IndyMac Mortgage Services - OneWest Bank
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IndyMac Mortgage Services - OneWest Bank One West Bank Loan Modifications? Don't Make Me Laugh Internet
*UPDATE by author: UPDATE
3Author
0Consumer
0Employee/Owner
I applied for a loan modification with IndyMac in October of 2008, encouraged to do so by news reports indicating that customers should pursue loan modifications before being unable to pay.
A year and a half later, IndyMac is still claiming it needs more paperwork, my mortgage payment has actually gone UP thanks to a tax hike, and I cannot contact a human being there because every single phone number they offer is a pre-recorded message with no option for a live human.
I have been harassed with phone calls asking for my payment when the grace date is two weeks away, I have been called and told I haven't submitted paperwork that they have.
A congressional committee looking into the loan modification problems has been alerted and I am finding that I'm one of many complaining about this company.
The federal government bailed out IndyMac before it went bankrupt. OneWest, upon buying it, began requiring phone calls to customers asking when mortgage payments would be made two weeks before the grace period ends.
My house is for sale. A loan modification might make it possible to hold on to it long enough to sell it. Despite being eligible for one, my application is now a year and a half old and there is still no decision.
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REBUTTALS & REPLIES:
3Author
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Updates & Rebuttals
#1 Update By Author
AUTHOR: smb - (United States of America)
SUBMITTED: Saturday, February 06, 2010
POSTED: Saturday, February 06, 2010
A representative of OneWest called me the day after I posted this, saying they'd seen this post and wanted to see what they could do to resolve it.
This site is read and noticed. I will update if and when this is settled.
#2 Update By Author
AUTHOR: smb - (United States of America)
SUBMITTED: Thursday, March 04, 2010
POSTED: Thursday, March 04, 2010
After updating forms and waiting another two weeks, I finally got the answer I've been waiting for for more than a year and a half: no. Apparently under federal guidelines, a mortgage payment that is 54% of your net incomes still does not make you a risk for imminent default if you haven't already defaulted.
So thank you, Ripoff Report, as this proved to be the only way to at least get a response from IndyMac/OneWest. For those of you still hoping for a loan modification, if your loan is Fannie Mae there is a very efficient helpline there that will help you through the process, and even get you on a conference call with your servicer if it appears you're being jerked around. Best of luck to you.
And one more caution: if you're advised that an option is to default by making a partial payment, thereby making you qualified for a different program, beware. If your plan is to sell and downsize, you WILL NOT get a new mortgage if you've defaulted on your prior one, even if your old bank told you it was acceptable.
Forebearance, however, if it spells out that your credit will not be impacted, could provide some short term relief.
I wish I had never had to learn all this, but I've learned it and I hope it helps you.
