Yet Another Heart-Breaking IndyMac/One West Bank Story

Robert, not only are lenders kicking them in street, THEY ARE MAKING MONEY ON THE DEALS!!!

This information needs to be given to the mass media in order to show the government and all the public what is really happening with loan modifications, etc.

Robert - The banks and pseudo banks have been propped up by their friends in DC.  They have no interest in saving or helping struggling homeowners, and for that matter, neither did the administration. There will be many more such stories as the economy falters and employment remains high. 

Robert, This is incredible!! IndyMac has gone off the deep end. What the heck are these folks supposed to do? What's even more disturbing is how do you get in a position to lose a house you have owned for 37 years?

I am a REO broker for Indymac and just got an assignment where the homeowner used Matrix Capital Resources for their loan mod. The Indymac premarketer looked in the computer file, there was nothing there. I'm wondering did he get scammed by Matrix or is that how it plays out? It's hard not to have empathy.

I hate hearing these stories, and I hear them every day!

Homeowners getting scammed out of their money, Scam Companies giving companies like mine a bad name, doing nothing to help. UGH! How incredibly gut wrenching!

I am truly sorry that I am reading this blog past the Oct 5th deadline. I hate hearing things like this. They never should have been offered a repayment plan in the first place! What kind of Modification company with any clout thinks that THIS is a solution? Repayment plans only cause more trouble for the homeowner as we have seen here in this letter.

Never take a repayment plan option, and NEVER take any plan with a balloon payment due!

My only hope is that at this point, the Homeowners have filed for a Chapter 13 BK to stall on the foreclosure of their home. At the last minute, as much as I HATE to think what that will do to their credit, as well as future negotiations with their lender, it is the only recourse I know of that will stop a sale at the last moment....

My heart goes out to these people, I hope they have some documentation from their "modification company" to prove they can sue the pants off of them! (Small consultation, I know.)

Oh boy, the reason that I searched for Indy Mac on AR tonight is that I contacted someone who I hadn't seen for a couple of years by looking up her address in the MLS.  And lo and behold, I saw the NOD and Trustee's Sale Date but it had passed.  When I contacted her she told me a miserable story of having a Loan Modification Company working on her loan for a year, during which time she was laid off.  Then the same company told her she could delay the Sale by filing a BK.  I told her I was nervous that as soon as the BK was lifted she would get notice of an impending sale.  Well, she just called and said the Sale is scheduled for Tues.  That is 5 days away with two weekend days included in the 5.  And they told the loan mod company that Indy Mac is refusing to delay the Sale.  All this time and they didn't have the decency to give her an answer about the loan mod. 

This is the same horrible situation that my sister is in.  She paid an attorney $5000 to obtain a loan modification from Indymac and/or One West Bank.  After 6 months, she found out that they would not grant a modification and she was days away from trustee sale.  She was able to halt the sale by filing bankruptcy, quickly listed the home, sold it, moved and waqs then told by escrow that the bk had to be dismissed in order for escrow to close.  But if the bk was dismissed, the lender could go thru with the sale.  The really said thing is that this is not a short sale.  My sister has equity in the property.  A court date cannot be obtained until Jan. 12 and now the buyer has cancelled the escrow as he is tired of waiting.  So we are back to squaare one.  What a scam ... what a nightmare.

Connie Winstead, Realtor

Signature Properties

Central Coast California

I just lost a deal due the the total incompetence of IndyMac / One West Bank. Offer taken and all docs submitted on May 16, 2009. Three times a week follow up for7 months with no activity on the file. Several arguments with management and multiple "Escalations." Finally an approval on 12.22/09 only to discover that they were working off of the incorrect HUD statement. In the 7 months that they took to review the file, the original buyer rescinded their offer and it was replaced with a back up offer. They failed to recognize this fact and kept working on the originall HUD. The fact that the new HUD was documented with several phone calls was completely lost on them. When brought to their attention and when their error was documented and proven, the file was closed and transferred(?) to another negotiator. My client decided that it is in their best financial interest to allow the property to go into foreclosure.

FYI - The home in question has depreciated more than $35,000 since the first offer! You do the math. How much has IndyMac's incompetence cost them in the past 8 months?