The FDIC working with Indymac Bank, "helped" us by offering a forbearance plan. That is where the difference in the payment you are making and the contract amount are added to the end of the loan.
We faithfully made this payments on time.
When I called to make my payment on Sept. 14, I was told Indymac had been bought by OneWest and no longer would do a forbearance. Little did I know we were already in foreclosure. as of Sept. 4.
According to One West the amounts that were to be added to the end of the loan were late.
Now it gets worse:
Indymac's loans were bought by George Soros, Michael Dell, Steve Mnunchin (formally Goldman Sachs executives) and John Paulson (hedge-fund billiionaire)
They paid 70% of the outstanding loan amount. For simplicity, lets say the loan was for $500K they bought it for $350K.
So now this home is in foreclosure. Assume after the trustee sale One West takes it back and "dumps" it, for $200K.
The FDIC has a deal with them to pay 80% of the net loss.
So that means: $500K minus $220K equals $300K.
80% of the "loss" to the investors is $240,000.
Add that to the $200 dump price the income is $440K less the $350 they paid, and they just MADE $90,000 BY FORECLOSING ON THIS HOME.
Their income is out of the taxpayers pocket.
This is happening to 1000's of people. This deal was offered by the FDIC to Wells Fargo, B of A and others.
The FDIC and bank investors are literally stealing our homes from us.
I have a few months to "resolve" this. We have wiped out our savings to be honest and abide by what Indymac wanted. My husband lost his job.
We owned this home for 35 years. I doubt we have a chance in the world to save our home.