I have to agree with all of the below reviews. This company has repeatedly "not received" paperwork after numerous faxes have been sent to them. " not received complete paperwork" is another one after sending them the PROPER paperwork that they requested. How can so many people be receiving the exact same responses. I believe that this is company policy. I have not heard of ONE person receiving approval from this bank. I am contacting my representative TODAY! everyone should call, write, and talk to the media about this company that is screwing everyone out of their homes.
I must add that One West has figured a way around the refi rules. They sell the loan to a private investor and then they don't need to follow the rules of the government. We put a substantial down payment and our loan to value is 67%, so of course they want the house which they bought for pennies on the dollar! Once again, the regular person is being ousted by the very dollars that we gave the institutions.
Posted on 11/7/2009
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I've read the stories others have submitted and given the dates mentioned in some of them, I must say that One West Bank (IndyMac) is not forthright. However, if any of you were looking to qualify for the Make Home Affordable Program, you should know that your existing mortgage loan must be a Fannie Mae or Freddie Mac backed loan. You can determine this by going to MakeHomeAffordable.gov This program includes a Modification program, Re-Fi program and recently (Novemeber 2009) implemented a Deed for Lease program. According to Fannie Mae, if a lender/servicer has signed a contract with Fannie Mae/Freddie Mac, they agree to provide each of these elements of the program. Indy Mac claimed to us that they were only doing "Modifications, not Re-Fi's". We were told that they were "negotiating with Fannie Mae on a contract to do the Re-Fi's". According to Fannie Mae, this is not true and Fannie Mae personnel were not helpful with remedying this problem.
This web site does not offer much information and its advice to contact your lender is misleading since not all lenders or servicers are participating in this MHA program. And it does not provide a list of participating lenders and servicers. However, you can find those that are by visiting http://www.financialstability.gov/impact/contracts_list.htm
If your lender or servicer is listed, click on the name and it will open a .pdf file that contains a contract that the lender or servicer signed with Fannie Mae/Freddie Mac. One West, for example, did not sign this agreement until August 18, 2009. So, anyone who spoke with this company prior to this date and was promised they could be helped under the Make Home Affordable Program, they were mislead. There was another program implemented in 2008 under the Bush administration - I believe it was called Hope for Homeowners.
Anyone interested in the Make Home Affordable Program (implemented under the Obama administration), whether for a Modification or Re-fi, should visit the Fannie Mae website and prepare to download and read a lot of material called Selling Guides and Servicing Guides and all the updates. These are the documents Fannie Mae provides to participating lenders and servicers for training. Having this knowledge PRIOR to speaking to your lender or servicer will allow you to know when you are being mislead. There is MUCH to read, but well worth it. https://www.efanniemae.com/home/index.jsp
Never fail to document everything, from written documents/letters, telephone conversations (date and times at beginning to end of conversations, number of times transferred, etc.), names and/or ID numbers of personnel you speak with, and what they say. Do not hesitate to contact your Senator or Representative, but be sure you have as much documentation as possible. You might also want to look up the names and contact information of the highest executives of your lender/servicer, such as Presidents, Chief Executive Officers. These can be found at Hoovers.com You may have to pay a small fee to access detailed information. It isn't that such executives are going to pay any attention to you, rather it annoys them that they are being contacted instead of the underlings charged with doing the so-called dirty work. Be sure to let the executive(s) know you are also contacting your Senator or Representative.
One word about contacting Senators and Representatives. Make sure she/he voted for these programs in the first place. If not, they will most likely drag their feet. And vote for those people that promise and can deliver on those issues that are of great concern to you.
And, yes, be the squeaky wheel. If a lender/servicer asks you to fax or mail documents, be sure you dot i's and cross t's, then email them and ask them to itemize their receipt and to acknowledge there is no problem with the documents. Get them to confirm everything in writing. The less done on the phone, the better. And do not rely on them to tell you how things work or wait for them to get back to you. Do your home work, then go for it and don't let up on the lender/servicer and your congressional reps. Be nice, but firm. If someone misleads (or outright lies), call them on it.
Filing complaints is nice, but it doesn't get your problem fixed.
Posted on 11/6/2009
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This is a letter I sent to my represenatives regarding IndyMac bank - I included all the below reviews in my letter. My story is similar to the ones posted here. A different set of circumstances but I got the same lies and manipulations posted here. I am also going to submit a complaint to the BBB so that their rating starts to reflect their unscrupulous business practices. Also for more comments on IndyMac go to http://www.loansafe.org/forum/ There is a class action suite forming on this site. Who ever reads this stay away from IndyMac bank. You never know if you will lose your job or some other unforeseen circumstance will place you at thier mercy. And they have none.
Here is my letter
Greetings,
Below, I have cut and pasted recent comments about IndyMac Bank on the Better Business Bureau web site. As you can see IndyMac is not putting people into the Making Home Affordable program and in fact they are not even cooperating with Chapter 13 reorganizations. IndyMac lies and manipulates home owners instead of working with them. What can be done?
Why is there a program like Making Home Affordable when banks do not honor and use it for homeowners in trouble? Why did Congress reject the “cram down” provision and leave home owners without any options to encourage banks to work with them?
I am asking for Representative Murkowski and Senator Begich’s assistance with this problem. Since the Treasury Department is overseeing the Making Home Affordable program I request Representative Murkowski and Senator Begich’s assistance in locating a person within the Treasury Department who has the authority to resolve complaints with the Making Home Affordable program and IndyMac Bank.
I think it would be an excellent idea for a representative from the Treasury Department to be on the phone with Indymac Bank and myself. I want them to understand firsthand what homeowners are contending with and see if they can get to the bottom of why IndyMac is not honoring the Making Home Affordable program.
If banks are not going to honor and put home owners into the Making Home Affordable program, Congress needs to know that the whole program is bogus.
How many people have applied and qualified for this program? And out of that number how many really did get put into the program? We don’t know because the banks - as a private entity – do not have to share that information. If we cannot get real numbers then how do we know if the Making Home Affordable is working? I know it is not. Homeowners know it is not working. Without the “cram down” provision in Chapter 13 homeowners are left totally at the mercy of their representatives to help them save their homes – you is all we have.
I want Congress to know the mortgage situation is not working and to do something about it.
Posted on 11/5/2009
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First of all, I am going to say that I have nothing positive to say about this financial institution. Everything I have to say about this company is negative. Second, I am going to tell it like it is and if this horrible financial institution does not want to hear the truth about how cold, heartless and uncompassionate they are, then that is their problem. I lost my job and could not keep up with the payments for my mortgage, so filed a Bankruptcy Chapter 13 in order to save my house from foreclosure. However, in working with my attorney and the trustee, instead of helping me with a plan to reduce the monthly payments they increased them to almost double what I could pay. This company even had the nerve to serve lawsuit papers on me, while I was going through the bankruptcy proceedings. They did not comply with the guidelines of the bankruptcy laws. I guess they thought they were above the law or something. Needless to say, because I could not pay the ridiculous payment they were requesting, my bankruptcy was dismissed. My lender IndyMac Bank, now known as One West Bank then decided to send me a loan modification package. I sent in all the paperwork they requested and kept requesting in order to get my loan modified. I heard nothing back from the lender as to whether it had been approved or not. I called and for three months I heard the same phrase, over and over again for 3 months every other day that I called, for a status report. " It is still in review." Right, still under review. Are you kidding me? How long does it take for someone to review 20 pages of paperwork and a hardship letter? Meanwhile, the foreclosure date was looming. I sent letters to IndyMac asking them to stall the foreclosure, explaining to them that I had 2 grandchildren ages 5 yrs and 15 yrs living with me, plus my daughter and myself that they were willing to just throw out on the street, should the foreclosure happen. How can these people sleep at night? They did not care. They say they want to help people, but the reality of it is, they don't want to help any one but themselves. They were determined to get my house and were unwilling to help me keep it. Bottom line is, they did everything they could do, not help me. I decided to put my home up for sale during the next 3 months in hopes, that it would sell before the auction date. It did not sell and so the auction went as scheduled. During the auction no one bought it, so it went back to the bank. I did not hear anything about what action was going to be taken in regards to the foreclosure after the auction, until 5 days later when I received paperwork taped to my door about a "cash for keys" program and who to contact about it. I contacted the real estate agent assigned by the bank and signed all the necessary papers for the "cash for keys" program. My family and I were given 3 weeks to get out. We complied, but I still received court papers with lies, stating that I refused to leave the property and they would be bringing a lawsuit against me. In the end I lost my home, but was fortunate to be able to find an apartment for myself, daughter and grandchildren to live. I believe this financial institution is a horrible lender, they are predators and have violated the law according to President Obama's stimulus package in keeping families from losing their homes. I certainly qualified for the lower interest rate, but they did nothing to lower it. They kept it at 8%, instead of what I was qualified for, which is 4% or lower. These people are cruel. They throw families with children out on the streets, just so they can get some money back on a house that they really don't want anyway. They have already been in the news several times before for the same thing and they still continue to do business. We need to ban together and close the doors to this despecable financial institution. Justice needs to be served here in a court of law and we need to be compensated for all the anguish this financial insitution has caused each and every one of us who has a loan through them. If anyone reading this is thinking about getting a loan through this lender, I am pleading with you, begging you to look elsewhere. You will lose everything to this mortgage company. When I say everything, I mean everything. I almost lost my family to this lender. Luckily, I didn't, but you might not be so lucky.
Posted on 10/21/2009
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Does anybody have a positive experience with these guys? I get the same collection phone calls talked about buy always have paid before it was 30 days late. I was thinking of applying for a hardship loan mod after hearing from some of my friends who did them with other mortgage companies. One of my friends got 2% interest only for 10 years!! Anyway, I see a lot of negative feedback, wanted to know if anybody has positive.
Posted on 10/19/2009
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Indymac/One West Bank have been anything but helpful. I have been trying to modify my mortgage since February & have had to keep re-applying because every time I mail, certify mail, or fax in my modification application, I am told that I did NOT send all the paperwork they requested (though I have copies of all the pages of each modification application). I always make copies of everything I send Indymac. When they claim I didn't send them everything, I offer to mail or fax the "missing" pages, but they tell me it's too late.
One time, after I sent one of the modification applications in, Indymac told me I gave them incorrect financial information over the phone (about my income & expenses). I never gave them the information they claim I recently told one of their customer service representatives. Every time I received a letter (from Indymac) telling me I did not qualify for the "modification" because of something I didn't send them), I call their customer service center & am told I missed the deadline for the modification I applied for, but that their is a "new program" that I will have a better chance of qualifying for, though they will not give me any details about the new "program". I've gone back & forth with Indymac for 8 months now. Just last week, they told me that my account is NOT passed due, so I won't qualify for any of their modification programs (but Indymac has been telling me otherwise for the last 8 months). The Modification under President's Obama's Home Affordable Modification Plan (HMP) wasn't supposed to be just for the benefit of those who are significantly passed due.
A couple months ago, Indymac's collections department began calling me at least three times a day concerning my "late" payment. Indymac begins calling me on the second day of the month (when I'm one day late). If I talk to Indymac's collection's department the first time they call, they continue to call me two or three more times that same day. I have called a TV station, the FDIC, & am considering taking legal action. The more they call, the more upset I get. If you're talking to them, they shouldn't call several times a day, every day (& shouldn't be allowed to do this). The more they call, the more I don't want to pay them.
This afternoon, I received a letter telling me to immediately pay the late charge Indymac agreed to wave. How did Indymac/One West Bank get such a good rating form the Better Business Bureau??? I'm not the only one in my neighborhood who has had a terrible experience with Indymac/One West Bank. I wish more people would say something or file complaints. This bank should not be able to do this to people. We pay them a lot of money every month!!
Posted on 10/9/2009
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i am getting the run around with indymac since last year I needed help for one months I ask if they could move one month to the end of my loan the offered to lower my payments for three months. I was not informed about the loan modification at this time. then i was told i need to fill out the loan modification papers to keep the payment lower. that feel through they said i was late sending them in. then i received a new program which stated that I was approved and need to sign he new loan modification and have it notarized and mailed it back I kept in contact with then and two days before it was to be finalized. They tell me that that program was no longer in affect and the new Obama plan was to be filled out so again all this time I paying the lower trail loan modification payment on time.. I sent in the package and called them the next day to make sure they received the package was informed yes and that everything was good . i received a letter from them saying they received my package and said the would keep in touch with me to further assist in the process. I made my second payment in august and ask how things were going with my loan and was told good that I should be done by the next payment. so On the first of this month I went to make my payment and was told I owe 5 months of 12,000 dollars that my loan modification was denied because I was missing paper work. how was i not call or had a letter written the said the don't send letters out to inform borrowers,,, so how is it that i did get a letter saying otherwise now I m 5 months behind with 10,000.00 owing cause I made a payment so i wouldnt be 6 months and going into foreclosure. So I m to reapply and now the new program wants so much paper work since Iam self employed. Im afraid the will have me spend the extra money on a CPA and some how lose my papers. This is a class action law suit we need to ban togehter and file
Posted on 9/3/2009
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Just like all the rest who has dealt with or deal with Indymac now One West Bank I am experiencing the same unethical treatment. It is unbelievable that the company has a A+ rating given the negative reviews I have read and unfair practice that are being implemented. Since April, I have been attempting to go through a loan modification, which is what I was told to do since I qualified per President Obama's HMP program requirements. I have been misguided one representative told me that the company is not trying to help people modify their loans unless they are on the verge of foreclosure and that was the only way they would modify my loan, which does not make any sense because per President Obama’s HMP program, the plan is to help those that are NOT on the verge of foreclosure and are up to date on the mortgage payments but have suffered due to the decline in market value. Another representative advised me of the load modification process and required evidence to provide, which I have submitted not only once, not twice, but three times over and been doing everything possible on my part to practice due diligence. Indy Mac has claimed to have never received anything, paperwork was insufficient, or simply put did not know what happen to the paperwork. I have reached out to Indy Mac on a number of occasions and now on a bi-weekly basis only to hear to same lame explanation that my application has been received and currently under review and I should expect to hear something within 30-45 days. I have received notifications in the mail almost weekly rehashing the same statement. Ever since I started the process I have received nothing but vague and unclear answers, and at worst, pure deception and fabrication of information. It’s been over 5 months into the process and I have yet to hear from anyone regarding my application and still as I contact IMB (now One West) and they are still feeding me lies and tell me that my case is still in process. I have complained to higher authorities and supervisors but yielded the same responses, and it seems that I am just being given the runaround with no end in sight. We are extremely disgusted with this company, and looking to pursue legal action against them. I think the government really needs to check into the company’s loan modification process. I am in the military and trying to maintain integrity, honor, and commitment by staying on top of my financial obligations and clearly qualify for President Obama’s HMP program and should qualify without having to be negligent or defaulting on my loans. Because of the company’s lack of assistance and unwillingness to help is putting me at risk to losing everything, my hopes, my dreams, my career, everything.
24 Aug 09 - I received a letter from a Escalation Specialist for IndyMac Mortgage Services advising me that my request/compliant is inaccurate. However, their response insults my intelligence and degrades my integrity. According to One West Bank, my request for a loan Modification under President's Obama's Home Affordable Modification Plan (HMP) in March 2009 is not valid. In a statement written directly from the Escalation Specialists "The HMP is to assist borrowers who are facing a financial hardship resulting in - OR LIKELY TO RESULT IN - a default under the loan." Well, the main reason for requesting the loan modification was exactly due to facing financial hardship LIKELY TO RESULT IN a default under the current loan. Another statement read "The HMP provides potential modification options for delinquent borrowers OR BORROWERS FACING IMMINENT DEFAULT (VERIFIED FINANCIAL HARDSHIP SHOWING DEFAULT WILL INEVITABLY OCCUR)." Again, I submitted the request under the condition that I would/am facing imminent default and provided substantial financial hardship information (more than once) that proves default will inevitable occur. Despite that I meet the criteria in more ways than one, I have yet to hear back from One West Bank regarding a decision. I receive a letter back in July denoting that my loan request is currently under review and that I someone from One West Bank will be contacting me once the process has been completed. Well guess what folks, I've been getting the same letters stating the same verbiage since May and still, no one from One West Bank has called, emailed, or contacted me by any means. I cannot express the anger and frustration that I feel trying to keep up a mortgage that I can no longer afford and will only worsen after my ARM kicks in and not get any support. I have been more than patient and have kept up my end of the deal so far. All I am asking is for One West Bank to respond in the time frame and manner they projected and per written correspondence. Can someone explain to me why it is taking extremely long to make a decision when I provided the evidence necessary to verify and considering I meet all the requirements under the HMP.
Posted on 8/11/2009
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In 2007, Indymac bought my loan from the original lender. In February 2008, we became behind with our mortgage because of my hours being cut and the loss of a client of 20 years that I do transcribing for at home. In December, 2008, I received a foreclosure notice and a sale date in February, 2009. I immediately called OneWest (Indymac at the time) and was told I could apply for a modification. I did so and they put the foreclosure on hold. After calling weekly for updates, they told me in April, 2009 that I did not qualify for the modification because they only serviced the loan for the original lender who was not honoring the modification process. However, I called back a week later and asked about President Obama's HMP program and was told to fax over the necessary paperwork. I did so the beginning of May and a week later I called and they said they did not receive them as they were having fax problems. I faxed it again, called them, and they ackowledged that they did receive it. I have been calling every week to two weeks since then and have been told with every phone call that they are still working on it and that I would hear something within a few weeks. Needless to say, I woke up this morning and found a Notice to Vacate within Three Days on my door and a notice that my house had been sold at auction. They never notified me of this and when I called today, the person I spoke with said that there is neither a denial or approval regarding the program I applied for. If that's the case, how can they sell my home?
Posted on 7/28/2009
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This company is not trying to help people modify their loans unless they are on the verge of foreclosure. I spoke with a representative from the corporate office that told me that is the only way they would modify my loan. Even though I have submitted paperwork and have been given the run around since April. I think the government really needs to check into this companies modification process. I clearly have a hardship and clearly should qualify without having to be behind on my payments. This puts people is a worst situation, by telling them that they have to be behind on their payments in order to get a modification. I have talked to several lawyers and they all say that this is not only unfair, but stupid.
Posted on 7/15/2009
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This company has been acting very unethically in dealing with us. We have been attempting to go through a loan modification directly with them, and have been doing everything possible on our part to follow their requirements. This includes sending in all documents on time (we have proof) and corresponding with them on pretty much a biweekly basis to follow up on the status of our modification. Of course we have been hypervigilant because we do not want to lose our home. What we have received from them has been at best vague, unclear answers, and at worst, pure deception and fabrication of information. They have been telling us over the past several months that it would be 30-60 days from the date of submission of our application before we would get a decision, and that we were to receive mailed notice that our application was received and has begun to be processed. Well, we never received any such notice in the mail, and every time we inquired about this in phone correspondence, we were told "it should be coming soon" and "it doesn't really matter, because it shows on our system that you have already submitted". This of course made us nervous, but we were fortunate to have sent a hard copy (as well as fax) certified mail, and have a return receipt as proof. Come 60 days later, we contact IMB (now One West) and they tell us that our case is still in process - when we confront them with the 60 day deadline, they tell us that our application was only began to process about a month ago, on a date that we never heard anything about before?! When we tell them that we have proof of the date of receipt, they tell us that it doesn't matter - we have to wait. Further complaints with higher authorities and supervisors have yielded the same responses, and it seems that we are just being given the runaround with no end in sight, and are now dangerously close to foreclosing. We are extremely disgusted with this company, and will be pursuing legal action against them.
Posted on 7/10/2009
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I got stuck with this company when i first bought my house. And i can"t wait to get off from them. I had to get a lawyer to have them refund my money for a wind and storm policy that they had forced placed on my account, even though i already had a wind and storm policy- which they had already had in their records. I got my money back but i had to get a lawyer to do so. And now the worst nightmare was after hurricaine ike to get them to release the funds so i can get my house fixed. they put me through a night mare. first they told me that my check was mailed out, after a week of not recieving the check i called and they said that they were holding on to the check and it was going to be distributed out in portions. evryday i called i got a different story that my check was mailed out , no it wasnt. i even called one time and i was told that i they could not find my information...it's been almost two months since part of my roof been uncovered and they will not release the funds. the whole thing is a nightmare. And the worst thing is they never let you talk to a supervisor, because they are busy taking other calls. it takes a week for them to get a inspector to your house and annother week for the inspection report that is faxed to them, to get into their database for them to be able to see it. when i asked what happens if my partial uncovered house got any more damages because they were holding the funds, they told me i would have to file another claim with my insurance company. up to now my situation has not been resolved. cant wait to get off from this company.
Posted on 6/22/2009
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Things with this lender were fine at first, then we get a letter that our house is suddenly in a flood zone and they want flood insurance (after 3 years with this company). I called my county official who said we are not in a flood zone. When I called IndyMac they said the county could not determine this, we have to go through FEMA. Turns out I have to pay for a professional surveyor to complete the paperwork - could cost $500 or more. in the meantime, they got 'insurance' for me at $2000. a year and coincidentally, my escrow is short (second year for this) and my payment will go up $450 a month!!! I checked with my neighbors (yes they have different mtg companies) but none of them have flood insurance. IF FEMA sides with me, I will not recover any money spent to prove that IndyMac was wrong!!
Posted on 5/6/2009
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There is nothing good about this company. Everything you do you submitt online and when you call to check if they received your paperwork. They don't have any record of it. unfortunetly we got stuck with this company when we purchased a new home. They claim to be supportive and want to help but they do not.
STAY AWAY FROM THEM!!!
Posted on 5/5/2009
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indymac cannot be trusted, they will compile escrow and have no answer for doing so. Recently i had thier hazard insurance at 500.00 dollars and this year it went to 2300.00, when asked what the reason i was told to contact the insurance which i did. i gave the policy number to balboa insurance and they had no info on this policy and made a three way call to indy to help resolve this matter. to make a long story short, im paying for a policy that doesnt exist. End result mortgage going from 550 to over a 1000. Dont mess with these fruadsters, they do this cause they can.....its sad..
Posted on 3/5/2009
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