The following letter was sent to the CEO of Indymac. We have not received a response.
To: CEO of IndyMac Bank - now OneWest Bank
Subject: unethical behavior: Indymac Loan modification contract canceled when One West took over
Message: RE: Indymac Loan modification contract canceled when One West took over, unethical behavior
My wife and I have been on a repayment plan with Indymac and waiting for a loan modification for nearly a year. In March my wife received a call from Indymac loan modification analyst Lora Kry (512) 250-3791, who told her we'd finally been approved. She express mailed us a letter saying we'd been approved, plus a contract to sign, have notarized and express mail back to her. We also had to include two money orders totaling $313.76 as a "modification deposit." We did all of this.
Our new payment--$800 less per month at 2.87 percent interest --was supposed to begin May 1, 2009. I was worried because the Indymac Web site never updated our new interest rates. Lora told my wife not to worry about the Indymac Web site being updated because it always takes them a while. I kept calling Indymac anyhow, because I did't trust this, and last week they informed me that our loan modification has been CANCELED!!
I even have a letter and contract from them confirming our approval!! Lora Kry NOW claims that the whole thing was contingent, but she never told us that and that is definitely NOT what her official letter from Indymac states. We never even received a notification from Indymac regarding this horrible situation. What would have happened if we hadn't called to confirm? Furthermore, Lora is now saying we have to start to loan modification process all over again, and she "forgot" to reinstate our repayment plan, so we started receiving threatening letters from Indymac-One West.
Moreover, you never returned our money order, and we need that money. I can't believe this unethical behavior. I am very suspicious about the timing, since it happened the week that One West took over Indymac.
We had paid off credit cards with the $800 we were expecting to have from the new mortgage rate in May. Also, the money order they never returned, for $313.76. Additionally, each month this modification is not approved, you keeping adding the money we can't pay from our reduced repayment plan to the back end of our mortgage, so we owe more now on the mortgage than we did before! The more you delay, the more we owe.
Moreover, this had been extremely stressful on our family, particularly my wife. I think the incredible stress caused by Indymac's delays and completely unprofessional behavior has attributed to major health problems for her, which started late last fall, and are documented by her doctors.
What we would like accomplished:
1) Pass our loan modification, after 10 months of waiting
2) Return our "modification deposit" money orders totaling $313.76
3) Stop sending threatening letters about foreclosure, and the money we owe toward repayment, for which Indymac's partially culpable for delaying our modification
4) Stop adding fees to the back end of the mortgage, which are caused by Indymac's delay in approving our loan modification