We have been trying to do a remodification or realistically resolve some past due payments with what was once Indymac bank and now is Onewestbank for over one year. We got to this point from major surgeries and job lay-offs in the family..prior to that...there were no lates or any credit issues.
Each time we received the notice "you do not qualify" for any of our programs...however, when contacted, they refused to give a reason or reasons why we did not qualify nor any rough idea of what they require in order to qualify...
One West Bank needs to better clarify what they need from a customer's income/expenses in order to work out a remodification or some other resolution....it would appear that they are looking at almost the same income/expense criteria that they use for a new loan or refinance...but that is not suppose to be the case with a remod.
This is especially disturbing considering how many subprime loans OneWest Bank services.
Also, when a house has lost considerable value...are they really willing to reduce the principal if that is the only thing standing in the way of the remod going through? the answer we have received is, "your investor (whoever that is) has not agreed to any principal reductions. They have also told us, "your type of loan does not qualify for principal reductions...."
What range of interest rates is OneWestBank willing to use, or actually using, to TRY to make the remod work? According to HUD and federal remod criteria, they are suppose to try to go out 40 years, lower interest down to 2% and if that still doesn't work...reduce the principal if possible.
It appears to us, right now, like OneWest Bank just wants us to make our monthly payment until they are ready to foreclosure, due to the past due payments not being caught up, and then appear like they really tried to help us...
OneWestBank should not be allowed to put hard working, honest folks out of their homes because they suffered loss of income through no fault of their own. They need to be working more with their homeowners and this country.