FDIC: Use IndyMac Model to Prevent Foreclosures

THEY ARE DOING THE SAME THING TO EVERYONE

WHO DO THE SMALL PEOPLE TALK TO INDYMAC IS RIPPING OFF EVERYONE.....I WISH SOMEONE COULD INVESTIGATE THEIR BAD PRACTICES.....THE AIM IS TO LET PEOPLE GO INTO FORECLOSURE. ONE WEST BANK BY MY UNDERSTANDING DID NOT SIGN ON WITH THE OBAMA PROGRAM......SO THEY DON'T GIVE A DARN. CAN SOMEONE BY THE GRACE OF GOD HELP US SMALL PEOPLE!!!!! WHO DO WE TURN TO BEFORE WE ARE OUT ON THE STREETS...I FEEL LIKE THE GOVERNMENT IS ALLOWING THESE BANKS TO VICTIMIZE US FURTHER BY NOT MAKING IT MANDATORY THAT THEY HELP.

JANICE of FL @ Aug 13, 2009 13:34:09 PM

I agree: A bunch of Crap!

I am current on my loan. My income went from 81k to 17k a year. My loan has a 9% interest rate. It is hard to make the payments now. They make you think that you can get a refinance because they want to help you, but the truth is they are greedy like everyone else. They haven't even responded to the "financial packet" they require. They say 30 days. it's been 60 or more. Since we no longer have no doc or stated income loan programs available, what kind of loan do you think I would qualify for at $17k a year.

I did contact them about a refinance (different department) and they said it would cost $6,000 to refinance to a lower interest rate.

Just another greedy bank sucking us dry every chance they get.

Eric of TX @ Jul 03, 2009 01:41:59 AM

INDYMAC IS FULL OF CRAP!!

It's true when you call Indymac and talk to one representative, they tell you one thing and then when you call back to follow-up like you were instructed, it's like nobody knows what you're talking about. I called to get help from Indymac time and time again, only to be told to call back in a few days, then days turned into months and no help!! I'm just disgusted with this company!!

Renee of NC @ Apr 28, 2009 04:30:22 AM

Use IndyMac Model to Prevent Foreclosures (NOT TRUE)

I purchased a home in 2007 and in the middle of 2008 my job changed our pay structure and it caused our loan to fall behind 2 months , I received an offer for a possible loan modification and offered me to send in partial payment and wait for approval. I called in the middle of January and was told I was not approved. and because they don’t accept partial payments my loan now showed 3 months past due going on too 4 months , I offered the representative to pay that partial balanced owed and I would call back in first week of February their for I would only be past do for one month. the representative agreed and offered a re payment plan , I advised her that the loan would be current by April she said their would be no problem . I called February 12th to do one full payment plus the balance of $500 owed from the previous payment and now they are rejecting both payments. The representative I talked to told me that when I talked to them in the month of January the next day my house was placed in foreclosure and now they wanted 2 full payments. And they had no records of what was told to me by the representative the previous month. And to top it off they have paid my property taxes and have made it even more impossible to get out of the hole. And the representative defense was it was not their fault we fell behind. What kind of people does INDYMAC have working for them? Obviously not people that care and people that want to help. I have currently the money to pay for the 3 months and they are rejecting the payment. Clearly INDYMAC sets people up for failure and does not care about their loss ratio. Can someone please advise me what I can do. I can’t tell my family that we don’t have a home for them because the bank is being unreasonable.

MR. of CA @ Feb 13, 2009 13:06:08 PM

Indy Mac Model

Not much has changed between October and December that I can see. I have had reason to research the matter of mortgage negotiations and mitigation fairly thoroughly, which has led me to conclude that most of the mortgagees do not have an interest in helping homeowners and really don't care if they increase their own shareholder losses through foreclosures, as long as they can clean their slate and begin all over again. They are "posturing" for Congress and the public, to make it "appear" they are making this effort to justify the billions in bailout money. Common sense dictates that if you replace an unaffordable loan, with terms which are just as unaffordable, that the loan will end up in default; or an immediate foreclosure will be forced. IndyMac and other mortgage company "efforts" will not stand up to scrutiny -- but then again, they appear not to have to worry about scrutiny from Congress or the public.

Ro in Boston

Ro in Boston of MA @ Dec 17, 2008 16:13:53 PM

Preventing Foreclosures is Rewarding the Irresponsible

Why should we prevent foreclosures? People made the CHOICE to get these neg-am loans and buy more home than they can afford. Foreclosure is the logical consequence. Just become renters.

Bobarty of CA @ Oct 25, 2008 19:40:41 PM

The court disposed foreclosure my home two days ago. (Indymac)

I had a neg. amort. loan since 2004 with Indymac. I was making the minimum pmt, about $ 2500 including escrow for taxes and insurances. Never late all that time. In past March 2008 they recasted my loan and then my monthly payment raised to $ 4500, which I cannot afford. I was in default and got foreclosure notice in July 4th. A friend , who is a lawyer, responded the demand. By the way, lender was not in possesion of the note, and they recognized it from the very beggining. Lender's attorneys requested to the court a hearing on Oct. 20th asking for a motion to Final Judgement and the acceptance of a replacement to the original note by an affidavit from a lender's employee. My friend the lawyer was notified for that hearing and he told me that don't worry about that, because he will request the cancellation of the hearing. The day before the hearing was schedulled, he was still telling me that it was cancelled. However, I noticed on the court's web page that the hearing was still pending for Oct. 20th. Next day I checked the web page again and was surprised when I saw that a disposition had been taken on my case (Final Judgement of Foreclosure). Sale's date schedulled for Dec. 24th..!

Question: Is it too late to do something, some kind of deal with lender in order to still living in my (or their) home for a certain period of time? May be get a loan modif. deal or something? Please! need some advice from someone that know to handle a situation like this.

RM of FL @ Oct 24, 2008 17:05:20 PM

Foreclosure

I agree with Mike of nd.Try a little bit to keep people in their homes. Work woth the people in these homes. Yes my husband and I got caught in this whole mortgage and credit card problem. Trying to keep our home, I find debt collector doing vety little to try and work with us.We have been in our home over 8 yrs and have made all payments on time until these past 6 months.

Now we get foreclosure notices. We both have full time jobs bring in good money, but no one willing to help.

jm of IL @ Oct 24, 2008 15:06:50 PM