• Report: #154320
Complaint Review:

IndyMac Bank

  • Submitted: Fri, August 19, 2005
  • Updated: Fri, August 19, 2005

  • Reported By:Amherst Massachusetts
IndyMac Bank
155 North Lake Ave Pasadena, California U.S.A.

IndyMac Bank, IndyMac Bancorp ripoff by IndyMac Failure to Fund on Time Killed Business Pasadena California

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IndyMac contracted with me to fund a home eq line of credit. The fund-by date was 12/10, & all paperwork was so dated.

On 1/28, when I tried to access the funds in the line, the check bounced.

The line of credit was taken out expressly to meet closing & carrying costs on an investment property. Putting together the investment took me the better part of a year.

When the funds were not available to me to close, I lost the property. By losing it, I could not make up the time and effort put into the project, and I lost my business.

IndyMac blames the title company, and the title company blames IndyMac, but they use one lawyer together to convey information.

After IndyMac ignored my repeated requests to discuss compensation for the results of their error, and after they put me into collections for funds I was unable to access, I sued them.

Although 2 years have passed, they & their title company have done nothing but play legal head games and stall, hoping that I will run out of funds and stamina. Their last communique was to remind me that I would have to pay all their combined legal costs if I went to trial (next year)& lost.

All this for clearcut & documented mistakes made by the two companies.

They are paying out many hundreds of thousands of dollars in combined legal fees to avoid compensating a loss that decimated my financial life.

They can afford it easily, apparently - they just can't be bothered to live up to their mistakes, or to an ethical business policy.

Amherst, Massachusetts

This report was posted on Ripoff Report on 08/19/2005 07:17 PM and is a permanent record located here: http://www.ripoffreport.com/reports/indymac-bank/pasadena-california-91101/indymac-bank-indymac-bancorp-ripoff-by-indymac-failure-to-fund-on-time-killed-business-pa-154320. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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