• Report: #171660
Complaint Review:

Indymac Bank

  • Submitted: Fri, January 13, 2006
  • Updated: Wed, June 11, 2008

  • Reported By:Waterford Michigan
Indymac Bank
3465 East Foothill Boulevard Pasadena, California U.S.A.
  • Phone: 800-425-5626
  • Web:
  • Category: Banks

Indymac Bank ripoff, delay's built in, cost thousands, lineitems, inspectors don't have all the information, causes weeks in delays and you interest. Pasadena California

*Consumer Comment: bait and switch

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We had several problems with them. They didn't give us all the start-up we were told, then they would send out inspectors to check on the percent of completion. The inspectors would be told to evaluate a certain line item only without having/knowing there were other items accounted for in other line items.

He would fail or downgrade the percent done. Buy the time we would find out, call Indymac and they would take time to look at the "pictures, weeks would go by and that cost interest.

After these delays, we were over our time limit, causing us to have to apply for extension, with penalties. At one point, we had to change our product because their delays had cost enough time that our product costs had gone up.

When we asked for additional money to the loan to pay for it, they claimed that the paperwork was held up at the county level. By the time we got the additional $6000, we had to wait 4 months costing us $8000 in interest.

The stories just go on and on. And to top it off, they never listed our Loan as "construction" with the title company. After building for 18 month, suddenly the refused dispersment until I went everywhere and got the lean releases that they were suppose to have asked for from the beginning.

I have nothing good to say about them and it cost me approx and additional $50,000 from their BS. Yes, I continued with them until the house was complete... because they had me backed into a corner with no way to finish the house until I took a loan from my family and got rid of them. That cost me too. $10,000 in penalties.

Waterford, Michigan

This report was posted on Ripoff Report on 01/13/2006 03:53 PM and is a permanent record located here: http://www.ripoffreport.com/reports/indymac-bank/pasadena-california-91107/indymac-bank-ripoff-delays-built-in-cost-thousands-lineitems-inspectors-dont-have-al-171660. 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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#1 Consumer Comment

bait and switch

AUTHOR: Randal - (U.S.A.)

indymac loan officer on the day he explained the final fees and payout, said, "by the way I cant give you the loan at 5.62% it will be 6%. i called customer svc and she looked up the history and said that there had not
been a notation of a change up in the interest rate. i then was able to talk to the head of customer svc. and he offered to send a check for
$300.00 for the inconvience. as it was 30 days into the process we had to go ahead. from the beginning i had requested in writing that5.62% was locked in and was told by the loan officer not to worry that it was.

the difference in % equals 11 thousand dollars more in interest over the life of the loan.

dishonest business practice.
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