INDYMAC BANK ONEWEST BANK QUALITY LOAN SERVICES CORP One West Mortgage 10/6/2009 Received "Trial" Loan Modifcation papers for December 2009, January 2010 & February 2010, all paid earlier than required, Internet

My wife and I own a real estate sales company which we tried to keep going for the "soft landing" that our Chairman of the Federal Reserve talked about We had to file bankruptcy and it wasn't a small amount. Our residence is in that bankruptcy, so if we can't work out a modification, we can leave without any consequences other than our credit report. We wanted to keep the house since it was our custon, "dream" home and we love it. We kept up the payment until about June of 2009. Then...we talked to the bank, Indymac Bank (One West Bank)....here is what happened so far...

We were approved for a "trial" loan modification in October 2009. We paid payments, early,  per the agreement for December, January and Februay. We responded to each request for more documentation on the day requested. We called at least biweekly, sometimes weekly. We were denied because the company said we disputed a request for more documentation. What we told them was than one of the incomes originally reported was not currently effective. (I have several jobs, one of them is as an adjunct instructor at a local community college. I worked in the fall sememster, then was not assigned a class for spring...it wasn't a layoff officially). So the "dispute" was that we told the truth about this income. We (wife and I) have a real estate sales company. She works for another company as a loan officer. Both of these types of income fluctuate, but since hers is on a W-2 (employee) status. They kept wanting paystubs for two consecutive pay periods. I also work as an employee for a charter school and am paid on a W-2 status. Unfortunately, in December I was diagnosed with colon cancer. I had surgery in February, but kept having real estate income and state workers compensation and PTO (paid time off). Once I had two consecutive pay periods those documents were submitted. Then about a month ago, I was rehired as an adjunct instructor for the spring semester, one class a week at night. Also, I was hired as the "corporate real estate broker" for the same mortgage company as my wife.

Before we could report that income, I'm going to receive the second paycheck on August 10, we received a letter saying our "dispute" had been received and we would hear back in about two weeks. That letter was dated July 22. A few days later on July 30 we received a denial letter regarding our loan modification. It was dated the SAME DAY, July 22. That's when I got a bit irritated and called them. After a cordial conversaition with a representative there (the name is always different!) it came down to this, "well they have made the final decision, but you can dispute it). That is what I intend to do, but found your website and thought I should hear about how many others have been through this S***!

I have worked in lending and real estate sales since 1988 and have never seen such a disorganized deal. Some previous phone calls the representative told me we were one of the few borrowers who had paid their payments on time as agreed, and that it "looked good". I never like the term, "it looks good"; now I can explain why. It doesn't mean anything.

Large companies who have so many different contact persons and no email is allowed is a typical way to give people a raw deal.

That's it for now. We are considering our other options