We need to unite and inhibit One West Bank from continuing to destroy more families with the finical stress, decreasing health, and creating a worse economy by perpetuating the forecloses.
Here is my devastating story after being a home owner for twelve years. My husband and I have been trying to get our loan modification for the past year with Indy Mac, now One West Bank, but have been denied for the modification two times. The first denial was due to the paperwork being over 60 days old which according to Indy Mac, investors would not approve that; although, it was Indy Mac that lagged on updating the system. The second time, they stated in a letter that all the documentation was not submitted on time; fortunately, I have documentation which proofs to the contrary. One West Bank has been dishonest on the reason's why the denials happened both times and that is unethical behavior on their part.
For the first modification, we were in limbo for seven months. After about 30-40 calls Indy Mac kept stating that it was approved and they were updating the system to reflect the new terms of the loan. In the meantime we were on a temporary reduction plan of about $700 a month less, due to decrease in my income. According to the conversations with Indy Mac, they would state with confidence, do not worry, we are low in staff, so please be patient and the system will be updated. As soon as One West announced their take over, I called the bank inquiring about an update to make sure the offer was not off the table with this take over. When I called the lost prevention personal, they stated that the modification was denied, because it took them too long to update the system and the investor's would not approve old paper work. I reassured them that on my end everything was done on time, it was not my fault they took long on updating the system. Why should I have to pay for their mistake? They stated very clearly that it was not their obligation to modify our loan and it was a benefit that may not happen. The decision was final and the reduction in payments was terminated. I asked what I could do from here. They replied, If you want to be considered for another modification I would need to start the process all over again. Plus, pay all the back payments of the reduced payments during the 7 months which equaled to about $7340.00. They also said that I could do a short sale. They gave me so may days to come up with the money or we would enter in default. We did not have the $7340.00, so I asked about the worst case scenario that was adding the amount to the back of the loan? They stated that was also a benefit and not their obligation. I had no choice, but to enter into default.
The second modification was submitted two months before our sale date. They made another offer, we accepted it, sent all our forms in, made copies, made sure we had tracking numbers and called them to make sure they received all paperwork. Yes, we got confirmation that everything was in and they were verifying, our income. They extended the processing date to 7/23/2009, so they would have time to verify the information with the IRS. On 6/25/2009 we received a denial notice saying that we did not send all the paperwork required, so we got denied. This was not true, because we kept in contact with many confirmations about our documents scanned and nothing was missing.
This is creating false hope and leading families into foreclosure, because they are expected to pay for the back payments authorized by Indy Mac in the first place. They proceed with foreclosures instead, which was not what they had stated. We have all documents and their statements/letters to proof our declarations.
It has been devastating! Since losing our home was not our goal, I just needed some relief on my payments through a modification, which lead to an unavoidable foreclosure by the shady business of Indy Mac (One West Bank) provided. Bottom line, they want to make more profit, at the expense of our health and loss of our homes. Which in turn damages our economy even more, since we loose about 10% of our home value for every house on the foreclosure list around us?
Please make your loan modifications problems with Indy Mac be known and join together, so we can take it to the politicians.