that he could not get anybody on the phone other that the regular operators and they didn't wanted to negotiate other that me paying the more than 12,000.

To make the story short My house was foreclosure Oct-9-2009. I didn't want to loose my home but to me it seems like entrapment, taking so long to do the modification and telling me not to make the payments to make the process faster and then denied the modification and refused to negotiate?

Tina of San Marcos, CA October 14, 2009

My husband is self employed and due to the decline in the economy, his income has substantially decreased in the past two years. In November 2008, Indy Mac reduced our payments from 4,000 a month to 2,000. This year was even tougher than 2007 and 2008 and it was difficult for us to make the 2,000 a month payment on top of our property taxes each year of 7500. The Bank paid the property taxes as a result, increased our payments to 3500 each month in June of 2009. Since the beginning of this year, we have submitted packages under the Home Affordable Program asking for assistance with it being denied each time....

10/7 I called and spoke to Ruthie, she advised me that request was denied on the 22nd and that more documents were received and being reviewed. I advised her many times told reviewing on the 29th, then yesterday told twice denied on the 28th. I requested to speak to a supervisor and Frances came on the line. I advised him that I was frustrated in that each time I called, I was told something different. He responded by asking why I'm calling multiple times in a day. I advised him why did that matter. I was a customer and they should be happy I'm calling and I wouldn't have to call so many times if I was given consistent, good information.

I advised him they had training issues. I was frustrated that each time I called, I was given different information. As a consumer and as a representative of other consumers, it was impossible to fulfill any type of a request/modification, as they themselves didn't know what was needed or didn't provide accurate information. False hope given each time and I was desperate due to a foreclosure sale date of 10/14/09. He advised me that we should have provided the previous quarter's profit and loss statement, preferrably signed by a CPA with income at the top and expenses at the bottom. He advised me that based on the income we provided in the modification request we submitted in August, our income was more by 1700, there was a large variance enough to not approve the modification request.

Keep in mind, this is the first time since 9/23/09, I was given this information, 2 weeks lapsed now. He advised me that investors don't like to modify loans twice. In November 2008, they did modify my loan. If the investor wasn't going to review the loan, a second time, why would they have sent me the August 2009 request, if they already knew it wasn't going to get approved? This was like bait and switch. Bait to get my money, and switch for any excuse they could make not to approve the request.

So here we are less than 24 hours from a foreclosure sale date. Frustrated in that although the Home Affordable Program [is] to help consumers stay in their property, that in no way is the intent of Indy Mac Bank, now One West. As a result, I look forward to a response from the Office of Thrift Supervision and will be looking into an attorney taking this matter on as a class action suit. We and other consumers in the United States of America are pleading/begging for assistance, to no avail. This ought to be illegal and punishable under the law. Impending loss of home to foreclosure sale on 10/14/09.

Haryung of rancho palos verdes, CA October 13, 2009

I like to report a scam from INDIMAC BANK. Back in may 20 2009 I had a agreement to extending Forbearance plan. [The] final payment of this plan will be a balloon payment of 26,482.05. If unable to complete the Forbearance plan by remitting the final payment, contact INDIMAC 30 days prior to the final payment due date to discuss your loan. Provided the terms of the agreement were met. There is valid reason the balloon payment cannot be made and your financial situation shows affordability to service depts., [they] may re-evaluate loan in order to determine if additional assistance is required.(Note: current financial information and proof of any change in income will be required at that time)

Prior to sign this agreement, I had To call to INDIMAC customer service to advice that, I could not make the final balloon payment of 26,482.05. Because it is too much money to pay in just one time, and the person from customer service told me that I could call to INDIMAC BANK by the end of September for another adjustment out of the balloon payment just like it show in the contract. So it was the agreement I sign.

Up to now I paid to INDIMAC bank usd34,621.22 in 5 months of period with out delays. So prior to final balloon payment I have call to INDIMAC BANK for the assistance of balloon payment as we had agreed back in may but I have a big surprises that this offer is not longer available from INDIMAC BANK. So I told them that this agreement is been made since may 2009 and INDIMAC should agreed to honor our agreement .

Now they are saying that I should pay usd24, thousand and some hundred dollar or they will foreclose my house period (non negotiable). I don't have this kind of money and if this was the deal I could give up my house from back in may and I could use 34,621,22 to get other house. And now I could be with out of and dept and happy. But the bank used me with false promise and agreement to collect the money out of mortgage which they knew I couldn’t pay it anyways.

I love my house and I work very hard to pay the late mortgage but also to keep it update. but the bank has other intention with my house. I like to ask help [for] me to keep my house and have some affordable payments of my mortgage from my bank. My regular mortgage is about USD 3,400.00 plus property tax but I'm making 5,835.94 every months to keep my mortgage up. I believe I have my right to ask for the help since INDIMAC BANK has agreed to re-evaluate and determine my balloon payment for an additional affordable payments.

NOW I'M GOING TO LOOSE MY HOUSE AND MY MONEY AND I HAVE TO MUCH STRESS. I HAVE ALLERGY ALL MY BODY. I'M SO DEPRESSED I HAVE NO MORE WILL TO WORK OR DO ANYTHING MORE IN MY LIFE. IT IS OVER NOW BECAUSE OF THIS FRAUD

Joseph of Shoreline, WA October 9, 2009

In February of 2009, I came to the realization that my current mortgage was a ticking time bomb that would explode and become un-affordable within the year. Although I investigated refinancing, changes in my debt-to-income ratio, teamed with the collapse of the real estate market, decreased the equity of my home and I did not qualify for any existing loans.

I then received information on Loan Modification. I did some internet investigation, and understood the concept of having a third party work with my existing lender to re-negotiate my current loan. I also understood that this could be done on my own, but did not feel that spending 4,500.00 for a new, affordable and fixed loan was unreasonable, given the fact I had zero previous experience in this arena, and was also having no success with refinancing. I also knew that trying to re-negotiate a mortgage would require persistence and patience that I could not afford in addition to my fulltime job.

Intellichoice boasted a 90 percent success rate and a money back guarantee. And I bought into the concept of them being able to work with my lender on a new mortgage. I was instructed to draft a hardship letter that explained my circumstance and desire to keep my house and save my home. I was also instructed to use my mortgage money as payment for Intellichoice's services and that Intellichoice would know within the month whether Indy-Mac would be "Willing to modify". (Again, this was Feb/March 2009.)

Intellichoice also stated that I should have a new mortgage and payment by May 2009, (I was told by two separate modification agencies that it takes 3 mos or more to complete a modification.) But that if I just continued to pay the mortgage that my need to modify would not be taken seriously or considered, (Although it did seem unorthodox, I also understood that in most cases, lenders will not offer any sort of assistance unless you are BEHIND in payments, and as long as you are sending them money, there would be no progress on a modification) Under this premise I began the process.

After all my bills and paperwork had been submitted, Indy Mac told Intellichoice that they were developing an internal modification division, and that all of the information submitted needed to be re-submitted on Indy-Mac letterhead and comply with the new guidelines at Indy-Mac. Indy-Mac was also urging us to be patient as they were being overwhelmed with foreclosures and modification requests, that was causing a huge backload in paperwork needing to be reviewed.

I continued to utilize Intellichoice to monitor my situation and keep my paperwork current, (proof of employment/check stubs) After weeks of continually checking with Indy-Mac , only to be told that I am being reviewed, but that they are extremely overwhelmed, I finally received something of great interest.

I received a UPS envelope that enclosed a structured and detailed mortgage payment that would allow me to defer some of the principal on the loan and be able to pay all debt to Indy-Mac over a 27 year loan that was a better interest rate and affordable to me today as well as 10/ 20 years from now.

I of course was very excited and complied with all requests. I received this letter on July 15, 2009. I made copies of all my check stubs from May 2009 to my most current checks to the July 15 date. I went to the bank and purchased a cashier's check for the requested amount of 1,140.90 to Indy-Mac for September's payment, signed and dated the 4506-T tax forms and completed the borrower financial statement and signed the modification documents. I put all of this information into the UPS envelope that was included with a red overnight label and sent it off the very next day, July16, 2009.

After hearing absolutely nothing, I called 2 weeks later to see where my check was and confirm I had a new loan. The Indy-Mac representative on the phone stated that my file was being suspended for lack of current employment proof, ( she was very clear that they did receive my package, but that there was no check stub for July's wages) When I inquired about the stubs that I had included, (again completely current to July 15, 2009 ) She could not comment on that but just the information she was showing was no Employment proof for July.

This of course is very frustrating, seeing that I had just received my July check on August 1st, and how could I possible include a check stub on July 15th that I had not even received yet?! She gave me a fax number to submit any check stubs that were not included in the July 15 UPS envelope. I immediately faxed the stubs from August 1st, and called back somewhere around the 5th. I also had Andy D. of Intellichoice following up on the receiving of my faxes and between the two of us were asked to re-fax more than twice and to two different fax numbers.

After another call to Indy-Mac in August, I was informed that the faxes had been received, but were one day late of their August 17th deadline for this program. Again, very frustrating. I have done everything that has been asked of me. I can afford the proposed payments and want to save my home more than anything else. I feel I am up against a "Machine" of drone employees that are admittedly "overwhelmed" and frankly really could care less about keeping me as a customer and homeowner. I have all documentation, UPS tracking numbers, copies of employment proof and a cashier's check, all sent and received by Indy-Mac on July 16, 2009.

I have received notice of denial of modification, due to lack of documentation, ( not debt-to-income, or poor credit,) that Indy-Mac had in their hands with more than a month left in the program's deadline. I am being currently bombarded with foreclosure notices and real estate companies that want to sell my home. I am shocked that despite record numbers in foreclosures and folks that just can't afford their mortgages, they are letting an individual that can make the necessary payments and will pay all debts on the existing loan, just twist in the wind, with excuses of being overwhelmed and reviewing my status, until I run out of time. I am writing this letter so as to best document the real truth of this situation, and am open to all and any strategies that would allow me to keep my home.

Steve of stow, OH October 8, 2009

My wife and i lost our jobs, had some financial hardships, I am currently working, but making the mortgage became very difficult. I applied for a loan modification in May 09, they reduced my payment to 722. We made every agreed payment on time for the 722. two weeks ago, we received a certified letter stating that we need 5996.00 by October 13 or we will be forclosed on. called the bank, and was told that when the modification was complete, all of that would be taken care of. here we are 5 days before the 13th and no answer. I was promised an answer by august 23, then september 23, and then october 3, all came to pass with no word. I have called them 30 or 40 times, with a different answer every time. WHO is in charge of this mess of a bank. they are Incompetent people who get nothing done!!!!

Jenny of Saugus, CA October 7, 2009

I applied for a loan modification request six months ago. After faxing my loan modification documents repeatedly to Indymac (because every time I called to find out status of my document review I was met with "it has not been received"). Finally in July I was told that the documents were received and that I would contact me within 30-60 days. I finalloy received a letter dated September 29th denying my loan modification request. No explanation no nothing just the usuall "we are here to help BS".

After contacting them to ask why the request was denied, I was told that my house had sold on September 18th, 11 days before they sent me their denial letter. How can they do this? The bank bought the property back for a fraction of the cost! They did not even glance at my documents. They are not inclined to help anyone with a loan modification. I am now awaiting their eviction notice. I'm going to start making some noise about Indymac. I've contacted HUD and am currently awaiting for their response. I am going to media and tell my story. Hopefully, everyone else who has been wronged by Indymac will do the same. Someone has to take notice of this and do something about it.

Margie of Santa Clarita, CA October 5, 2009

I have been attempting to obtain a loan modification from Indymac for over 18 months. I have been given every excuse from "you don't qualify because your loan is still current" to "I can't tell you why you don't qualify, but you need to send a request for the reason in writing and we will respond within 60 days". I have had my payments held in suspense, returned to my bank and then misapplied when Indymac admitted they shouldn't have refused my payment.

There is no customer service and it is impossible to get through to anyone who seems to remotely know what they are talking about. I do not believe that this company has any interest in helping me to save my home as I have made countless efforts in good faith to remain current or come to some affordable payment arrangement now that I have fallen in arrears due to being laid off and unable to find a new job.

Sylvie of jeffersonville, IN September 24, 2009

very rude, charging two months when was a day late paying mortgage, was not able to pay online for some reason,afterwards was told I could pay by phone but it would cost me 20. state they don't have a "grace period" (unusual since every company I have ever dealt with has one), they contact me at home with 800 numbers or 866 numbers, never identifying themselves.

Guy of Maricopa, AZ August 28, 2009

We have been in loan modification since 12/2008 and every month we receive nothing but bull. Under review every month and that is insane.The stimulus package is being wasted on what??? The American people are paying the bills with increase expenses,taxes and decrease in income. We were promise a new mortgage with acceptable terms in Feb. 2009 within 90 days. Where is it??

Jackie of Shawnee on Delaware, PA August 27, 2009

I am going through all the things everyone else is, mortgage Modification etc. you can file a complant with the FTC and Office of Thrift Supervision. They are both looking for a pattern. They have already contacted One West Bank on my behalf.

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