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INDYMAC/ONE WEST BANK LOAN MODIFICATION HELP IS JUST LIKE A FOX WATCHING THE CHICKEN COOP

By Adrienne M. Smith

Real Estate Broker/Owner with Elite Realty Services CA BRE 01121873

September 17, 2009 09:22 AM

INDYMAC/ONE WEST BANK LOAN MODIFICATION HELP IS JUST LIKE A FOX WATCHING THE CHICKEN COOP

Just when you thought the President's Home Affordable plan was going to be your saving grace, in the midst of this foreclosure mess, you get a rude awakening after you submit your Loan Modification Package. You get a letter stating that you do not qualify for a Loan Modification. SAY WHAT??? You read the letter again to make sure you didn't miss anything and yes you confirm that yes indeed you have been declined. You think this has got to be a mistake and immediately call Indymac/One West. The call goes something like this:

You: Hello, I just got a letter that says I don't qualify for a Loan Modification.

Indymac/One West Rep: Yes, that's true Mr./Ms. Customer it says right here on my computer screen that you don't qualify because you have too many bills and not enough money coming in to cover those bills.

You: You are right about me having a lot of bills but that's why I applied to get a Loan Modification so I could get some debt relief in the way of a lower payment.

Indymac/One West Rep: Well you don't qualify for a modification so you should just Short Sale your home.

You: WHAT? SHORT SALE MY HOME! I thought you people were supposed to make every effort to help distressed borrower.

Indymac/One West Rep: Well all I can do is suggest you re-apply for a modification or put your house on the market as a Short Sale.

I am sure by know if you don't get where that phone conversation is going I will give you a clue. No where, just like your application for a loan modification.

If you are not aware of the fact that Indymac/One West was sold to a group of Gazillionare Hedge Funders. You know now! You see these folks that bought were subsidized with tax money and their exposure to "bad" loans is minimal. Well what do think about that? Get government subsidy, no accountability for lack of help to distressed property owners. What a deal! But, wait here's one more blow to Indymac/One West Borrowers. Indymac/One West has NOT adopted the Home Affordability Modification plan (HAMP). Which means that they were okay with taking Taxpayer money but, they are not okay with helping Taxpayer's. Hmmmm, imagine that!

If you have the displeasure to be a Indymac/One West Borrower you need to contact your political representatives ASAP along with contacting the Office of Thrift Supervision, the FDIC and anyone/agency that may have authority to help.

Let's face it these banks are running amuck and it's time we take back control of the Chicken Coop!

INDYMAC/ONE WEST BANK LOAN MODIFICATION HELP IS JUST LIKE A FOX WATCHING THE CHICKEN COOP

Adrienne Smith, Broker

Renegade Real Estate Services Inc.

877-843-8300

www.RenegadeRESI.com

www.LoanMod-Doiturself.com

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Cory & Michelle Beeson - (951) 526-8298 Serving the entire Temecula Valley

The Beeson Group, Inc. - Temecula, CA

Top 1% of Realtors Nationwide

If a homeowners current payment is $2400, but due to job/income loss they can no longer make those payments and can only afford $600 a month, the modification is not likely to happen. We're seeing payments reduced, but the mod needs to make sense for both parties. -Cory

Great pic by the way, you're littleman has a great smile. :)

Sep 17, 2009 10:05 AM

Adrienne M. Smith

Elite Realty Services - Oakley, CA

I Turn Challenges into Opportunities

Hi Cory,

Thanks for the response and compliment!

I don't represent clients for loan mod's that won't quailfy for help. Indy/One West have just given a lot of mixed signals to these clients. However, we were able to get there payments reduced by 50% for 6 months.

Sep 17, 2009 10:36 AM

Cory & Michelle Beeson - (951) 526-8298 Serving the entire Temecula Valley

The Beeson Group, Inc. - Temecula, CA

Top 1% of Realtors Nationwide

Good deal. Hopefully, they can get back on their feet over the next 6 months and get back on track. Good Luck!

Sep 17, 2009 10:48 AM

Anonymous

Rachel

I've been dealing with Indymac since March and all I've gotten is the runaround! I meet all the criteria for a loan modification (currently employed, proof of hardship, upside down over 50%, etc) and have been working closely with a HUD counselor, filed a grievance with the FDIC and the Office of Thrift Supervision and still waiting to get my payments reduced.

My solution: I am taking a week off from work to try and make as many phone calls as possible and speak to someone at the White House. It's a long shot, but I'm pretty darn persistent. Sadly, it shouldn't have to be this way, especially for those who don't have the luxury of time in their hands because they're too busy trying to find a job and feed their families.

Oct 06, 2009 05:17 PM

Yvette Sloan

Yvette Sloan, Broker - Hidden Valley Lake, CA

"Clients First"

I know clients who just tried to do a loan modification because their interest rate adjusted and they could not refinance. They owed about $200K over appraised value. They did not want to loose there home but needed the payment reduced to at least the original one. They stopped making payments and got a NOD (notice of default) it sounded like Indymac/one west was going to work with them and now they have SAID NO. there homes goes to trustee sale this week. They were told to make all back payments and do 6 months of payments and they will see what they can do for them. they have a Jumbo loan that is what the problem is. One West will get reimbursed $ when loan goes into default by the FDIC, that is so frustrating it is like double dipping. They bought the loans at a lesser value to begin with from the FDIC and then when they go into default they get more $ from FDIC. that is the reason whey they will not work with borrowers.

We are in real trouble America!

Yvette Sloan

Oct 26, 2009 03:49 PM

Anonymous

james walker

We've had the same experience as Rachel and probably like most others. Our business hit financial hardship fall of 08 and we started inquiring about assistance late December 08 but were still current on our loan so they could not help us but were assissting the high priority foreclosure customers. We were recommended to start short term forebearance until they could consider us in March which got us into more debt. They just continued to deny us any assistance and would just send rejection letters without any explanation.

It's now November 09 and we are really behind and we seem to qualify according to the criteria on their website ( and HUD) yet we are declined. Except we can get some other type of assisstence if we bring the outstanding balance up to date! What rational does that make? If I could bring the balance up to date I would not need any assistance! After reading the info on this site and others I understand Indy's/Onewest's MO....they're going to get paid on both ends by the Gov't and FDIC so they want us to foreclose.

On the other hand Citi owns our secondary (smaller mortgage loan) and they've gone out of their way to try and help us including advise about dealing with Indy. We also got advise from HUD but they can't do anything because it's ultimately up to the lender (Iny/Onewest) but can't understand the refusal after reviewing our paperwork and application.

It appears that they want to have a home assistance program (hamp) on paper or in theory only but really have no sincere desire or intension to help homeowners because they get paid either way!

As Yvette Sloan stated, "We are in real trouble America"! It's ironic that Indy failed and had to get assistance from the Gov't (UUUS) yet refuse to do the same for their customers or taxpayers who helped bail them out!

James W

Nov 12, 2009 01:18 PM

Adrienne M. Smith

Elite Realty Services - Oakley, CA

I Turn Challenges into Opportunities

James W

Thanks for your comments. I empathize with your frustration. If you haven't already, check out this website livinglies.wordpress.com. It is a blog setup by an attorney and there is lot's of good information there on how to fight the good fight against these scumbag lenders.

Nov 12, 2009 05:41 PM

Anonymous

Ernesto R. Garcia

After two years of utter frustration, last week I file legal charges...my trek over these two years have been nightmarish! (at bestfF), but, I will not give up!

Jun 08, 2010 01:04 AM

Anonymous

bipin karki

I am an Indymac/One West unlucky borrower

please sing up to fighing against courrput Onewest

http://onewestbankfail.com/

Nov 21, 2010 11:10 AM