National Shame IndyMac/One West Bank Day on January 4, 2010

Mad as Hell and Not Going to Take it Anymore

IndyMac forecloses on Luis Benito's home

Let's Make January 4, 2010 National Shame on IndyMac/OneWest Bank Day

Like many  people in this country I am one of thousands, if not millions of homeowners,    suffering and struggling with a bad mortgage . I have written a couple of blogs about my misadventures into the strange and frustrating World of Loan Modification. ( http://hubpages.com/hub/My-Personal-Hell-Known-as-Loan-Modification-Part-2)

Based on news articles, Internet searches and talk radio, I knew I was not alone in my misery or frustration in attempting to get my lender to do the right thing and modify my loan, but what I did not know was the magnitude of people facing the exact same situation as I.

If there is anything "good" to come from this bad experience, it is the comfort of know we still live in a world with people willing to share their stories and empathize with you. This situation has caused me to make acquaintances I probably never would have but for this dire economy and mortgage crises.

For example, my new email buddy, Mike. He is an elderly man living in New York recovering from a heart attack. His wife is also ill and suffers from extremely high blood pressure. Medical bills and a decline in income contributed to his falling behind in his mortgage. Mike wanted to do the right thing. So he called IndyMac/One West immediately when it became apparent he would not be able to make his mortgage payment.

Mike ( like most of us ) have listened to so-called financial "experts" with their advice to homeowners that priority number 1 in saving your home should be: Call your lender immediately upon knowing you will not be able to make your mortgage payment.

Why is this always recommended? I think this is outdated advice. This advice may have applied when my mortgage was held by my local bank branch. When I could go into the bank and meet face-to-face with the Manager and explain my situation. These days I call my lender to let them know I am having trouble and my call is outsourced to India or some other 3rd World location where my "Customer Service Representative" can relate to me as much as I to them. These pseudo employees of my lender have no concept or understanding of American life nor do they care about our economic problems. And, can you blame them? Our banks set up these Call Centers in countries where they can get away with explotation of workers in sweat shops. My bank's "Customer Service" department is trying to make a living on pennies a day and I probably come off sounding like some spoiled rich American trying to get away with not paying the mortgage.

In any event, Mike listened to the "experts" and their outdated advice and called his lender. Unfortunately for Mike, his lender is the infamous IndyMac. He told IndyMac's "Customer Service Representative" about his heart attack, his wife's high blood pressure, his decrease in income; and all the valid reasons why he was having trouble paying his monthly mortgage.

Did he receive any assistance from IndyMac's "Customer Service"? Well.......if you consider their advising Mike to "eat less and go with heating his home" as a means of coming up with money to pay his mortgage, then I guess they were helpful! Bottom line, IndyMac's response to Mike's request of receiving a loan Modification was "NO" as it is for 99.9% of IndyMac's customers.

Mike forwarded this interesting though somewhat maddening, article to me written by Patrick Pulatie the CEO of a Forensic/Predatory Lending Audit company in Antioch California. Patrick's article masterfully articulates the devious and fraudulent practices of IndyMac/OneWest http://iamfacingforeclosure.com/blog/2009/12/01/anatomy-of-a-government-abetteded-fraud-why-indymaconewest-always-foreclosesOur government is condoning this blatant rip off by IndyMac/OneWest and Obama's Administration gives nothing more than lip service to consumers about "modifying loans" "helping homeowners and families stuck with toxic loans". Where is our help Mr. President?

There are thousands of people nationwide with their stories of their own personal hell known as loan modification. I have listed a few of them here. Seriously, I am dumfounded by the glut of IndyMac/OneWest complaints, although, I know I shouldn't be having my own firsthand frustrations with them.

From the complaintsboard.com:

tasR44 writes:

"I begin working with Indymac back in February 2009 on a modification for my rental property, they had me send in all of these documents month after month, everytime I called in i was told it's under review until finaly 09/23/2009 i was told they don't do workouts of any kind on rental properties and I need to pay $14, 363.93 to bring my loan current or go to forclosure sale in October. I told them I have a ederly tenant, the supervisor then said have her move into a senior home!"

Ceecii writes:

"IndyMac Mortgage purchased my loan from another company. After about a year into my "3 year -fixed" adjustable rate loan, my rate adjusted. 3 months later, it adjusted again. As I put the house on the market, I was told I had to pay $300 just to find out if they would accept a short sale and then it could take weeks to find out. My buyer was eager to purchase a home and refused to deal with IndyMac and their crazy terms therefore, I lost the sale and ultimately the home. Before walking away, I again received another notice from them saying my rate was to adjust again. To this day, I still cannot figure out how a 3 year fixed rate on an ARM can adjust 3 times in 1 year. Put me in for any law suits that come up...they are getting what they deserve from the Feds. Also, my home has now been vandalized as they have yet to secure it since the foreclosure. It's been 7 months already. Glad to see them loose in the end."

Pullman writes:

"After facing foreclosure, I contacted the bank and applied for the President's Home Modification Program. They put the foreclosure on hold while they were working on the program. I called them frequently for updates and was always told they were still working on it and everything was still on hold, not to worry. Yesterday (7-28), I received a Notice to Vacate and that my house was sold at auction by the bank. I find this highly unethical, if not illegal, and would like some help in rescinding this sale."

And more from the war:

MMnKL writes:

"The same exact thing happened to me. I called them constantly for updates. Numerous times they told me "your loan mod is in review, and the foreclosure is on hold." On 7/28 a realtor came knocking on the door asking my wife "how many bathrooms does this house have?" The realtor then informed us the house went back to the bank on 7/22. I checked with Onewest and verified it foreclosed . I am a homeowner for 22 years and bought this house in 2005 for a little more room for my family of five.
It's a long story, but it is now 9/23/09 and we are still in the house. I have an attorney and we are suing them for wrongful foreclosure. They had incorrect default amounts, violated California civil code 2923.5.(a)(1)and (2), and assembly bill ABX2 7, and led us to believe they were trying to help us. We have an eligible loan for the HAMP program, I have the income to qualify for it, and all they did was jerk me around for 8 months, then steamrollered the foreclosure. I NEVER ONCE got a call back from them. I documented EVERY one of my calls to them to check on the status and who said what. The always told me "your loan mod is in review, and the foreclosure is on hold".
Don't let these guys bully you around, PLEASE take a stand, hire a good attorney, do your homework and get your home back!

HighsaDitty writes:

"I've been in the loan modification program for 13 months now with IndyMac/One West Bank and have been lied to about the application process and have my application delayed to the point where now I'm in foreclosure because of their unwillingness to give me a straight answer, yet they continually tell me my account is being reviewed. It appears they are trying to force me into forclosure to receive some type of kickback from the FDIC. They have not been working with us nor anyone I know that has a loan held by them. I send them the needed documentation they tell me it could take 90 days they stall and request to same documentation 90 days later. All the while I receive a letter on September 11, 2009 stating my goes to foreclosure on September 29, 2009. Eighteen 18 days after receiving the letter. They have been unwilling to work with their customers although the house is worth $150, 000 less than what I purchased it in January 2007. They are lying through their teeth and trying to FORCE their customers into foreclosure. Follow this link to see the deal they struck with the FDIC. Whom I also filed a complaint with."

VanJohnson writes:

"At the end of last Year I called Indymac for help. I could no longer afford my payments on my house. They told me to fill out the loan mod packet and send it with a payment of almost $3000. The deadline they gave me was 12/31/2008. I sent the loan mod packet with a payment on 12/27/08 and it was received in their office on 12/28/08. I even have the registered mail receipt and the person who signed for it in their office. On 12/28/08 they filed a NOD (Notice of Default). Since then I have been calling and following up with them and they are sending me in circles. They denied my loan mod, and won't give me a reason why. They also breached their contract with me, which was to send in a payment with the loan mod packet and everything would be OK. I am currently living in the house and don't know what to do. Indy Mac is full of fraud. Their promise to help consumers is fraudulent and deceiving. The lady I talked to on the phone today at Indy Mac was very rude. I told her I would go to my local congress rep with this breach of contract. Her response was "there are hundreds like you"."

And, I could go on and on.


Oh President Obama, where are you? Your "Making Home Affordable" is not working and IndyMac/OneWest Bank has found ways to legally avoid having to follow the guidelines. Mr. President your administration's Michael Barr stated the other day " most of the banks were not doing enough to modify loans and should be embarrassed and we should shame them". Public humiliation? Scorn? Is that the answer Mr. Obama?

Come to think of it, public flogging of IndyMac/OneWest's investors would be an excellent idea, but since that is not legal, I am calling for a "Shame IndyMac/OneWest Bank Day" nationwide on January 4, 2010. Go to your local IndyMac/OneWest Bank and just hold a sign saying "Shame on you IndyMac/OneWest for foreclosing on us".

If you live anywhere within driving distance of Pasadena, California please join your fellow foreclosure victims outside the Corporate Offices of IndyMac/OneWest, 151 N. Lake Ave., Pasadena, California around noon time on January 4 2010 to shame these bloodsucking, greedy bank executives.

Exercise your right to shame IndyMac/OneWest into doing the right thing!


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Comments 37 comments

pmccray profile image

pmccray 6 years ago from Utah

No need for anyone to blame Obama he put the programs in motion for lenders to use, unfortunately it is up to the lenders decretion to use the programs. I work in the mortgage banking industry and I am shocked and horrified at the amount of greed and insensitivity of some lenders. I am in the same boat as you and others. Called my lender the first month I knew trouble was brewing. Chase immediately put me into loan modification and mine worked out fairly well with little to no brain damage. As I said before it all depends on the lender. Indymac, during the boom, had the worse fly by the seat of your pants programs for borrowers, and is now giving them hell to get out of them. I'm working on a piece regarding just how greedy these large corporations are, how they scammed consumers into these loans, pocketed our bailout tax dollars then turn a blind eye to us when we're in need.

Regarding the outsourced call centers; this has been a thorn in my side for years. I think consumers need to start a class action suit against companies for releasing our personal financial information to an overseas entity without our written authorization. I too have been denied services with my former satellite dish provider due to the fact that some non-english speaking call center worker literally told me that I could not have more than one TV in my home...I cancelled my account the same day and re-ordered with a competitor. When asked why I cancelled I told them I can't get past your call center to talk to my own countrymen. Great Hub...it so brings to light what the everyday Joe is going through. Our media doesn't feel that these types of stories are newsworthy.


Askme profile image

Askme 6 years ago Author

Thank you PMCcray for reading and reviewing my Hub. My hat's off to you for taking action & cancelling your dish service because you could NOT get service from their outsourced call center. More of us need to do that. Too many of us just put up with BAD service. It should not be that way. I've heard it said too many times that "Americans don't want these jobs", but I can tell you from personal experience, being a small business owner for years, I have people daily walking into my store asking for work. I ran an add the other day for counter help and within an hour of that job being posted, my email and voicemail were max'd out. I've found people are willing to do any kind of work and do it well. Nothing is beneath them. At least from my experience.

On another note: IndyMac is reading this blog and have started calling me---hummmm wonder what that means? Too late, tho' I've already retained an attorney.


janet 6 years ago

one west need to help us


sandy  6 years ago

one west bank denied me 3 times said there investors are not participating in the modiffication program they did get the bail out now help familys dont kick us to the strets we are human..


br 6 years ago

this bank is no good crooked powerful people stand behind this bank.the truth is fraud banksters are in indymac


indyliedtometomuch 6 years ago

i was lied to to much iam seeking an attorney and iam taking indymac to court ,they are helping no one why? foreclosure is 1,000 of dollars, its alot of fraud there doing more than we see the powerful people are behind this bank..we need justice this is america people fight , fight for your rights,i called the president commet line and i was told that they get calls on indymac alot. know who to vote for when voteing time comes.thank you


janet 6 years ago

The Care Bair – FDIC’s Sheila Bair Wants Principal Reductions from Banks With Loss Sharing Agreements

I’ve had a love-hate relationship going with FDIC Chair, Sheila Bair since 2006. In case you don’t remember, Sheila was the Bush appointee with a brain and a heart, go figure, who first uttered the term “loan modification,” to which, I believe, Hank Paulson replied: “Yeah right… Sheila, be a doll and run down to the corner and get me a Nonfat Grande Vanilla Latte, would you please. Thanks.”

And, even though she brought it up several times after that, and Congress asked her to come testify about it, that was about as far as she got with the idea while Bush was in office. Oh, I know, I’m leaving out the one Hope-4-Homeowners modification… so, big deal.

So, then as all the Bushies were loading up the wagons and heading west to the Lone Star State, Sheila stayed behind. Republicans accused her of sucking up to the incoming Obama Administration, jockeying for a position that would let her keep her job. Frankly, I didn’t care what the Republicans said at that point in the game. If Sheila thought she could get something done in the loan modification department, then by golly, let’s give the woman a try… Lord knows Paulson was in no hurry to modify loans, unless perhaps Goldman Sachs was the borrower.

So, at this point I liked her. After all she was getting absolutely no support from her Red State pals, and she seemed to have her heart and brain in the right places.

Then she took over IndyMac Bank and did a masterful job, the papers reported. I don’t really know how perfect it was, but quite a few people said it was a model for the rest of the banks in this country.

Then Obama announced the making Home Affordable program, the one that had absolutely no shot whatsoever of working, and basically she went along for the ride. She was honest on ABC News last April, telling everyone watching that the Making Home Affordable was not designed to stop foreclosures, and I published several articles in which I referenced her quotes on that subject… but no one listened back then. That was when the Obama plan could do no wrong. (Now, it seems, it can do nothing right.)

Sheila is also the one that negotiated with the purchasers of banks like IndyMac, so that they could buy the bank with a loss sharing agreement. Under most loss sharing agreements, the FDIC agrees to assume up to 80% of any future losses, up to a certain threshold, and the bank gets the other 20%. If losses exceed that threshold, FDIC picks up 95%.

Pretty cool, huh? Maybe we should pool our money and buy one of these failed financial institutions. After all, there are going to be quite a few going on sale in the coming months.

FDIC says they have loss sharing agreements with 53 financial institutions, but I haven’t been able to find the list. Bloomberg reported the FDIC having loss sharing agreements worth $101.9 billion, including 44.7 billion for single-family loans.

Of course, after IndyMac was sold to a new group of investors (the largest two shareholders are George Soros, Michael Dell) and renamed One West Bank, I started liking her less. She just hasn’t been doing much lately. Oh sure, she takes over a couple of banks a week these days, but I can’t think of a thing she’s done this whole year to help a single homeowner. I’m sure I’m wrong about that… I hope, but it doesn’t change the fact that IndyMac and other banks and servicers have been abusing homeowners and she hasn’t done anything meaningful to prevent it.

Well, now Sheila the Care Bair is speaking out once again. And this time she’s talking about principal reductions. (You go girl!) Late this week, Sheila told Bloomberg News:

“We’re looking now at whether we should provide some further loss sharing for principal write downs. Now you’re in a situation where even the good mortgages are going bad because people are losing their jobs. So you have other factors now driving mortgage distress.”

Sheila has started talking seriously about lenders reducing the principal on $45 billion in mortgages that have been acquired from failed banks taken over by FDIC. It’s not like this step alone would solve the foreclosure crisis the country is facing, but it would certainly be a step in the right direction, as it would establish the importance of principal reductions.

Up until now, of course, the issue of principal reductions has been a bit of a third rail with the American public. Why should “they” have their mortgage balance reduced? “They,” who made irresponsible decisions, took on too much risk… blah, blah, blah.

The truth is, those thinking this way are their own worst enemy, they just don’t realize it yet. They will soon enough, however. It may seem counter-intuitive, I realize, but I’m going to take a shot at simplifying the issue… so, here goes:

First of all, let’s just establish a few things:

A. Banks don’t really have much money to lend out for 30 years. They have a lot of money to lend out for short periods of time, like annual revolving credit lines, things like that, but not much at all for longer-term borrowing. That’s because people don’t put their money into banks and just leave it there for 30 years. The vast majority of people would put money into a CD for a year or two, but not much beyond that.

B. So, when a bank originates a mortgage, it plans on selling it in the secondary mortgage market*… not keeping the loan on its balance sheet. (*The one we don’t have any more because no one trusts those AAA ratings Wall St. was so fond of during the bubble.)

C. Banks have ratios they must comply with in order to be considered solvent by federal banking regulators. They have to have x amount of cash or cash equivalents, and they can only hold x amount of less liquid, and therefore higher interest bearing, types of securities.

D. When a bank holds a loan on its balance sheet and it is paying as agreed, it remains in a homogenous pool of loans and everything is fine. But when a bank learns that a loan they are holding is at risk of default, the bank has to take that loan out of the homogenous pool of loans and place it as an impaired loan into a heterogeneous pool… and reserve for the future loss of that loan defaulting. Banks don’t like doing that because the higher the reserve account balance (called the ALLL – Allowance for Liens, Losses and something else I can’t remember at this moment) the lower the profitability and therefore, the annual bonuses.

Okay, got it so far? Hope so…

We have reached a point where we have to stop foreclosures, because if we don’t property values will continue to fall and more and more people will start walking away from their mortgage whether they can afford the payment or not. This will put even greater pressure on the bank’s financials, because at a certain point what we’re talking about is stabilizing the banks, remember. Lower values mean less spending, which in turn means layoffs, which bring more foreclosures… foreclosures breed foreclosures, remember?

There’s another dynamic involved and it involves the so-called toxic assets that are still on bank balance sheets just as they were last fall when Hank Paulson wanted to buy them off of the bank balance sheets with the $700 billion TARP money. Eventually, we are going to have to buy these “toxic assets,” from the banks, or they won’t recover and start lending again and we won’t see a recovery,

When Paulson tried to buy the toxic mortgages from the Banks into order to try to stop them from closing their doors for good, the problem was that the banks wouldn’t sell them at anything less than face value, even though they had been written down in most cases, and they certainly weren’t worth anything near face value.

Paulson couldn’t come up with another way of valuing them, especially in the time he had before the banks defaulted, so he didn’t have any other option other than to buy preferred shares of stcok. Without going into detail, preferred shares are equity, but they function more like debt or bonds, and they don’t have voting


Askme profile image

Askme 6 years ago Author

Janet,

I appreciate the post but we need to give credit where credit is due. Your post is actually something written by Martin Adelman. He's a master blogger and tells it like it is about IndyMac/OneWest. I know this is Martin's writing because I subscribe to AMandelman Matters and I read this article a few weeks ago.

Thanks for posting, but please remember in the future to give Martin or anyone else their props. Thanks


pissedoff 6 years ago

Does any one have a good lawyer for New york residents against IndyMac Bank??? They are a bunch of MORONS over there and deserve every lawsuit they get for wrongful foreclosures....!!!


jjjdc 6 years ago

Its time for the legal community in this country to step up and fight for the people. Without legal challenges to this bank they will continue to screw us all. Class action suits need to happen. I am in the same situation as everyone else with this Bank. Started mod process in April 2009, was offered a trial mod in August 2009, after making four payments, I was told on the 5th month I was denied, no explanation given, no official documentation from the bank to verify I was denied. Only a verbal sale date given that will occur on 03/15/2010. They have been stringing me along for several months while late fees, attorney fees and other fees added up. All told I now owe $28,000.00 more on my note than what I loaned 5 years ago WTF is that, even if they modified my loan it would be crazy to add that much more to the back of my loan. This will most likely result in me having to file bankruptcy to protect myself from a deficiency judgment when the house sells at auction. How does this help the economy?


Askme profile image

Askme 6 years ago Author

Thanks everyone for your comments. I knew I was not the only

one going thru this although OneWest would make me think that no one else is having trouble.

I agree where are all the consumer attorneys? Where are the aattorney who sued Ford for their defective Pinto and Explorers? We need help.


ccarl 6 years ago

I am also looking for an attorney today. to find one that is already working for a homeowner against OneWest/Indymac, I recommend going to the US court site that lists all cases against lenders, look for a case in your local court, NY or Northern CA etc, then you can see the homeowner name, court, judge etc. I guess we have to sign up and pay 8 cents per page from PACER, which I am about to do to see which attorney is representing the homeowner. While it may not be the most direct path, it will take you to active cases, borrowers, courts, and should lead to an attorney. I hope. I have been fighting since 10/08, and have a sale date this week. Good luck to everyone. http://dockets.justia.com/search?query=OneWest&sea...

If that does not work start here: http://dockets.justia.com/search?query=OneWest&sea...

Good luck


Askme profile image

Askme 6 years ago Author

CCarl Thank you for the info. Everyone should check it out.

Also, there is a video circulating around the internet explaining in very simple terms the sweetheart deal OneWest investors made with the FDIC. The video is made by 2 mortgage brokers (who look like used car salesmen, sorry guys) and clearly lays out the "deal". It will make you mad. I know that several people have already forwarded the video onto every local, state and federal politian but please watch it and pass it on. Here is the link:

http://www.youtube.com/watch?v=sBLwLIPvcJU


Ron 6 years ago

If you want to join together to stop these people, come to indymacjustice.com. We must share information and knowledge in order to win.


ro brown 6 years ago

the banks got 75 billion dollars and only modified 35,000 mortgages under hamp program were is all that money ,? they are foreclosing because they make more money, why, is ots not going after onewest bank for fraud!!!why? why? why?


Askme profile image

Askme 6 years ago Author

ro brown: I AGREE. Someone needs to hold these fat cat, overly bloated, bankers accountable. Million dollar salaries, multi million dollar bonuses, lavish trips, insider deals. the Feds sent Martha Stewart to prison cause she allegedly got some inside info to sell before her stocks before they tanked....seems very insignificant compared to what these bankers are getting away with!!


Rick 6 years ago

It is a great idea to show up at their office and protest, but it doesn't take it far enough. They will just watch you from their ivory tower and give you scorn, but it will not hurt them. The best way to hurt a company is to get them where it hurts the most, in their pocket wallet. The way to do that is to prevent them from doing business. Everyone should make at least 2 to 3 calls to this bank everyday. If we had 1000 people making 3 calls a day to the bank that would be 3,000 calls and just ask a million questions when you get someone on the line. Then hang up and do it again. If you keep their phones tied up they can't make money. 100 people could do it by making 30 calls per day. Can you imagine if you had 500 people making 20 calls per day, that would be 10,000 calls they would never be able to handle the calls and do business at the same time. And if you are a reasonably go actress or actor you could ask a lot of questions about transferring money or looking for a loan to buy a house or opening a bank account. they wouldn't know who's real and who's not it would make there life miserable while at the same time make it impossible to conduct daily business.


Askme profile image

Askme 6 years ago Author

Rick, thanks for your suggestions. Actually the protest at the corporate offices of OneWest had more impact than calling. When you call OneWest your call is routed to a Call Center. Not sure where it is located but Call Centers get paid based on the amount of calls they take.

Our protest on Jan. 4 received the attention of the CEO who personally came outside and met with those of us there.

In my own case, I did receive a modification of sorts. It was what I originally requested from Onewest when this whole thing happened.

Public shame is much more effective than calling some Call Center who is probably an independent contractor and has no means of enacting any change.


Samuel 6 years ago

We have been fighting with indymac since 2008 .. They said we did not quailfy for the HAMP program..2nd time they said we made too much money and the 3rd time they said we did not make enough.. never recieved any letters by mail.. spent thousands of dollars already.. and continue to pay a lawyer.. what the hell is going on? They say our forclosure is on hold.. but I knew whats coming.I have been in my house 16 years and not going down without a fight. they will not take my home away!! Over my dead body!!dont give up folks .. keep fighting for your house!!


Hehrbehr 6 years ago

If you are fighting foreclosure or a short sale with the crooks at Indy Mac/One west. You owe it to yourself to have your Indy Mac loan forensically audited for violations of TILA, RESPA, HOEPA, and Predatory Lending Statutes. Contact Steve Skidmore [steve@endlessfrauddetection.com] or 512-670-0418 and learn how to fight back and save your home ASAP or contact me at hehrbehr@wowway.com


Brandon 6 years ago

I am dealing with Indymac/Onewest Bank. I applied for my first loan mod in july/august 2009, I supplied all I was asked to supply..paystubs, past tax returns, facts and figures of monthly debt. I received an offer in sept which I accepted and sent the first payment in on time. I called every couple of days from the time I originaly sent in the package to make sure everything was received from my end. Two weeks after the first payment was made I got a letter saying I was disqualified for the loan mod due to outdated/incomplete paystubs. Of course the paystubs were outdated I sent them in back in July/August!! Next... I reapplied and was entered into the hamp program. I made all three trial payment( I know does not gurantee a loan mod). I got an offer for a loan mod but it was not through HAMP because they verified my income at $9045.00(in actuality it is $6500.00). I requested a review of the verified income and was given a 72 hour review time twice..still is not done to this day. In the meantime my loan mod offer expired and I was told today that there is nothing that can be done since I refused their offer. I was also told the review will not be completed till April 22, 2010. Everyone I talk to says something different! Am I getting screwed..


Brandon 6 years ago

I am dealing with Indymac/Onewest Bank. I applied for my first loan mod in july/august 2009, I supplied all I was asked to supply..paystubs, past tax returns, facts and figures of monthly debt. I received an offer in sept which I accepted and sent the first payment in on time. I called every couple of days from the time I originaly sent in the package to make sure everything was received from my end. Two weeks after the first payment was made I got a letter saying I was disqualified for the loan mod due to outdated/incomplete paystubs. Of course the paystubs were outdated I sent them in back in July/August!! Next... I reapplied and was entered into the hamp program. I made all three trial payment( I know does not gurantee a loan mod). I got an offer for a loan mod but it was not through HAMP because they verified my income at $9045.00(in actuality it is $6500.00). I requested a review of the verified income and was given a 72 hour review time twice..still is not done to this day. In the meantime my loan mod offer expired and I was told today that there is nothing that can be done since I refused their offer. I was also told the review will not be completed till April 22, 2010. Everyone I talk to says something different! Am I getting screwed..


Askme profile image

Askme 6 years ago Author

Brandon, No one knows better than me what you are going thru. I feel your pain. I've been there, done that. What office of IndyMac/One West are you dealing with? If you are not dealing with their corporate offices in Pasadena, CA then you don't stand a chance.

The customer service dept in Kalamazoo, MI is nothing more than people with absolutely no authority to modify anything. You won't get anywhere with them. I sent them stuff 4-5 times.

Only when I started writing this blog, setup a twitter account and slamed OneWest all over the place, did I get anywhere. Plus physicially going to their corporate offices with just 1 other dissatisfied customer, didn't hurt either.

All I can tell you is to fight. How badly do you want to keep your home? If bad enough, use all the resources you can to get to the right people at OneWest. It will be worth it.

Yesterday I made my first payment under my newly modified loan with OneWest. I cannot tell you what a relief it is.

I had strangers knocking on my door offering their "help"...they only wanted to help themselves to making a commission short selling my home.

I feel so much better and you can too, just push on until you get what you want. It can be done!


Mark B 6 years ago

We received a construction loan from IndyMac in the summer of 2006 to build an estimated $1.5 Million home in California which would roll into a permanent loan when we were finished building the home.

So when we were finished in July 2007 we had a $1.2 Million loan amount; however, this was right at the point of the worldwide economic collapse and IndyMac removed every loan program from our list of options and only gave us 2 options: (1) a fully amortized loan between 8 and 9% or (2) a fully amortized 1 month Libor adjustable loan. Both of those two options were not sustainable and essentially setting us up for eventual failure.

They said that because we went stated income on our loan documents, which was suggested by the loan broker, we couldn’t qualify for a more affordable loan, like a interest only, when the construction loan rolled into a permanent loan. We had great income and credit; however, the loan broker steered us to the stated and inflated a lot of our numbers in order to qualify for the construction loan. If we knew that this would have made it impossible to qualify for an affordable permanent loan then we would have never signed up for the construction loan in the first place. That being said we don't know if IndyMac would have given us more affordable options, this is just what a representative said.

Now IndyMac/One West won’t even talk to us. We are current on our loan but we are only a few months away from being able to. IndyMac/One West has robbed us due to them removing all the many loan options that most borrowers have when we rolled from a construction to permanent loan.

WE ARE SEEKING A LAWYER TO TAKE ON OUR CASE.

EMAIL: bothofus@tatark.com


Askme profile image

Askme 6 years ago Author

MarkB, It does not sound legal that OneWest can change the rules mid-stream. Obviously you had a construction loan and that contract must have said it would convert to a fixed and/or permanent loan after the home was constructed right? One West took over IndyMac around 2008, I think. They would have to abide by the agreement would they not?

Good luck with your attorney search. I've learned it is a tricky thing finding just the right lawyer. Mortgages, loan modification, real estate law, it's a speciality and only few are really qualified but there are many, many scams out their. I fell for one scam and got screwed inspite of careful research. But lesson learned and managed to avoid about 5 other attorneys who were not qualified to walk my dog but wanted $400 an hour! Be careful.


FourHomelessFamilies 6 years ago

The Banks are getting richer and we lose our homes. We got behind and requested the loan modification, IndyMac (One West Bank) said they would send the papers. When we received, and returned them we were contacted and they stated they didn't receive them in time. They didn't send them to us in a timely manner but held off till there was not any time left before foreclosure so we're forced into Bankruptcy to save our home we have paid the full house payment on time for the last seven months since the BK but could not keep up with the chapter 13 payments. We had an lawyer who was quick to cash the check but slow to work on our best interest, towards the last few months he nor his paralegal would return are call, or emails to inform us we could actually call the chapter 13 trustee ourselves and we had our home sold at a foreclosure sale without the bank even informing us about the sale. We found out when a realtor came to see if the house was vacant so he could sell it for the bank, who bought it back for 60K under fair market value. My husband has applied for thousands of jobs. Yes even the minimum wage jobs that they say he is over qualified for with a degree in electrical engineering from Brown University. Now four families are almost homeless I say four families because my daughter and granddaughter live here as well, my legally blind step son, my middle daughter and husband that just moved here to find work since the area they are from is more depressed than Colorado (go figure) and then there is myself, husband, two grandchildren seventeen and two years old are going to be living under a bridge in Denver. The good news is my husband did land a job for 10.00 an hour yes that’s right one of those over qualified jobs hired him.


John Wright 6 years ago

Are you sick of getting the run around by Bank of Defrauding America concerning your modification!?

WHERE IS MY LOAN MODIFICATION BANK OF AMERICA?

If it walks like a piggy, talks like a piggy, by golly it’s a PIGGY!

BofA and it’s CEO Brian Moynihan reminds me of that song by John Lennon and George Harrison titled "Piggies" I invite you to listen to this song on youtube and see if it appropriately fits.

http://www.youtube.com/watch?v=NTmeHM-Hojg&feature...

Have you seen the little piggies

Crawling in the dirt

And for all the little piggies

Life is getting worse

Always having dirt to play around in.

Have you seen the bigger piggies

In their starched white shirts

You will find the bigger piggies

Stirring up the dirt

Always have clean shirts to play around in.

In their ties with all their backing

They don't care what goes on around

In their eyes there's something lacking

What they need's a damn good whacking.

Everywhere there's lots of piggies

Living piggy lives

You can see them out for dinner

With their piggy wives

Clutching forks and knives to eat their bacon.

John Wright vs. Bank of America Lawsuit at:

http://news.yahoo.com/s/prweb/20100323/bs_prweb/pr...

When I filed my lawsuit against Bank of America, myself and United Law Group thought of the many others out there in the same situation. It was then that we decided to educate the public on what these piggy banks are doing, as well as unite us all together as one voice. Please help me turn this David vs. Goliath modification process, into a Goliath vs. Goliath.

Please stand with me and United Law Group and send an email to Bank of America that states that we will no longer tolerate their potentially illegal, fraudulent, irregular and abusive business methods.

Divided we might have fell America, but united we must stand!

Please send your email directly to Bank of America and include the following:

1. Your name

2. Your complaint concerning your experience with Bank of America.

3. Please end your email “I support John Wright vs. BofA Lawsuit!”

4. Please send a copy of your email to johns-wright@hotmail.com

5. Please send your email to both BofA link below and the CEO email

BofA Linked Email:

https://www3.bankofamerica.com/contact/?lob=genera...

CEO Brian Moynihan:

brian.t.moynihan@bankofamerica.com

Matthew Task, Executive Relations

Office of the CEO

813-805-4873


Askme profile image

Askme 6 years ago Author

FourHomelessFamilies

I am so sorry for what you are going thru and if it helps, I can relate. Your story, my story--all too common in America these days. Banks get richer, we get poorer. We are fastly becoming a 3rd World country! One time a college degree from Brown University would be the ticket to a secure upper to middle class lifestyle, where your only concern would be where to go for vacation or should we remodel the kitchen. Now, you can only hope for a $10 an hour job as opposed to an $8.00 hr job.

Where is our bail out? Where is our help with "Making Home Affordable". I don't blame Obama completely, BUT I do blame him, Bush, Pelosi, Reid.

You need your home. Your grandchildren need your home. Your legally blind step son needs your home.

All I can suggest, is IF you have any fight left in you, keep fighting. OneWest HATES bad publicity. Start posting on every consumer website. Cut and paste this story you've posted here. Join hubpages, write about what is happening. Send your postings, stories directly to the CEO of OneWest anthoney.elbers@owb.com. They do not like adverse publicity. Write the whitehouse, your senator, send stories to the local newspapers, tv, radio someone has to hear you.

Good luck sweetie. We are all on your side!


tHE hUDSONS 6 years ago

My husband and I were just denied our loan mod by IndyMac/One West stating information they needed was not received on time. This is not true at all. I sent EVERYTHING registered mail and have the proof of when it was received and every time I called to check the status or had a question regarding them needing any more info for the millionth time I went through MHA and all conversations were documented. On Sept 1st 2010, I was told no more paper work was needed by IndyMac rep at this time but it would be a good idea to keep sending bank statements. The letter stating our denial was dated on August 29th, 2010. Does having every thing documented by MHA help me at all? We have been paying a trial loan modification payment for 7 months now, and the package to even be reviewed was never deemed complete, even after sending them absolutely everything. I know what letter is coming next. They are going to want us to pay the difference of 7 months of the original payment. My husband built this house with his own two hands. our original loan was for $5700, and it was modified for a trial at $2400! I guess so the difference would add up to an amount we couldn't possibly pay? I have been on the computer for three days now absolutely mortified at what I am reading. I had no idea it was this bad and I am so angry at what is happening to this country! My husband and I are ready to fight like hell. We are small business owners and took on Wallmart for infringing on our surfboard companys trademark and won! And we were told that no one wins against this company. We have a lot of fight in us, so please give me any more information you possibly can to help.


Askme profile image

Askme 6 years ago Author

Dear The Hudsons, I would suggest if you are anywhere within driving distance of Pasadena, CA you drive over to the corporate HQ of OneWest and cold call them. Ask for a Customer Quality Care Analyst and tell them you do not understand why Kalamazoo denied your loan modification. Ask them why they led you down the path of loan Modification with the idea after paying 7 months faithfully you'd get a permenant modification only to receive a generic "denied" modification form letter. Here's the deal Hudson's:

OneWest has you deal with their Kalamazoo morons hoping that eventually you will become frustrated with all their incompetence. About 75% of the people do and they just go away. If you persist, OneWest eventually sends you their denial letter. I am sure it's the same one I received. If you continue to pursue the loan mod either by filing BK or hiring an attorney to sue them for fraud and make them "produce the note" they will get their over-paid hired guns after you and fight you until you are broke. The best way to deal with OneEvil bank is to embarass them. you see their "investors" are the elite liberal bunch, friends of Obama therefore, they don't like their real way of thinking to be exposed from their "public" image of helping the "little guys" and "spreading the wealth". George Soros is a a major investor in the bank. His moveon.org promotes helping 3rd world people fight for rights and such, but as far as keeping middle class America in their homes....he could give a shit. So....do what my husband and I did, FIGHT. Embarass OneWest as much as possible including standing outside their bank with a sign in your hand.

We hired attorneys who took money and did nothing. We applied to all the government agencies like NACA and Making Home Affordable--none helped. Other attorneys talked about Class Action suits, but nothing materialized. Another attorney agreed to sue OneWest to make them produce the note to our house, however, he wanted $3,500 an hour. Many loans purchased by Onewest from other banks did not transfer the deed into OneWest, therefore they do not legally have the right to foreclose since they do not legally own your home. It's an option you might want to consider. Google the subject there are endless sites with details.

That's about all I can suggest. Best of luck to you.

Oh and if you have not read my other hubs....we worked out a deal with OneWest BUT only after we stood in front of their Corporate offices and embarassed them.


Askme profile image

Askme 6 years ago Author

HOPE. you posted a site for people to complain about indymac but it is not a working site. I truly HOPE hope that this was an error and you are not some idiot trying to kick people when they've already been kicked around enough.


Audrey Hart 6 years ago

We were put on a home savers loan with Indy Mac/One West Bank after we got behind. We were making payments on a program they offered us and payed on time for a year and a half. When Obama became president they took away that program even though we had SIGNED paperwork stating the program was good until 2012. They said we had to apply for the HAMP. We turned in the papework (many times) and made our pymts ON TIME. They kept saying we weren't turning in all the papework. They needed a profit and loss form. I kept faxing the one we got with our taxes. No one ever told us we had to go to an attorney to get one done. We got up with a HUD counselor who informed us what they were looking for and got it turned in that week, but it was to late. After over 8 months of putting her off, having her send in papework after paperwork and constantly telling her it was in review, they ended up telling her we were denied because we didn't turn the profit and loss form in the first three months we applied for the hud. Grrrrr we feel so defeated. Now they want over 36,000.00 dollars and we will still have to pay $1,900.00 A MONTH. If i could do all that i would have never needed help to begin with. After years of them saying they want to help we now are foreclosed and have a sale date of Dec. 13, 2010. Wish they wouldn't tell you they want to help when they really don't. Now i see all this about the FDIC. Guess they don't want my money when they apparantly are getting enough already.


OneMacIndywest 6 years ago

I want to tell you all a little story. The story begins, as all American dreams do, with unfettered hope and belief, but has, over time, become a nightmare from the darkest recesses of our national psyche. This is not a fairy tale, and I beg you to see yourself in our heroine; for you could find yourself in her shoes very soon. And I promise you that that is not a place you want to be. But read on, and judge the veracity of my words for yourself.

I have been in the mortgage industry for almost a decade, and have seen my share of the ugly side of lending: the foreclosures, the forgotten families, and the greedy, heartless, faceless “holder of the note” gone wild. I have experienced all of this more times than I care to admit, and have been ashamed of my industry more times than I care to count, but the borrower I wish to tell you of was the reason I broke into this business in the first place. People like her, hard-working, honest Americans, are the ones a broker like myself looks for day and night, and strives to take care of in whatever capacity we are capable of.

Why you ask? What makes her so special? There are many answers to these questions, and the easy answer would be that she perfectly fit the mold we in the business look for. She had been employed for 22 years with the same corporation, and had managed to pay every liability on time for her entire adult life. No late payments, no missed payments, and nothing at all to indicate that she would ever change. Her credit score was 780, and she had owned a home for 10 years in Miami Beach (an expensive place to buy). This showed unequivocally that she understood liability, and knew how to get things done in the lending market. In short, she was a lender’s dream come true. A loan you approve and forget about because the payments are always in on time, and so, as a lender, you just count money for 30 years. What could be better from our point of view than that? Every lender in the world will tell you the answer to that question is nothing; absolutely nothing.

This lady decided to move to Chicago to be closer to her corporate office, so she sold her home in Miami and took her dreams and possessions north to Chicago. This took place in 2006 while the housing bubble was still growing larger, and no one outside of the industry had any expectation that it may burst at any time. She did her due diligence while looking for a home in the Chicago area, and eventually settled on a brand new property in an area ripe for gentrification. Basically, she bought in an older neighborhood that was undergoing massive urban renewal projects that were projected to raise property values in her area significantly; as long as there was no unforeseen disaster looming. That is the danger of things unforeseen. They eventually come to pass, and no one is prepared to combat them.

She started with an Interest-Only Loan as at that time it made more sense to use her principal money on personal investments rather than giving it to a lender to make decisions with. Even though interest rates were high at the time, IO rates slightly higher than fixed, she was able to get the property for almost $75K less than it initially appraised for, so she was already ahead of the game. She maintained her perfect history, 0x30 on her mortgage, and everything else for that matter, but that was before the wise and powerful bankers in America decided to play 3-Card Monty with America’s future.

As the signs of the encroaching financial apocalypse began to show themselves, she attempted, through her lender, to pursue refinancing, but was told her case called for the loan modification process. The press was making a fuss about how these modifications were the way for borrowers to get the help they needed to stay afloat in the carnage that followed the bubble bursting, and as an intelligent and savvy borrower with a perfect history she expected the process to go smoothly for her. In that assumption, she would have been right if not for the new credit card laws passed that allowed the companies to raise their interest rates and reduce the line of credit available on any given card. These changes have had an enormous, unintended consequence in the lending world since loans are in large part based on debt-to-income (DTI) ratios.

Imagine this borrower has a credit line of $10K on a card with only a $2K balance, but is then targeted by the credit card company for a reduced credit line of say $2500, so her 20% balance has now become 80% without her actually doing anything irresponsible. Yet, when lenders looked at her DTI they would see that she is nearly maxed out on her card, and in this industry that is a major red flag. She understood DTI, and how it could affect her ability to qualify for extra money (even though she did nothing untoward or rash in terms of spending), but why should that hamper her from getting a reduced rate? It is asinine to ask a person to re-qualify for something they already have, or to tell them they must qualify to save money, but this is what is happening in America today. She signed no agreement stating she could not refinance in the future with the help of her lender, so all she is left with are questions. Questions that for her and the millions like her, unfortunately, have no good answers. The American Dream, for this model American, is quickly becoming the American Nightmare.

There are so many questions our borrower wants to ask, but there are no phone lines to call or government offices to visit with any answer other than, “talk to the lender”. This is just endless runaround from the lender, and more and more frustration for her and her family. How is it possible to be locked into a loan, with bankruptcy laws so much tougher, and have absolutely no way to refinance? More transparency in the industry is great, but how can our borrowers appease the credit companies interest hikes while losing equity in their property due to the housing catastrophe and still meet the necessary financial obligations they agreed to prior to this meltdown? This is a recipe for mass bankruptcy and foreclosure; two things that hurt us all in the long run.

It was March of 2009 when our borrower started the conversation about refinancing with her current mortgage company, Indy Mac, from the 7.625% IO-Loan to a 4.5% fixed rate. They explained to her that she would need to print out a new financial packet, and send it, along with all other pertinent information, in to be reviewed before they could proceed; she did just that. After an entire month had passed, she called in to check the status of her application, and was told that the servicing company, Indy Mac, was changing hands, but she would still be taken care of by the new investor, One West.

Just like that, she and thousands of other customers were being sold to the highest bidder, and after some research she discovered that One West actually only paid up to far less than full value for these notes. It gets better. One West actually had the federal government guarantee them anything lost over a certain percentage. What does this mean you ask? All the numbers are there in black and white on the internet for anyone to see; but no one looks. You do not have to be a rocket scientist to see that it would be more profitable to foreclose quickly and collect the guaranteed funds than to refinance the borrower’s note at a current market rate.

The changing of the servicer of her note, as unsettling as it was, would have been fine if not for the dramatic change in guidelines and customer service she experienced. This often happens after a change of this magnitude in any business field, but these differences were downright ridiculous. She was informed that the financial packet she had sent was no longer valid, so she would have to assemble another one before any process could begin. So, once again she followed procedure in hopes of capturing that elusive lower interest rate.

She waited and waited for a call to inform her of the status of her newest application, and finally tried calling herself to enquire; but to no avail. Her calls were treated as a joke. They repetitiously asked fo


Karen McCants 6 years ago

I AM PLANNING A MASSIVE PROTEST AT THE ONE WEST HEADQUARTERS OFFICE IN PASADENA CA. THIS MONTH (DEC.) REGARDING FRAUDULENT TREATMENT OF HOMEOWNERS QUALIFIED FOR LOAN MODIFICATIONS---PLEASE JOIN ME---MY EMAIL: mellojack2@aol.com


Askme profile image

Askme 6 years ago Author

Karen, Lots of luck with your protest. We found most people are apathetic and do not have any ambition to help themselves.


Sam 4 years ago

You guys are idiots, you have no idea how the mortgage industry actually works and are using ignorant platitudes that the media feeds you. I hope you all die in a rainy ditch


Askme profile image

Askme 4 years ago Author

Sam.....get some medication!

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