OneWest Bank, IndyMac and Their New Owners all Need to Go To Hell
99My Personal Hell Known as Loan Modification-Part 2
Now I Am Angry!
In my first blog " My Personal Hell Known as Loan Modification" the majority of my anger was directed at James Parsa, the attorney I retained to help me secure a Loan Modification from my lender. The reality is James Parsa only made a bad situation worse. The real enemy in my loan modification hell is my lender, Indy Mac known now as One West Bank.
Having spent the last month "bonding" with my fellow comrades in suffering, also known as the "Parsa Victims", I have learned more than I ever wanted to know about Indy Mac, One West Bank, George Soros and Michael Dell. The latter two are the investors who bought the government owned Indy Mac and turned it into One West Bank.
George Soros is known as an ultra-liberal billonaire whom many claim is the sole reason Barack Obama made it to the Presidency. Silly me I thought it was Oprah!
Michael Dell, another ultra-liberal, is the man whose name appears on my laptop. Michael Dell is the geek founder of Dell Computers and like Soros, a billionaire.
What do these two guys know about running a mortgage bank? Nothing! If you are an Indy Mac customer and you've called their Customer Service you know what I am talking about. Indy Mac has got to be #1 on the list of dysfunctional, disorganized businesses--anywhere!
After recovering somewhat from my shock of being scammed by Parsa Law Group, I picked up the pieces of my loan modification attempts and started back down the road of frustration with One West Bank. I sent and resent and sent again all the requested documentation.
I phoned and I phoned. I told my sad tail of woe to any One West Bank employee willing to listen. It didn't matter. Indy Mac, One West Bank never had any intention of modifying my loan. The answer to me was NO as it is and will be for all their other customers in need of modifying their loans.
Why? Because it is in the best interest of the Indy Mac investors to say no to their customers. They have a sweet heart deal with the FDIC. Yes our government has taken care of these billionaires while Average Joe on Main Street flounders.
Information can be found all over the internet which confirms Soros and Dell purchased the failing Indy Mac Bank from the FDIC who had taken it over when Indy Mac's reserves fell below the legal amount. Soros and Dell bought the bank for $20.7 billion. The bank's assets at the beginning of this year (2009) totaled $23.5 billion. They made $3.5 billion immediately at the time of purchase.
The deal with the FDIC also has a loss sharing agreement with a 20/80 split. Soros and Dell take the first 20% hit of any loss and the FDIC picks up the lion's share of the balance.
I am trying to figure how this plays out in my personal situation. If Indy Mac forecloses on my loan and I owe $603,000 does this mean Soros and Dell only get stuck with a loss of $120,600 and the FDIC takes care of the rest? Indy Mac will own the house which as of today is still valued around $750,000. Does Indy Mac then sale and make a profit? WTF is this?
George Soros is a raging do-gooder liberal who at one time likened President Bush to Hitler. That is quite a comparison and all I can say to that is it's not Bush or Hitler forcing my family out on to the street at Christmas,nope it's George Soros!
Now I am angry! I am angry that the making Home Affordable plan by Obama is a big scam. I am angry that Indy Mac is acting in bad faith refusing to offer any helpful solutions. I am angry Indy Mac and others got a bail out without the Bush or Obama Administrations placing any contingentcies on their use of the bail out money, i.e like setting up a real loan modification program at every lending bank.
I am equally angry with the State of California and our Governor. He signed into law the Foreclosure Protection Act which was suppose to help foreclosed homeowners have extended time above what the law allowed to stay in their home. Immediately after the bill was signed, Indy Mac filed for an exemption under that law and it was granted. Why? Because Indy Mac allegedly has a "loan modification Program" Bullshit.
I do not intend to go down without a good fight. After consulting with a Bankruptcy attorney, I have decided to go the Chapter 13 route in order to save my home. From what I have been told, this is what Indy Mac, One West Bank, Soros and Dell force hardworking customers to do to avoid being left out on the street. So, go to hell George Soros, Michael Dell, Indy Mac and One West Bank and all their other so-called "investors".
A YEAR LATER: Seems I have stirred up some people by posting this blog. Why? Don't know. They seem to have their own agendas which have nothing to do with the topic of this blog. Maybe some sort of personal vendetta? Maybe they are loyal OneWest bank employees? Whatever their reasoning for posting ugly, hateful untrue things on my blog, it does not matter. I have deleted their impertinent posts.
As for me, I have saved my home. I did not file chapter 13. And as Cruncher posted below, I did not get any bail out and taxpayers are not footing the bill for my alleged stupidity~as "Cruncher" stated in a deleted post.
What was my reasoning for writing this post way back on November 11, 2009? It was out of pure frustration with OneWest. You see, I took out a re-fi back in 2005 with IndyMac, after living in my home for over 3 yrs. I did not "buy too much house" I did not spend foolishly. I took out a re-fi because my home had lots of equity. If you know anything about California real estate, you know it was and still is a good investment. I leveraged my investment to obtain other investments, 6 rental properties and 2 ice cream franchises. Donald Trump has done the same thing many times, but unlike the Donald, I did not file chapter 13. Other successful business people have done the same thing.
Then came late 2009 and continuing. IndyMac made bad business decisions and the lack of vision caused them to go under. When IndyMac started failing, during the Bush Administration, the FDIC took them over. Things were okay for a while. Then Obama became President. Sheila Bear became the head of the FDIC. George Soros, a major investor in the Obama Presidency was given a sweetheart deal by the FDIC, once OneWest was formed their people began an aggressive review of all the mortgages and made determinations to get out of some and refused to abide by the agreements made by IndyMac. Such was my situation. OneWest would not uphold their end of the deal and my monthly mortgage payment went from $2200 to $4200 a month. It became increasingly difficult to pay my bills and my mortgage. I started down the path that oh sooo many of you have trying to get a modification or actually to get OneWest to continue with the agreement I had with IndyMac and to deal with me in good faith. They refused. So many of you know this as you have been there and understand, unlike "Cruncher".
Writing this blog and in doing research for it, I came across the "sweetheart deal" George Soros got from the Obama Administration. That fueled my anger. Here is Mr. Soros, the founder of moveon.org who holds himself out there as a helper to 3rd World countries who has no problem kicking American's out of their home and making profit in this recession/depression. What i discovered made me sick and I felt it should be exposed. Thus my series of blogs about OneWest/OneEvil bank.
Apparently, the truth hurts and powers that be at OneWest did not like all the bad publicity~which I got plenty. There are now hundreds of blogs out there, website and twitter accounts all letting the consumer know about OneWest. Because of the negative exposure, I received a phone call back in late January, 2010 from a corporate person at OneWest. They wanted to meet with me and talk. I did, we agreed to go back to the old terms of my mortgage and today I am on track paying as agreed. So...NO Cruncher, no tax money helped me out. Just good 'ol American ingenuity.
UPDATE APRIL, 2012: I wrote this Hub article over 3 years ago. Life has changed and for the better. Still own my home and still fighting. After all of us trying to make our voices heard and getting no where, it appears the government might actually investigate. And a big thank you to the Huffington Post for printing this story.
I urge everyone to check the documents on their home with their local County Records office. I checked mine and like the person profiled in the Huffington story, mine documents were all "robo signed" too. In fact the first time OneWest tried to foreclose, they realized they had no right to because they were not anywhere on the Deed of Trust so what did they do? The rushed to the County Recorders office and filed a transfer of deed the same day the filed for the date of sale of my home. If they were Joe Blow they would be in jail for fraud and forgery.
Here is a link to the Huffington article http://www.huffingtonpost.com/2011/07/18/robo-signing-foreclosure-banks_n_902140.html
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Thanks robinp38. I will check out the website! i agree with you. The lender DOES want my home because apparently they are taking everyone else's especially in the case of OneWest. As mentioned in my blog, OneWest doesn't stand to lose anything.
I'll check out the site. Thanks again.!!
On top of this, they will try to go after you & sue your for your 2nd motgage (if you have one) even while your still in the home. Furthermore screwing you, now that you have to file BK due to that. BTW, I'm throwing my DELL computer away!
Hi MAD, I'm throwing my Dell away too. It's a piece of crap anyway.
no more dellwe shake xmas. bells becuase were going thru hell...no dell anna rodriguez
no more dell were goinn thru hell, no mor indymack i want my house back no more dell were goinn thru hell, no more indymack i want my house back m, every family hang in there i have a great lawyer working on something . may help everyone,
Hi Yes Anna,
I hope you are in California. I need a good attorney. I have switched back and forth from filing chapter 13 to trying to sue IndyMac/One West in Federal court for truth in lending violations. It's just the latter idea apparently costs me tons of money--which I don't have. I hope your attorney is a good one. Let us all know if he finds a way to really punish this crappy excuse for a bank.
we have been dealing with Indy Mac/One West Bank since April of this year. We hired Parsa in September and then they went out of business. Indy Mac cant get their story straight. Every time you call you get another person telling you that they need more documents. We are currently in our second temporary loan mod, with a foreclosure date of March 5, 2010. We are now looking into bankruptcy and feel that Indy Mac cannot be trusted. The lies and deceit are incredible. One day you call and get one story, the next day its something else. When will it end!!!
Sorry Lynn to hear that you are yet ANOTHER story. And, like me you have the double whammy of being screwed by Parsa and IndyMac/OneWest. It's not fair.
When you say you are on your 2nd loan modification, is that the remediation? Where they give you 3 lowered payments and then after you make all of them they are suppose to modify your loan for good? Be careful, I've read on other blogs about people making all the payments and then they are still foreclosed on. Also read about people who give up and agree to do a short sale only to have Indy/One drag their feet on agreeing to the short sale, once Indy agrees then the home is sold and even though Indy agreed to accept the short sale figure, they STILL come after you for the balance, which in essentially defeats the purpose of a short sale BUT if you are in CA this is illegal, but when has that EVER stopped IndyMac/OneWest?
I am rethinking the Ch13 and trying to go the route of suing these bastards under Truth in Lending violations, which a cursory review of my loan docs from an attorney revealed that I do have a case. Also, I've requested serveral times that IndyMac produce my deed of trust with their name on it. The only recorded Deed of Trust I have has the original creditor on it. You see I've learned that during the flury of re fi's many lenders did not transfer the Deed. We never received a recorded Deed with IndyMac on it. The original lender sold the loan. It's similar to selling a car and never transferring the title--whomever is on title is the owner. From what I can see, in my case, IndyMac/OneWest is not on title and has no legal right to foreclose!! Something you may want to check out.
I too have been screwed over by the IMB/OWB modification scam. I am in my third modification and can't get a straight answer whether it's been denied or still under review. We've given the bank every payment they've asked for and now they say we're 5 months behind. We didn't know that when they asked for their 3 months of probation payments that they were charging us almost double that payment without our knowledge, of course. So, when the bank scam artists decide to deny your modification for some stupid reason such as lost paper work, not meeting a deadline that was never set, investor's no longer offer that program, or some other bs they dream up, we are behind in our payments and are being threatened with foreclosure, unless, of course we come up with some large amount of money that they dreamed up and we're not even sure where they're coming from. We've even sent them over $5,200 to pay for property taxes that we owed and they couldn't wait for us to pay them so they paid them for us then doubled our house payment to pay them back. We sent them the $5,200 because they said they would lower our house payment if we paid the taxes. Now, they don't know what they did with the money! We get a different answer everytime we call them and talk to one of their customer care cronies. So, I've come to the conclusion that filing chapter 13 or suing them in federal court for truth in lending violations is the only way to save my house. I'm not rich so chapter 13 maybe the only way to go. Does anyone know of a good "real" lawyer? I could use some help.
P.S. Never owned a Dell-- Never will.
IMB/OWB HATER, yes your story, unfortunately is way, way too much the normal standard operating procedure for IMB/OWB yet they would have us all believe that they modify and take care of their customers--what a line of BS. I am certain, somewhere, somehow a smart hardass attorney will file a major lawsuit and IndyMac/OneEVILbank will get nailed. They need to really be punished with huge punitive damages to the tune of $85 billion. To hear that OneEVILbank required yet another failing back over this last week, really sickens me. I think the FDIC should NO more until you clean up the mess at IndyMac!!!
UPDATE: I have since learned that I need to update my math. OneWest Bank investor's purchased my loan for .50 on the dollar, so this means the balance of $603,000 was immediately reduced to $301,500. If they foreclose, OneWest investors only stand to lose $60,300 because of their loss share agreement with the FDIC. My home still has a value of $740,000. OneWest forecloses and sells, what a PROFIT.
Today is National Shame IndyMac/OneWest Day at their corporate offices in Pasadena, California. I am off to protest this corrupt evil bank. Stay tuned.
My Mother-in-Law has been dealing with her load mod from indy/onewest since last May. They have now denied her 3 times. Last time being Dec 29th. NOT BY MAIL! SHE had to call them to find out what was happening with her mod. They told all kinds of bs! Dancing around whatever the truth is. She was told to resubmit her paperwork, which she has. When she called to make another mod payment, her 4th, was when she told they will carry on forclosure preceedings after the 1st of the year.
She's in utter termoil about losing her home she has owned since 1976.
This evil bank is a travesty! She's going to try and talk to HUD and I've been researching NACA.com. We are in Michigan where vacant homes are everywhere. Looks like her house will be the next one.
All the stories I've read here and other places, sound all to familiar. Her story is no different.
Aerin51: Sorry to hear yet another sad story dealing with this OneEvil Bank. I was at the protest yesterday in front of Indy/One's corporate offices & will blog about that later, but wanted to send you a quick note-and I hate to bear bad news-but I met another woman at the protest who told me she drove from CA to AZ to a NACA seminar. Took 8 hrs, stood in line, met with a counselor only to be told "OneWest doesn't work with us"...so don't hold your breath.
The only thing I can suggest is your mother in law scrape together as much cash as possible and find a good attorney. I've spoken to a couple of attorneys, the flood of lawsuits are coming against the OneEvil Bank and from the forensic audits of other customer's loan docs, they are finding IndyMac/OneWest frequently back dated things, did not properly record the Deed of Trust or in a few cases out and out forged customer's names to docs.
A new suit was filed in November by an Oakland, CA woman who found fraud on the part of this bank. Also she is elderly so the suit is also claiming elder abuse--maybe something for your mom in law to think about?
On an ironic note: OneEvil Bank has a new slogan: Personal banking is now back in the Neighborhood" Are your freaking kidding me? What neighborhood? You've destroyed our neighborhoods!!
Askme..Thank you so much for repling to my blog. I think we're in a no win situation. The family is getting together tonight to see what we all can do.
She's supposed to talk to a HUD counselor tomorrow and see if there is any help they can give her. Trying to stay positive but, going thru the list of preclosed homes in our neighborhood, I found her house already listed. She has yet to recieve any papers from OneEvilBank.
She never was told nor did we find in ALL the paperwork where it stated, that you would continue to fall behind in your house payment while doing the trial period.
I'm already checking into senior housing for her and rentals that are affordable. In Michigan, right now, renting is much affordable.
We will be speaking with an attorney, friend of the family, have her go thru the loan papers for fraud. That elder abuse sounds like something we surely will talk about.
I don't want to see OneEvil bank in our neighborhoods. With them around, all houses will be vacant.
Thanks again for your reply. Sure do appreciate it.
Please check out onewestbankfail.com a new site set up by a pissed off customer of OneWest. Sign the petition and tell your story.
I have the same problem with IndyMac/OneWest. I have been trying to modify my loan since June 1st, 2009, through a non-profit org called NACA and a law firm, still no result and I am about to lose my house. There is something I don't understad: The old IndyMac bank went under the water, then the FDIC took over and sold it the so called investors group. If I remember correctly, I was in busiess with Indy and when Indy went under the water - I went under the water too. Whether it was due to bad investment or other unforeseen economic codition that caused the bank to go under water, the previous investors have callcted the max amout of insurance FDIC can give by now and left. The FDIC might have the right to collect its spending, but by how much? Since the value of my house has dropped and also the max about FDIC paid per investor was $100,000, Am I not only resposible for $100,000? or based on the ratio between IndyMac origional value and current sale price? I am not that much intelegent, but I can say this: IndyMac owners know that one day someone will come and challenge the sale and inorder to avoid loss, they sale our house for whatever amount they can get regardless of the price of our house and run. IndyMac Loan Modification is not true, but to buy time until they collect as much as they could. What we ought to do is get together, higher a lawyer and appeal to tresury to look at the sale again. As far as I am concerned, I don't owe OneWest a penny. When my Old business partener, IndyMac, went under the water and evaporated, my commitment has ended. The question is how can I address that? IndyMac under OneWest calls itself a debt collecter and this should tell us a lot.
To all California victims of Indy Mac and One West Bank mortgage loans. We are organizing a base to form class actions suits in several jurisdictions. Please briefly describe your situation, property location and reply.
homefighter@yahoo.com
About time. We need the same Class Action as Nevada has going. I really home this is legit.
We need to pool together, contact the Office of Thrift Supervision whom I have contacted to investigate them. They are on the East Coast and the FDIC told me to file a complaint with them against Indymac AND One West. Do this asap, I have done it and if we all file complaints something will be done. They have contacted me and they are investigating but I got a response from Indymac and of course they lied on 9 of the 10 items'
Do this we all need to pool together and put this bank OUT OF BUSINESS
I have reported them to the Office of Thrift Supervision and the FDIC. I am on the West coast. So far no response.
There are several ways to save your property from the evil empire of Indy Mac and One West Bank. Our national group is NOW FORMING CLASS ACTION SUITS to confront many lenders. Their skilled tactics are very effective. If you wish to fight this organization it will take the power of focused legal action, the power of the people and political pressure.
Learn more. Write me today. Receive a free BOYCOTT DELL COMPUTERS bumper sticker.
There are several ways to save your property from the evil empire of Indy Mac and One West Bank. Our national group is NOW FORMING CLASS ACTION SUITS to confront many lenders. Their skilled tactics are very effective. If you wish to fight this organization it will take the power of focused legal action, the power of the people and political pressure.
Learn more. Write me today. Receive a free BOYCOTT DELL COMPUTERS bumper sticker.
GREAT Robert...how can we contact you. I am sure us CA consumers would love to join in a Class Action against OneWest Bank. Please provide info on this site. At the very least, I want my Boycott Dell bumper sticker.
To Guest, thanks for the video, I saw that the other day. EVERYONE: please check out the thinkbigworksmall.com/mypage/player/tbw video and pass it around to as many people you can!!
Mom and Dad & America have experienced financial terrorism.
FNMA/FHLMC defines market value as the assumption the price is not affected by undue stimulus and the price represents the normal consideration for the property sold unaffected by special or creative financing. Government Agencies, Wall Street firms and banks provided the “special or creative financing” and the “undue stimulus”. These entities knew the consequences of their loan products. The legal terms for what these entities did are: FRAUD FOR PROFIT, FRAUD IN THE INDUCEMENT OF A CONTRACT.
Millions of homeowners and investors who can make their payments owe more than their properties are worth. Home values inflated by 100% over a 3 year period in many markets. Under normal conditions, home price would have increased around 8%. The created home values (100% vs. 8%) will have to be removed from current home values.
Worse yet, lenders now are applying the strictest underwriting standards ever placed on new borrowers. The price of real estate will not be able to increase until wages increase.
The answer is NO INTEREST ON MORTGAGES for homes purchased after 1999; the advent of these “loan products” The payback period would be based on a 20 year payback. Payback rate $4.17 per month for each $1,000.
Benefits: 1. Purchaser of real estate will be able to recover the “artificial value” placed on their property by Government Agencies, Wall Street firms and banks. 2. Lower payments will put additional spending powers in the hands of the consumer. Thus more demand for products, more productively, and more jobs. 2. No interest deduction would increase tax revenue to government. 3. Stabilization of the real estate market by reducing the number of foreclosure and walk away owners.
Watch this video to see the extent of the corruption
It will make you furious!It happened to me!
"The Indymac slap in our face"
http://www.thinkbigworksmall.com/mypage/player/tbw
Demand your State Senator Investigate this!
"The answer is NO INTEREST ON MORTGAGES for homes purchased after 1999; the advent of these “loan products” The payback period would be based on a 20 year payback. Payback rate $4.17 per month for each $1,000. " APF
Great idea and a logical solution now if ONLY some banker with balls would implement it! Doubtful as corporate types tend to go with the flow rather than risk their positions if it fails.
IndyMac/Pnewset Bank is a big ripoff. They gave me a loan modification that put me in bigger debt. The raised my monthly payment an additional $200.00 and added $20,000 to my principal balance. When I question the increases and explained I couldn't afford a monthly increase(due to taxes) they stated the purpose was to only bring my loan current.
I told them it would'nt stay current long with an increase like that. I asked if they could waive the additional money for the taxes from the escrow, they stated you have to have 12mnth w/o late payments in order to be considered for the waiver. (BS!!!!!!) These people are not trying to help families stay in their home. They would rather have your home and sell it for peanust or get tax right offs. Something really need to be done about this. I'm in for a class action lawsuit. I have more to tell regarding them.
Betty, what state do you live in? We are looking for a class action in CA.
can we optain any leagal action??? i am curently getting railroaded, bad!!!!!
Sorry to hear all the sad situations.A relestate broker showed up at my house two days ago and informed me indymac/one west foreclosed on me.We were in the process of of loan modofication also.Their were huge monthly payments made to get caught up on wich depleated nearly all of our retirement savings and our kids college savings.Our first payment to get this started they required $30,000 there was a balloon payment at the end for$ 56,000.We were told not to worry by then we would be so close to getting the modofication that it would be no problem.
A little reason as to why we were late on payments.
Back in feb.09 I was injured on my job when a forklift operator pinned me between a crane and the forks on his machine while he was extending out.Needless to say he wrecked my life.Pinched nerves in the neck caused me to loose all strength in right arm .Had to take out two disc put in artifical bone and secure that with steel plates.
Insurance co. AIG can you beleive that another coporate giant we tax payers bailed out,well they denied it happening on the job and have refused workmans comp.So guess who gets to pay for the extended cobra ins.,all copays yes I sure do.So when your income is more than cut in half (sdi)things start falling apart.So when we ran out of savings the house was foreclosed .Come to find out it was foreclosed (one west) and sold back to indymac.Did not receive no certafied letter no sign in yard ,no listing in local paper.We were just encouraged about the modofication to get all our savings and when we missed one of our last payments (sdi check came in late) they snatched it up .
Allen, First off sorry to hear about all you have suffered. Please be sure the realtor is telling you the truth about being foreclosed on. You would have rec'd the Notice of Sale, if you are in CA. It is posted on your door. Make sure the realtor isn't just trying to help himself to listing your home for a short sale. I too had realtor's knocking on my door but my home was not sold. You may still have time to fight back.
I need to up date my blog. I did work out a liveable modification with OneWest and the sale on my home, which was suppose to be Feb 18 of this year, was stopped. OneWest is getting slammed with suits all over the country so their day of reckoning is coming.
Re: your work comp injury, did you retain an attorney? AIG is notorious for being the worst company at paying claims. Get an attorney and sue those bastards, that is the only way they will pay attention and do the right thing. Your injuries are far too serious and will have life long ramifications for you not to be fairly compensated.
See all of the above x2, Had one loan on a rental through IMB/WB and my primary through First Federal Bank of CA. Out of work all 2008 still stayed current on the loan but behind on my property taxes. Discussed repayment with the county tax assessor, was told the county would not look to foreclose unless I was about 5 years behind, so not to worry they will set up a repayment plan. 12-2008 statement said they had impounded my taxes and will impound all future taxes...and I had to repay them in 12 months!!! Payment went from 3k to 6k. Well we start paying and in August 2009 First Fed offered a loan mod without me asking. All we needed to do was sign a tax document and give some financials and we'd be gold. Yeah, right, paperwork disappeared and expired, they refused my payments for August and September because I was "in the mod process" then stalled again, restart and finally told in mid December that they were being bought out by...YOU GUESSED IT, One West Bank and they would only use the program they had....call in a week when it rolls out...that turned into 5 weeks and finally they interview me and tell me they were going to see if we qualify.
I had asked since October what all the options are to keep my house and was told outside of mod there were several options and I would get that information sent to me.
Now I call a week later and was told that they were still looking to see if we qualify...I asked if they had sent the info detailing how we keep our home if a mod fails...now I'm told they don't do that. HUH??? How can I know what to do if I do not have the info on what to do? She said maybe a short sale or full payment of the arrears (now 67k...LOL) will work. 2 days later I am staring at a trustee sale date of 3-11-2010!!! I call and they say, well we told you that you didn't qualify for the loan (trying to make me look like an ass in front of my panicked wife) and only had time to short sell if I had an offer....WTF? WHY WOULD I HAVE AN OFFER IF I DIDN'T KNOW THIS WAS HAPPENING. Find out the notice of default had been filed 10-22 and that the only mod is the famous HAMP crap. So now I think that my loan amount was too high and they knew all along I wouldn't qualify. Didn't tell me this in December so I have one angle to try then it's hammer time. My family member went through something very similar with another bank, hired a good attorney who immediately stopped the foreclosure and here in San Diego, the earliest court date is about 1 year out....he has been fighting for 15 months and finally reached a settlement out of court. (pending final paperwork of course)
His payment was 4000 not including taxes and insurance
New payment is $2100 including taxes and insurance.
This action gave him time to sell (Short or otherwise) if he chose or didn't think they would win. They did go through the loan and found all kinds of violations. Found out what the lender paid for the loan (300k less than the full amt) They were awarded emotional distress damages as well so when they did the numbers, it came back at the $2100, fixed!!!
BTW, the cost was around $15k. Consider he would have paid over 35k in payments during the same course in time, the attorney was about a grand a month.
Can or will it work for me? Who knows, but at least if we do get a year's delay I now have options.
Sign me up for the class action....TIMES TWO!!!
thanks for the encouragement ask me.yes I retained a lawyer for the work injury but it is a long slow process I actually had to have another sugery 0n the 25th of feb. another nerve pinched off in my arm.Aig still not accepting responsability.Still looking for an attorney to help deal with indymac/onewest.they would not do a modofication for me on a house that has a million dollar price tag on it So what do they do turn around and sell it for $622K.Doesnt make any sense to me.It's not registered with the courthouse yet.nothing was put on my door nor posted on property.I can call indy and after I give them my info a recording kicks in and tells me they still need more paper work to process loan modofication.
Does nnybody gave any information or personal dealings with this law firm? Good or bad. So far I'm not able to find anything negative about them and they have an A- record with the BBB. The A- comes from the fact that they have only been in business for less than 10 years
McFarlin & Geurts, LLP
A Limited Liability Partnership
4 Park Plaza, Ste 1025
Irvine, CA 92614
T: (949) 544-2642 F: (949) 206-0404
dont give up
We just found them today and are definately going to talk to them some more.My wife talked to McFarlin today and researched them.Everything looked good.Like you said they haven't been in business all that long but for us the things that they specialize in are just what we need.They have delt with indymac before so that is a plus also.Only thing that i want to hear from them is that since they are out of Irvine and Im up in monterey county.We were told no problem .I will be contacting them tomorrow.Hope you get some informative post on this subject.
Don't Give Up: We (my husband and I) met with McFarlin and Geurts, Phil Geurts specifically. We liked them very much and liked what Phil had to say about filing suit against OneWest. However, we could not afford their pricey fees. they wanted $7500 upfront and $3500 each month while the case was moving thru litigation.
Check out calbar.org. for further info. While there isn't any negative info about either McFarlin or Geurtz, I seem to recall neither one had been practicing law more than 5 or 6 years. And their hourly fees vs their years of experience were not justified.
Allen: I have a referral to an attorney closer to you. He's in Oakland. He already has a suit against IndyMac/OneWest for his client Irene Jones. You can contact him at 510 595 9130 just mention Irene Jones v. OneWest Bank. Good luck!!
class action? can you please inform me if you are really going to go for the class action sue against indyMac/OneWest Bank. My husband and I have the same issues as all of you and we are doing anything to save our house.. BK, SC sue / BK again.. It is really tiring and stressful, apparently that doesn't count as damages to IM/OW and even FDIC...
If you are fighting foreclosure or a short sale with the crooks at Indy Mac/One west. You owe it to yourself to have your Indy Mac loan forensically audited for violations of TILA, RESPA, HOEPA, and Predatory Lending Statutes. Contact Steve Skidmore [steve@endlessfrauddetection.com] or 512-670-0418 and learn how to fight back and save your home ASAP or contact me at hehrbehr@wowway.com
my friend michele has just been denied her 6th attempt at loan modification because, and i quote "Therefore as discussed above it is in the best interest of the investor to foreclose on the property than to approve a loan modification due to the associated cost." The real reason? michele has made payments faithfully for years and has built equity in her home... PLEASE LET US KNOW ABOUT ANY CLASS ACTION SUITS!
Lynne, where does your friend live? I can better guide you if I know what state. Thanks
Same stuff here however after 2 years of being lied to and a different story every time I finally recieved a modification which is a bullshit, rediculous Baloon loan that doesnt help a whole lot but will allow me to hang in there longer. They have also hit me with so many fee's and late charges etc etc and stuff I dont even understand that my 416 k mortgage is now up to 480k in 3 years?????WTF?? bbbbhcta@comcast.net
I have gone through the same process with Onewest for the past two years. I am in Southern Ca. The thing that gets me the most is how they string you along and say we are working on your loan MOD and at the last min. tell you that your investor for your loan is not participating in any loan mod programs and you have a very short window to make the loan current or go to Auction and yes I am looking for a good lawyer to fight
Blay01, Sounds like you are dealing with the Kalamzoo office. You need to call OneWest corporate in Pasadena, CA and get totally pissy with them. Start blogging about them, post your complaints all over the net. I did that. I even had a twitter account for a while. Finally I went to the corporate office and protested. My husband and I were a group of 3 with another dissatisfied customers. WE got a mod. We did not pay our mortgage from June, 2009 until just this month. They did not foreclose-came close but we didn't lose our home. Contact the corporate office, try to set up a face to face to go over your documentation. Be assertive. They hate dealing with the public. You can get a modification but you will have to battle. Don't bother wasting anymore time with the customer call center. Go straight to the corporate people.
They are a disgusting and dispicable organization. I have a horror story with these people meaning IndyMac/OneWest. They decided to stop funding my construction loan when they found out my cancer had relapsed...house was almost finished. They actually called me while hospitalized and very sick and told me to sign documents so i could get the funds released. I continued to keep making my payments. They never had any intention on funding the rest of the loan but had no problem taking my payments. They also fraudulently altered loan documents. They need to be sued!! Any Ohio attorney interested in looking into this case? Please respond.
ILIVE IN MICHIGAN I AM HAVING SAME PROBLEMS WITH INDY BANK Im all for class auction law suits.PLEASE ANY NEW INFORMATION THAT CAN HELP US,PLEASE POST. THANK YOU DJ72
We also live in michigan, and are battling IndyMac/OneWest bank. Desperately seeking a lawyer to turn to. Any information would be VERY greatful.
Many people are looking for mortgages for bad credit. This is increasingly so because of two factors.
Well, THE SHIT IS GOING TO HIT THE FAN SOMEWHERE...AND I MEAN IN A POSTAL KIND OF WAY AND THEN MAYBE...JUST MAYBE SOMEBODY WILL LISTEN....and WHY DOES THE GOVT ALLOW ALL THIS INTERNET SCAMMING GO ON..ITS ALL LIES AND THE ELDERLY ARE VICTIMS..God Help Us....
Jake, considering the emotionality of losing your home, I think you are probably right unfortunately.
any suggestions for us in Virginia. We have been attempting to mod since dec 2008. made the mod payments every month, 18 months now. we have been told to fill out the paperwork again as we were denied mod because of missing paperwork, which they found after denial. I want to stop paying and retain a lawyer, my husband disagrees and wants to redo paperwork and continue to make to modification reduced payment. however my credit shows no payment for 120+ days for every month since dec 2008. I do not trust this process, any suggestions would be appreciated.
barrett and everyone else who needs a loan modification:
The only suggestion I can offer is to keep fighting. The run around you are getting is coming from the Kalamazoo Customer Care center for OneWest. I believe it is their job to wear customers down with their planned dysfunction. Know what I mean? It's like dealing with the IRS, you send documentation, they claim to have not received it, you resend it, you have verification you sent it by way of a signed receipt or delivery notice, they still claim not to have received it. You send it again, a 3rd time, a 4th time and in my case a 5th time. Finally they acknowledge they have it, but "we are reviewing" and they review, and review and review. All the while hoping the customer will throw in the towel. The majority do. They are counting you to do one or the other: pay the mortgage as planned or walk away.
If you truly want to keep your home, you need to fight and don't let up.
In my own case it involved blogging about OneWest (read my ohter stories, called "hubs" on this site hubpages) I also posted on every complaint board I could find. I researched youtube and sent all nasty videos I could find to Tony Ebers CEO of OneWest, his email is either anthony.ebers@owb.com or tony.ebers@owb.com.
Finally my husband and I along with just 1 other OneWest customer had to physically go to the bank with signs and stand outside the front door. A few days after protesting, this is an email I rec'd:
Ms. Boyle,
My name is Brenda Diaz and I am reaching out to from the Corporate Office of OneWest Bank, FSB regarding your recent blog posting regarding IndyMac Mortgage Services. I would like to speak to you regarding your mortgage concerns; however, based on the information provided on your blog I am only able to contact you via e-mail.
If possible, please provide me the best contact number you can be reached at so that we can discuss your mortgage concerns. I look forward to hearing from you.
Regards,
Brenda Diaz
Associate Analyst
Corporate Customer Experience
OneWest Bank, FSB
Fax: (626) 583-4855
Web: www.owb.com
e-mail: brenda.diaz@owb.com
I WOULD SUGGEST ANYONE WANTING A MODIFICATION TO STOP DEALING WITH THE KALAMAZOO CUSTOMER SERVICE AND CALL ONE WEST CORPORATE. Ask for the " Corporate Customer Experience Department".
I am going through a simialr situation with Indymac/onewest bank.anybody have suggestion for a lawyer to sue the bank in Northern california. San francisco/Oakland area. thank you.
JM, In one of my other hubs I posted this suit http://www.courthousenews.com/2009/11/23/ElderHous
This case is filed Alameda county. you may want to call the attorney. The case is against IndyMac for foreclosing on an elderly woman and her husband. her husband died of a heart attack and the suit alleges the stress of the foreclosure on the home the couple shared for over 35 yrs caused him to have the heart attack. Not sure what the status of the case is but you might want to give this attorney a call. his contact info is on the lawsuit. Askme.
Home is also with Indymac, we where paying $2200 amonth to Indymac. We both lost our jobs and had an outside company help us with the Loan Modification. Indymac came back and said we had to pay $1367 while on the probation period, on May 1,2010 we received a letter from Indymac stating that our Loan Modification had not been finialized and that in the event that it doesn't get finialized by June 1, 2010 that we would have to pay $2800 amonth for our home!
Now what makes them feel that we could pay that amount! when we where having touble paying the $2125?
They can take there home and stick it up the ANAL PORE~!
Larry, Makes no sense at all! Can't get blood from a turnip as they say.
I live in Las Vegas and I've been late 102 days, faxed all the docs to Indymac confirmed that they received all the required forms. I've been calling to check on status and I was told that is being reviewed.
Today, I found a notice taped on my door " Notice of Breach and Election to Sell under Deed of Trust". Is anybody having the same problems in Las Vegas? Maybe we can contact a lawyer.
EVERYONE !!!! PLEASE GO TO THE FOLLOWING WEBSITE Indymac needs to be STOPPED!
Lumi, good idea. This is my hub and I wrote this blog. I also wrote several others about IndyMac/OneWest and referred people to onewestbankfail.com. One of the people I networked with, prior to getting my loan mod from OneWest, started onewestbankfail.com. If you check out my other hubs/blogs you will see there is also a youtube video made by an attorney in Las Vegas for his client who was forced out of his home by IndyMac. Check it out or go to youtube and just search IndyMac, there are tons. The attorney in Las Vegas is I think Matthew Callister? He maybe located in Henderson. I'd call him if I were you.
Thank you very much for the info! I have contacted the attorney and I have an appointment on Monday 5/17.
IndyMac will NEVER work with anyone so please do not give them another dime of your hard earned money. They are getting paid under the FDIC's Shared Loss Agreement so there is no motivation to work with ANYONE on loan modifications or otherwise. Karma will bite these bastards in the ass VERY soon! http://www.fdic.gov/about/freedom/IndyMacSharedLos
My elderly father now has 30 days to get out of his house thanks to the loss of my mother and half of his income, the "Social Security" Administration who made him "return" her SS payment for the entire month even though she lived until the 24th of that month....Wells Fargo for refusing to speak with my father because "his name was not on the loan", but kept sending letters to him requesting he contact them....just to tell him they cannot speak to him....constant letters in the mail...each with a different contact number... he sent any info they requested by FAX (to several different FAX numbers... then more letters requesting the same info... he would get another letter and would call... they had no record of him sending anything!..... then comes the sheriff's sale.....and a letter from Wells Fargo stating they apologize and should have communicated with him but nothing could be done to stop the foreclosure.... ugh...meanwhile my husband gets cancer....I can't help my father like I want....not that I even know how.
The "lawyers" give my dad an opportunity to do a loan modification. Unfortunately my father didn't remember to report all of his expenses so it looked like he had plenty of money.... I didn't find this out until he was denied. I was just becoming aware that my dad's mental capacity was changing while dealing with my husband and his crisis. No one bid on his home...THANK GOD! So there was more time but I didn't know what to do. In November of 2009.... someone bought his home. Guess who? Wells Fargo!!!??? Even up to the sale they were still telling my dad they couldn't speak with him. The attorneys would but of course couldn't offer him any advise that would help him....after all they represent the enemy! My dad's home was paid for...remodeled beautifully and when my Mother's prescription costs caused them to use credit cards until they got supplemental coverage....then in comes Wells Fargo.
Freddie Mac is somehow involved. They are actually who owns my dad's home now. Funny.....they are asking for financial help again but I asked the attorney today for more time to move my dad and they said "we have helped you once already by offering cash for keys"! So they can ask for millions of dollars in "help" but an old man can't get more time? Yes they gave us three months to move him which I thought we could do....then my husband has more medical issues...what are elderly people and those people like me supposed to do. We couldn't afford an attorney and we find out info that would've helped too late....like a a short sale etc. We are basically the poster children for the crisis in America. First the foreclosure... then my husband loses his job in an automotive parts manufacturing plant...loses his insurance a month later and gets diagnosed with bladder cancer two months after that.....
I just needed to vent. I have come across your site as I searched for help. It is a little comforting to know we are not alone. If not for my faith in God....I don't know what I would do. Life is more than just what we see. We can't take it with us!
I pray for someone that can help everyone going through these tough times.
Dear Freaking out: Hi there. This is Askme and I wrote this hub. I hate Wells Fargo they are soooo bad and messed up. I feel your pain and your dads. Couple of questions: how old is your dad? You also mention his mental state is failing? Have you consulted with a Legal Aid society in your dad's area? He may be protected under elder abuse laws. If he is not on the loan is he on the deed to the house? Was there a will? What state are you in? Community property laws would make your dad the owner of the home. Get to an attorney as soon as you can because you and your dad cannot handle this on your own.
I want in. rocketmakerATintergate.com
My Dad is facing eviction. I know this is a banking conspiracy and found an SEC Document filed in 2002 to allow a Pass Through between IndyMac and Deutsche Bank. The sole trigger for foreclosure is Seniors in Distress. Duetsche Bank is the Creditor in the eviction and yet claims not to have any legal or financial interest in the property after their claims where denied in Ohio. OneWest is now admitting to owning the property but claimed to have sold it at a loss and took a write -off of $132,000 and sent my Elderly parents a 1099 for that amount.My Dad has two coronaries in the last ten months. The dirty tricks have been incredible and the radio jockeys make it sound like everyone is getting what they deserve from buying above their means.
Well my folks were pressured into a home equity loan to make repairs by the original mortgage maker. My folks painted the home, put on anew roof, new bathroom, water heater, thre sola tubes and a lot of landscaping. Plus my Dad put in over five million dollars in rock and dirt fill giving the property over an aditional acre of flat ground. So not only does my folks lose their property but then are told they owe about $75,000 in State and Fed taxes. Add insult to injury, he was promised $9,800 dollars Cash for Keys and after a lot of hard work and great expense OneWest renigged and said the agreement was one way and did not obligate them to pay, yet they wrote that amount off and my folks received another 1099 on $9,800 so he is expected to cough up another $4,000 and try to get it back next year....
This was all planned. The left told me they were going to do this 40 years ago but no one would listen. George Soros must want to be Comrade of the East Mississippi.
BTW Deutsche Bank did things similiar it seems to help Hitler come to Power in pre WWII Germany. I understand there are reports where they funded death camps and Zyclon B gass to "delouse the internees." They seem to always profit at their customers loss.
scary stuff Rick!
The stories are familiar. I applied for a loan mod, but the terms were extremely fishy, especially after I read hundreds of posts with similar stories. (The mod offer was 27% of my income which was a sign it was bogus.) I attempted to short sell the house, had a decent offer 4 weeks before the auction date and OneWest came up with excuses not to push it through.
So it went to auction and I moved into another house I owned. The realtor left a note on the door for Cash For Keys and after a couple of weeks offered me $500 to leave the property in two weeks. The stipulation was that I leave the house the same way it was when I moved in - appliances in place, fans and lights in the ceilings, (I could take curtains), window coverings in tack, paint cans need to stay and all of the garbage removed. The realtor also said that since my yard was a little overgrown that the bank wanted the yard cleaned up. The house should be the way it was when I moved in. That being said, I declined the offer. When I moved in the house was brand new. There were no window treatments or ceiling fans. There was no wood floor and there certainly wasn't any landscaping. My feeling is I really should leave the property the way it was when I moved in and let them put the money into making it a home.
I am attempting a loan modification with Indymac and am finding that time after time they ask for different documents. I fax them what they want the same day that they ask for it and yet they then say that they need something more! When I talk to them and they say this is being recorded...if I say that I also am recording it...they hang up! Please try asking them if you can record the conversations that you are having with them and see if they also give this response. Can they legally refuse to allow you to record conversations?
WOW these stories are heart breaking. The American dream has turned into a nightmare. We went thru hell with OWB back in 2009 Aug thru Dec and are still behind on are Morgage because in the first loan mod we tried the costumer sevice lady said we need to stop paying our payments while we where in the process of the modification, my said are you sure about this to her and she reasured her this is how they do it. Two month went by and we heard nothing. My wife called and they said it usually takes three month to review all the paperwork. On the third month we where slammed with notices that we had to sign for, we got eight in the mail and had to go to the post office to sign for eight more the next day. They where all late notices that we fell behind on our payment. We called them and they said our mod was denied and we owed the over $3400 dollars plus all the late fees and some other made up fees. They said we had a month to get caught up or the forclosure would start. To this day we are still trying to get caught up. They send field inspectors over once a month to take pictures of our house and put a little yellow post it on the door to contact the mortgage company. We told them we are not leavind and to stop sending these people to our house. My neighbors are starting to wonder whats going on. We should all get together and default on our loans maybe that would put them out of business. Great blog and best wishes to everyone
I am trying to get a loan mod through indy mac,,,,and I am having the same problems,,,I dont even need to go into it because you guys know the story,,its a joke and I would love to be in a class action suit against these crooks....my email is onebad78ta@yahoo.com SOMEBODY PLEASE HELP.........
After reading all of these heart breaking stories, I now at least am comforted that I'm not the only one who HATES those evil people at Indy Mac/One West!! My loan was sold to IndyMac in December of 2008. At the time I was having medical problems, and was struggling to keep up with my mortgage payments. After not being able to pay for a few months, IndyMAc sent me a letter to try to work out a plan to keep my home. So, I dilligently filled out all of their paperwork, then wired them an initial payment of $4,000, then subsequently over the next 5 months, I was to wire $2,054/month. In September, I had to come up with a balloon payment of $6,000. Every month I scurried off to wire off my cash. Now, during all of this time, I not once received any paperwork of any kind from Indy Mac. As I was getting ready to wire my July 08 payment, the news told the story of a failed bank....people were panicked! They were lined up around the bank trying to get their money out of the bank. Fired employees told stories of files in utter chaos, and no-one knowing where to begin. I tried to call Indy Mac several times to ask if my payment plan was still in effect, but everytime, I got an outgoing message saying that there was no-one available to take my call, and that messages could not be left. so, I made the decision to stop wiring my money because I had no idea where it would go! Ironically, in August, I got a letter from IndyMac stating that my interest rate had increased, and that my new payment would be..... Here's the kicker..the new payment was absolutely not what I had been ask to pay. It was lower! I did not receive one single statement from them until a few days after I received a default notice in November!
after many inconsistent communications with IndyMac, my frustration was over boiling. I was told that the only way to escape foreclosure, was a short sale. I agreed to it, ONLY because my real estate
guy said I could cancel the sale at anytime. After 8 months of strangers running in and out of my home, a couple made an offer. Although I have not signed any papers, nor the bank approved the new buyers, I still feel like I am being forced out of my home! Now, the clencher. The very day that the offer was made on my home, I received a certified packet from IndyMAc. Enclosed were the HAMP papers.
I called a rep at IndyMAc and told her I had a short sale offer, but I really didn't want to sell, and told her I also had the HAMP paperwork filled out. Her advide? Go with the sure thing...the short sale....its LIKELY you won't get qualified for a loan modification.
I am SEETHING! How dare this evil empire have the right to drive me out of my home! And, I know for a fact that IndyMac dos NOT have my original note! Hell, they don't even show any record of all of the money I wired to them in 2008!!! however....I do. What can I do? If I cancel the short sale, how long before IndyMac will foreclose??
Any advice is needed, and a BIG HELL YEH on the suit against the demon banks!!!! Count me in!!
All banks suck!! I managed to work out a deal with onewest but it's really no deal at all. Then I decided to open a checking account with OneEvil just to come full circle. Long story short, onewest puts holds on all my checks, like my paycheck. The other day I had $8 in my account. I deposited my payroll check and was told "no holds" I said "good I really need the money and my dad is sick in the hospital so if there's any hold please tell me now" the teller said "no holds" that was 1 pm on Monday 6/21/2010 at 3:30pm I get a call to come to the hospital because my dad was passing away. I ran to the gas station to get gas, my debit card was rejected for NSF. called one evil bank and they said "oh all deposits are not credited until the next business day" What the hell? Long story short, my dad passed away--I wasn't there. One Evil bank is still evil
i called the indy mac to get an update on our mortgage modification and found out that they are forclosing today. i spoke to them on the 18nth of june and they confirmed that their is no sale date. we were also negotiating through naca and they are not even got informed about the dates. bank bought the property back today. does anybody know if i can file anything with the court to put an injuction or anything?
After reading these posts I am so upset. My husband had to have a triple bypass and we fell on some hard financial times. His business was not doing well, along with being out of work due to his heart. We stopped paying our mortgage back on January of 2009. We applied for the mortgage modification and we were denied. We were served with papers from their lawyers last July while my husband was having his bypass. We then received more papers from their lawyers in May stating they would foreclose in 2 weeks. We just got a certified package from One West which included a mortgage modification! We called them and they said to fill it out. I am so confused. Can anyone offer advice? Should we start looking for rentals and just walk away since from the sound of this company, they are unwilling to help anyone.
Fraud and more Fraud, is all I see. In times where 10% of us are out of work and millions can't pay for their homes Michael Dell, John Paulson and George Soros make a return of over 100% on their investment in less than one year by buying IndyMac and getting a Shared-Loss agreement from the FDIC. We pay these Government people to protect us yet that is never the case. I hope All of these people go to Hell without passing go. Maybe it is time. Watch the movie the Patriot with Mel Gibson
JM sorry to hear the bank bought your home back. It's such dirty dealing, I've been led to believe that if you are in loan modification with NACA that puts a stay on any foreclosure sale but I've heard stories like yours over and over again. As for filing an injunction, I think the rules vary from state to state. My suggestion is find a good attorney.
My story is the same as everyone else's, so I won't elaborate. However, I have had ENOUGH. I am about to expose these ruthless criminals, and the lies they continue to tell. If any of you live in California, this Friday, 09th July, @ 11am, I am conducting a protest outside of Indymac Mac. There will be at least 20+ people pickering outside of Indymac/Onewest Corporate offices.. I have also contacted KTLA-5, NBC, ABC, CBS, Orange County Register, LA Times, Fox Channel, John & Ken Radio talk station, and blasted 'Press Releases', to anyone who will listen. I believe we should have some good coverage.
The address is 888 E. Walnut, Pasadena, CA 91101.
We are also handing out postcards outlining the 'Sweetheart Deal', that Indymac/OneWest Bank have with the FDIC.
please contact me at kawm@sbcglobal.net for more information.
Correction to my previous comment:
mean't to say 'picketing', and not 'pickering'
sorry, but had to giggle at my mistake.
I wish I could join you Wendy but I'm in NJ! I am in the midst of looking at rentals...very hard to find since our credit is crap now thanks to this bank. :(
Anyone that can attend the protest, I would encourage you to go. If you cannot go, you should email your stories to Wendy at Kawm@sbcglobal.net. If you read my other hubs on this site, you will see that I participated in a similar protest on 1/4/2010. It was successful for anyone who turned out as well as for those whose email stories I supplied to the CEO. However we were really disappointed by the lack of media. No one seemed to care. One local news station said they "might send a crew but no reporter IF we could guarantee atleast 100 people".
There are countless youtube videos made by OneWest dissatisfied customers. This situation with the mortgage lenders and specifically OneWest is nothing new. I started my fight with them in around December 2008 when they took over IndyMac. I knew something was up when i would start receiving calls about paying my mortgage and it wasn't even past the due date!!!
Good luck everyone.
Nice story, worth reading for since it's very informative to everyone. Thank you for sharing your thoughts.
I really feel for people going through this situation. I am an attorney but I don't do loan modification, because I feel its something that doesn't really require an attorney to be done well. I do however come across a lot of people who have been let down by loan modification attorneys or companies. IndyMac is one companies that I have heard a lot of horror stories from my clients- lost paperwork, resubmitting of documents over and over, etc. The right hand doesn't seem to know what the left hand is doing in this company.
Thank you to all of you who were willing to show your support at the protest, and for your kind emails. As far as the media goes, I am lucky enough to have a great network of friends who spent countless hours,day after day, making signs, phone calls and emails, until we were finally able to find the right reporter's, and writer's to support our cause. Even the 'Pasedena Police Department' had kind words to offer, and told us where to park, to bring lots of water, and the could's, and could-not's of how to conduct ourselves.
Today I received a phone call from OneWest Bank. Coincidence about the TIMING. Now they want to help me!!!! I have agreed to delay the Protest for 48 business hours, which is all the time I am going to give them to FIX THIS. I feel a tad disappointed though, as this protest was, and still may be later 'Sensational'. We were going to scatter my dead husbands ashes on the pavement in front of Indymac Corporate offices. His sad death is the reason I am in this mess. How dare he!!!Oh and yes,this was going to be filmed on camera by a news crew, and and also plastered all over 'YOUTUBE'.
I am a bit frustrated though as Indymac/OneWest Bank are still having me jump through hoops, because now I have to stall everyone for 48 hours until I hear back from them. If I need to proceed with the protest in the near future, I will inform all of you either through email, or through this BLOG. Lastly, you need to hire an attorney to do a 'Forensic Audit' to see who really owns the 'NOTE'.
Keep the faith my friends, and maybe we will meet at Indymac/OneWest Bank after-all.
Keep the emails coming to me at kawm@sbcglobal.net.
ASK ME, you are awesome!!!! whoever you are.
Another Note to Add:
If you are told by Indymac/OWB the reason they can't offer you a Loan Modification is because your loan is with a private invester,and contractually they aren't able to help you, request in writing who the investor is. Don't stop there!!!!!. Contact the private investor in writing directly, as I did. I was informed mine was with Provident Bank. I wrote to Craig Blunden - CEO of Provident Bank in Riverside, Calif, and to my amazement, he actually called me back within hours of receiving my letter, only to inform me that the information I had been given from Indymac/OWB was not true, and that they had never held my loan. Wow! Would I love a job with his bank. A busy CEO who really cares about his customer's.
Lots of interesting comments. Has anyone bothered to contact the LA Times on this issue. A good liberal newspaper might actually run with the story. By the way other investors in OneWest include Paulson & Co., the hedge fund that made billions off of going short subprime mortgages & bonds. Having worked on wall street (the investment management side) this is typical private equity/hedge fund investing. They are always looking for a free lunch and don't care how many people or how much cheating they have to do to achieve their goals. Soros is a dangerous man to the financial markets and the U.S. He doesn't care about much except making $billions and maybe his home country, Hungary. Otherwise he will destroy whatever country gets in his way to make a dollar. He shattered the UK economy shorting the pound back in the early 1990's and he'll do the same again no matter the country. Another major owner is JC Flowers, ex-Goldman banker, who tried to buyout Sallie Mae but backed out when the market capitulated in 2008. I hope everyone gets out of their mortgage jams but again I think a good press story would help. Try www.propublica.org/ also as they are looking for these kind of stories. Clearly the investors have told the bank to work out the loans to their advantage only.
Miracles do happen if you are persistent, relentless and don't give up your battle. I finally got some attention from Indymac/OneWest Bank when they realised I was serious about a protest outside of Indymac corporate offices in Pasadena. I was contacted by David Rodriguez, Vice President of the Acceration Mitigation Department in Austin, TX. My experience dealing with the staff at the Kalamazoo, office has been horrible, but David Rodriguez seems to really want to help. I will be receiving paperwork in the mail tomorrow for my loan mod. Please don't give up your home without exhausting everything you have.
Hi Chris D--yes one would think liberal papers like the LA Times would run the story considering the liberals have always tried to present the image of being the voice of the oppressed and without power.... but unless you are a poor, uneducated, undocumented mexican, the LA Times has little sympathy for you. They have no concerns about middle class (white) people and their problems with trying to keep their homes...THERE I SAID IT!! Liberal media is one-sided and bias. everyone knows that to be true.
I contacted all the local newspapers, the local TV stations, like KTLA owned by the LA Times, local congresspeople, Senator Boxer, Jane Harman NONE of them did anything. Then I contacted Glen Beck and Bill O'Reilly because they hate George Soros who is a MAJOR investor in OneWest...NO ONE called me back. Also contacted John and Ken on KFI radio...again NOTHING.
The only thing that actually worked was showing up in front of the corporate offices with a sign. Also writing this blog and several others on hubpages about the shoddy services and dysfunctional loan mitigation department. Like Wendy who commented above, OneWest only deals with you if you push ahead and become somewhat of a crazy bitch. They do not like face to face involvement with customers. So if any of you are in the LA area, just go to the corporate offices of OneWest in Pasadena and insist on speaking to one of their "customer Experience Analyists" about your mortgage. Think you might get resolution to your problems immediately. Good luck everyone.
Well after months of resubmitting the same paper work(4 times that is) We decide to short sale our home! OWB bank is full of shit, all they want is to take over you home and sell it when the Housing market turns around.
We where told that by one of there loan officers, furmore we where told that OWB has NO attension of giving us a Loan Modication!
I say Boycott all Dell products!
Sorry Larry. I was also close to losing my home. Notices posted on the door. 2 sale dates. The only thing that OWB listens to is face-to-face confrontation. For those living too far away from Los Angeles, go to your local OneWest Bank. They want to shut up people that bring bad PR to them. They are trying to make themselves into "Your neighborhood bank" their new slogan is "Bringing Personal Banking Back to the Neighborhood" so if you go screaming inside their bank about them putting you and your family out on the street, it kind of goes against the image they hope to have. I did it, Wendy did and we both got a resolution to our problem because the want to SHUT us up.
WOW... Here I thought I was the only one going through this! I thought I was not hearing them right or maybe not asking the right questions but no, this is happening to so many people. My story is just like everyone here --- but I finally decided to go to an attorney and claim Chapter 13 bankruptcy, only way I could stop foreclosure and only way I was going to drop the second mortgage on my home! I did it, I am in the process of confirming my Chapter 13 payment plan to pay the arrears on my mortgage to IndyMac and a little money on the small amount of credit card debt I had... Now my problem is this --- once I filed my paper work I was informed by my attorney to start paying my monthly mortgage payments on time, I have ... thing is I always send 2 checks, one from my account and one from my husbands and never had a problem until last month - my check was cashed but my husbands wasn't so I paid his portion over the phone (didn't go through stop payment because bank charges $25 and if IndyMac magically found it and tried to cash it and it didn't go through I would aquire even more fees) - this month I mailed 2 checks again and I sent them out 1 week prior to the first... I called 1 week after I mailed them, they said they didn't receive them so I panicked waited until the 13th, two weeks after I mailed the payment and they said they still didn't receive them... WHAT --- so I asked, if I make my payment over the phone and you get the payment via mail will this cover July and August --- yes, you won't have another payment due until September --- great! Well what do you know two days after I make the payment over the phone they process my husbands check but not mine... I call, they only received my husbands check -- how can that be, I mailed two of them and even put a paper clip on each to the note with all my information so I wouldn't have the same problem I did in June... ok so now if you don't find my other check before August can I just send a new check for the missing check amount and be done with August.... Nope, you still have to make a full payment in August because all your payments (5 since I filed BK) have been applied to your past due amount so you are 7 months behind and not the 5 that you missed because of course the 5 that I was passed due were more than the current amount plus late fees, attorney fees and a whole bunch of other fees... what... I am in Chapter 13 and I have been making payments to a trustee for the past 5 months and as soon as my plan is final and confirmed in September they will be paying my arrears... what is going on.... All she can tell me is that this is how they always do it, they always apply your payment to the most past due bill to get your loan up to date. Oh and get this, in the middle of all this drama I receive a package from my attorney that I am approved for a trial loan modification but all the dates are past due... the tiral payments are less than my payment of course but the paper work says I am still responsible for the loan as it is during the trial but still says to accept only send the trial amount and no more.... WTF!!!! I tried to contact the customer service via email from the website and first response was this:
Dear Anna,
Unfortunately, the payment options you’ve stated are the only options available. You may also mail payments directly to our Cashiering Office which may allow for a slightly faster confirmation of receipt of your payment. Please ensure that you include your loan number on your checks and mail to:
IndyMac Mortgage Services
Attention: Cashiering Department
P.O. Box 4045
Kalamazoo, MI 49003
Please let us know if you require further assistance.
Respectfully,
Christin 32J
Correspondence Research
This company is a debt collector and any information obtained will be used for that purpose. However, if you have filed a bankruptcy petition and there is either an “automatic stay” in effect in your bankruptcy case, or your debt has been discharged pursuant to the bankruptcy laws of the United States, this communication is intended solely for informational purposes.
No help at all... so I replied explaining the new problem where I am now making payments that are applying to arrears when they shouldn't be... and this is the new response...
Dear Anna,
In order to protect the borrower's identity, Federal Privacy Regulations prohibits us from releasing loan-specific information or making changes on your account through a non-secure channel such as E-Mail. If the borrower would like loan-specific information, or to receive a more detailed response to your inquiry, please visit us at https://carenet.fnfismd.com/ onewestbank /ACCLogin.jsp. Once you have registered your loan through the My Mortgage Login and logged into the website, you may contact us via secured messaging for more information which is accessed through Personal Preferences. Secured messaging allows you to access our response by using your personal user id and password. A response will be sent within 24 business hours. Please help us protect your identity by registering your account online today.
Respectfully,
Customer Services
IndyMac Mortgage Services
This company is a debt collector. We are attempting to collect a debt and any information obtained will be used for that purpose. However, if your debt has been discharged pursuant to the Bankruptcy laws of the United States, this communication is intended solely for informational purpose.
Again, no help... did you not read my entire email, I can't make online payments because my loan is not available on line because of the BK... how can I log on if you don't allow me to??? UGH!!!!
I hate this mortgage company! I want to pay what I owe, keep my payments current and have my husband apply for a new loan to pay them off and just not deal with them anymore... this loan is in my name only and all the BK is in my name only so as soon as I am current on this loan we are going to refinance with another lender ... any suggestions any one????
Only good thing to come from all of this is no more credit cards, no more second mortgage but no relief!!
I will contact the corporate person with my email so thanks for providing those people's emails... CSR at Kalamazoo are idiots... they all tell you a different story and they all sound like they are reading a script!
It is amazing to hear all these stories not just on this site but all over the internet and yet no one at the FDIC seems to think that something should be done to alleviate the plight of One West's customers. I am an attorney in Southern California and I am handling two cases against Indymac/One West for clients in the Superior Court. Both were not even considered for modification under the HAMP program. My understanding of the law establishing HAMP is that any lender bailed out by Federal funds (including One West) has to do everything reasonably possible and short of foreclosure,(including but not limited to modification of your home loan) to keep you in your home. At the least, the lender must reasonably consider and document all modification efforts before foreclosure. One West never considered my clients for modification and sold their properties right under their noses. So we went to court hoping to get some help and the rulings are all over the place. The Courts in California are not much of help. Most of the conservative judges will tell you (even before the case is at issue!) that you cannot afford the mortgage and throw your case out, while the minority judges would stay a foreclosure or eviction proceeding against a homeowner and set the case for trial! And alas, the Lender offers your client a very good modification - Way better than a modification that you previously offered the bank prior to the lawsuit.
So for those of you who want to sue, beware of the judge before whom your lawsuit ends. It may be the determining factor. Pray that your suit lands at the desk of a liberal/minority Judge and with the right rulings from him/her you will get the right result. For example, I have a client whose house was foreclosed upon by Wells Fargo while making payments on a forbearance plan. She was being evicted when she retained me and we sued in the Superior Court in downtown Los Angeles and got a minority judge. I was happy and I quickly filed a motion to stay the eviction case and consolidate it with the civil action in Los Angeles. On the day of the hearing the minority judge was out sick and we were sent to a very conservative judge. She did not even take the bench to hear my arguments and ruled against my client. A couple of days before the Sheriff's lockout, I filed another motion in Los Angeles to stay the eviction. The initial judge still wasnt back, but this time we were sent to another minority judge. He not only stayed the eviction, he consolidated both cases in downtown Los Angeles. Last week we had a hearing on our suit and the judge set the case for trial. The bank started talking re-instatement of the mortgage and good good modification just as we left court. The lawyer can file and fight all he/she wants. It all depends on the judge folks. Good luck.
On a personal note, I am going through the same woes with One West as you folks. I had a construction to permanent loan with the old Indymac Bank. From the day that One West took over, they've looked for ways not to continue with the loan delayed payments to me and finally froze my account. I continued construction because I thought I had the money but now I am broke. One West has refused to release a draw (even after promising to do so) for over a year for one untenable reason or the other. Now they have defaulted me on a loan where I paid about $250,000.00 in interest up front. I have had it up to here with them and preparing a lawsuit as wespeak. If anyone has any experience with their construction loans with One West, I will like to talk to them.
Alfred, Wish I could have found you last year. I wrote this hub and several others about OneEvil bank. My husband and I consulted with a few attorneys but like you mention in your post, you have to be very concerned about what type of judge your case ends up with, add that to the fact the attorneys we consulted with, wanted $2500 up front as a retainer and $750 an hour thereafter. If we had that kind of money, we wouldn't be struggling to make our mortgage! In the end, the only thing that force OneWest to pay attention to us was to physically go to the bank, stand out front and hold a sign saying how EVIL this bank is which is contrary to the "new" image they are trying to build as "personal banking is now back in the neighborhood". We are glad we are up to date with our mortgage. Happy the vultures have stopped knocking on our door, but really wished we could have had a more reasonable modification.
Judges need to be realistic when applying the law. Things have changed. We are in a financial depression. My problems paying the mortgage did not come about because I was frivolous with money or credit, they came about because of this "recession/depression" and a major falling off of my business.
Funny you mention the conservative judges vs the minority liberal judges and how they rule on cases differently.....ironic don't you think that George Soros is a major investor in OneWest? He's the most left wing liberal around. Shouldn't he be associated with a bank that works with the people rather than against?
Askme, Thank God. At least you got something you could leave with. Many homeowners didn't even get a shot before loosing their homes to skunks like One West. The banks and the courts make it seem like it is the homeowners fault. If a whole bank can go down and get a bailout why not a mere homeowner. I am going to go down fighting on my loan. I will sue these guys and also physically go protest outside their offices if I have to. I have represented a lot of clients from the modification process through lawsuits with a lot of frustration and some measure of success. I charged the homeowner $2,000.00 retainer and $800.00 month to do a lawsuit. I was able to modify a lot of the cases that we filed and which the judges set for trial. No lawyer has the right formula we just have to keep plugging at different principles of law and hope the judges wake up on the right side of the bed every Court day.
I just received a ruling on a foreclosure case where the homeowners already lost their house to the bank. Very surprising, the Bank argued that the homeowners must "tender" the balance due on the loan or at least the default amount before they can proceed with the case to reverse the foreclosure. The Judge (a minority of course) disagreed and set the case for trial!. Most Judges would have sided with the bank. I am happy. Maybe I get to modify one more loan for a distressed homeowner and then maybe I can help myself.
By the way, wasn't Obama supposed to be a liberal/minority who was elected to "CHANGE" stuff like this? This world is a very funny place. I have to go to court now.
My house was suppose to have been auctioned off on the 21 July, 2010. The only way any of you are going to find a resolution to getting a Loan Modification is to rally together, and do what 'AskMe', is suggesting by having a protest outside corporate Indymac/OWB offices in Pasenda, Calif. I applied 3 times for a loan modification, and was denied each time. Problem was that paperwork I had been asked to send them repeatly had been lost, misfiled, shredded....who knows. Only when I organised a Protest did I get some attention. And it wasn't just from customer service, it was from some of the top dogs at the bank. What I had tried to achieve in 8 months unsucessfully, happened in less than 48hours. I had my loan modification. They don't like being made a public spectacle. I have 20 or so signs, which fortunately I never got to use since they just wanted to shut me down, and go away. If anyone wants to use these let me know. Don't get talked into a short sale either, as your credit will still be affected negatively no matter what you are told.
Wendy you are totally right. Everyone!! YOU REALLY NEED TO READ WENDY'S POST AND MY HUB PAGES ABOUT NATIONAL SHAME ONE WEST DAY. Wendy and I both got attention from the top people at OneWest after either physcially being outside their bank protesting or just hinting that you might. I spent 9 months faxing, copying and mailing my documents over and over and over. The notices of default were sent. I would call and get the same story "your documents are missing this or that". I screamed I yelled, I cried. Total apathy from OneWest in Kalamazoo. Finally blogged about the shoddy treatment on hubpages. Also posted to many complaint boards. Showed up at the protest and within 1 day had my own "Corporate" person assigned. A deal was struck. As simple as that--I had endured having the sale notice posted on my door with creeps knocking who wanted to "see how it looks on the inside" or obnoxious realtors who stopped by telling me a short sale was the only thing I could hope for and actually arguing with me when I asked them to please leave and not bother my family. The bank does not want the bad publicity. They do not want you to expose who they really are nor do they want to be put under the microscope and have their sweetheart deal with the FDIC known to the masses. They buy destressed banks for pennies on the dollar plus get a bailout by the feds. Every foreclosure means profit for them. Why would they want to risk public outcry that might lead to the feds saying "no more". Check out my other hub blogs for details of the sweetheart deal OneWest OneEvil bank made with the FDIC.
Find an attorney in your area who is using the "produce the note" strategy to fight foreclosures. Indymac/OneWest is especially vulnerable because of the way they obtained these loans. They didn't follow certain steps properly. They are all MERS loans - google "MERS loses" and read up on it.
Alfred you gave your story, which is very similar to mine. Though you didn't give any contact information.
RI Girl is correct. Read up on making them produce the note. They cannot do it in most cases. OneWest and other banks assume the consumer will be totally ignorant and unaware of this little fact: during the hussle of re-fi's most banks failed to follow the proper procedures and transfer title correctly. Sort of like buying a car and reselling it quickly without notifying the DMV. Read up on it.
I have been fighting my foreclosure against One West Bank for almost 2 years. Well actually since One West canceled a loan modification that I was in with Indymac when they took over and put me in foreclosure. I demanded the note in court and I got a Judge who was satisfied with a copy.
Then I find out that One West Bank is not the owner of my note but only the servicer. ( Got clued in when they denied my future loan mod requests with a letter that stated" Because of our contractual agreement with the OWNER of your loan we cannot grant you a loan mod").
Needless to say I presented this evidence again to the courts and lo and behold she signed off and granted them the Motion for final Judgment in spite of. So here I am being foreclosed on by a bank that don't even own my note!!
Carol, so apparently NOTHING works against this oneEvil bank? Little guys get screwed again. What happen to the obama "spread the wealth around" guess that only applies to $700 billion tarp to big business banks?
After almost 2 years of trying to get a mortgage modified with this bank, I am still in limbo. I emailed one of the higher ups and immediately got a phone call telling me they are trying an "alternative option" for modifying the mortgage. I am not holding my breath. I asked them to produce the note and they said it was from Indy Mac. I will hear something within a few weeks despite the fact that I have a foreclosure date in Oct.
I am an 87-year-old woman with a Horse ranch in southern California. I take in abused/abandoned horses and re-train them to be used in therapeutic riding programs. My mortgage was with First Federal Bank. It FAILED. One West Bank/Indy Mac took over and was unable to accept/apply payment for a couple months. I was told that I would receive information when the conversion was done on how/where to make my mortgage payment. I DID NOT. Constant agony and calling finally paid off. My mortgage payment was considered late, went up and the penalties are astronomical. To date, 29 faxes to submit my correct address & phone number, still no luck. Sent 32 faxes of a mortgage modification packet, still not received by One West. Was told twice that my ranch is in foreclosure complete with sale dates by One West Customer Service. Not true. Was told by Customer Service that One West does NOT have to issue any notification regarding foreclosure proceedings in California because they are in Austin, TX. NOT TRUE. Have been disconnected 57 times since last November. Have had three B.P.O. s climb over my gate and take pictures of my horses/trucks and horse trailers to “catalog all assets on the ranch for the sale, including my horses”. Not legal. Customer Service explanation was that One West needs to verify the property is occupied and being maintained. 18 faxes to date of utility bills in my name with address, still no record of occupancy according to the bank. I have driven a total of 1,126 miles trying to hand deliver above mentioned documentation to branch locations given to me by Customer Service Reps at One West Bank, most of which do not exist. Last branch location I drove to was a loan origination dept. in Irvine, CA, with a different name. I could go on and on. Once I was foolish enough to ask for a supervisor while on the phone with Customer Service. I got lectured that One West Supervisors are busy with important matters and do not waste time with customers. At least that’s what Kevin said just before disconnecting me. Is this what I have worked so hard for all my life. To see my horses go to auction and end up with not even my truck to live in?
Askme, I am in CA and going through all that has been discussed here on your blog. I even had the 3 month trial period mortgage modification and got the modification signed in front of a notary only to have IndyMac then deny us because they said my property was income property and not owner occupied. NOT true, I did all they asked to prove occupancy and they still denied us in the end. I am currently still in my home like stressed over what they will do next. I am interested in class action suit too and any other information...
Dear HorseMom, I would hate to see you lose your ranch. I am a horse lover!! I truly hope someone on here can help you.
askme... I never post on blogs like this but I had to chime in and tell my tale. I am in a current modification request with IndyMac and was told I am two weeks away from being modified. all I need to do is give them check stubs with year to date earning and I'm good to go... and had my sale date taken off the chopping block, or so they say... who knows, it might have been sold and I don't know it yet.
but anyway, here is how I got here. I will leave off 90% of the misinformation and run around I was given that went back and fourth for the last two years and just mention this; I was offered a modification with no documentation by Indy Mac back in march of 09 and it would have reduced my payments by $400.00, we had it notarized and sent it off and I was awaiting my new statement so I could pay it and I never received it. I called and asked what was up?? They said, oh we decided to not honor it, Obama has a new program we have to offer... Now this was the 2nd no documentation mod I was offered. Back in 08 I was offered one and I didn't act on it. It was more like a second mortgage for a minimal amount I was behind on back then... I should have took that deal looking back. What I owe now is just a snowed ball effect that Indy Mac caused by pissing me off, giving me the run around. Our money crisis was short lived and I could have been paying this mortgage 2 years ago. But since they null and voided the 2nd offer which is what I was wanting, no documents and a lower interest, they ticked me off so bad, by riniging it, I didn't have any communication with them until Jan 10 when I was sent a notice that I was being foreclosed on. I called them to ask what the options are, and to tell them that it's their fault and shortly after, I received a 3 month trail modification offer and I ignored it because A) I distrust them, and B) I was not happy what I read in there, that the government basically owns your butt if you sign that... so the next thing that happened was I was served by the sheriff's dept and had a sale date for this September 7. So I applied for a new modification and set in all this paper work (the only one I actually applied for, the others ones were just offered to me out the blue) so where I'm at now is, all I have to do is send them check stubs with year to date earnings and I'm good as modified (so I'm told) but now I'm hearing they didn't recieve the YTD stubs- don't know what department it went... but yet they got the written authorization to allow me to discuss the loan with them (it's in hubs name) that was sent in the same darn envelope as the stubs. so I will be sending it certified come Monday morning.
We'll see if I get the modification. The sad thing is, we have a good job, make enough to afford the dang house and we can pay it... could have all along, They let t get to this point and that is what has me mad. Yes, it's partly my fault because I was so mad, i let the loan go, but they weren't on the up and up so I figured, screw them.
Hello
Hello-
Our house was bought by OWB in a foreclosure sale August 26, 2010.
Our case is unique, in a sense.
My husband had a heart attack and OWB put us on a forbearance plan. To the best of my knowledge we never signed an agreement. I have asked for a copy for over a year.
WE NEVER MISSED a payment.
I asked every time I talked to a OWB rep. what payment(s) we had missed. They could not identify any.
Finally on May 25, I got a letter dated May 25 stating it was too late to do anything the foreclosure sale was set for May 25th. (Yeah, those dates are not typos). The letter stated we had missed the July 2009 forbearance payment.
I called the July forbearance payment, as I had done with all the previous ones. Melissa Van Tinen, the girl handling our account said she couldn't credit the payment until we filled out HAMP papers. The new investors (who she wouldn't tell me who they are) would not honor the forbearance unless we did. I asked at that time if she held our payment if it would hurt our plan. She assured me it would not. I filled out the HAMP papers, with a handwritten note (we were at an airport), that I knew we would not qualify and their asking us to fill these out was senseless.
Well, they accepted the next payment in August 2009, no mention of being late for July.
I went to call in the Sept. 15th payment and was told the investors would not accept it. I found out later we were already in foreclosure proceedings as of Sept. 4th.
There are many conflicting dates on the documents.
We are currently looking to find an attorney for Wrongful Foreclosure. One man represented himself in Californa and was given his house back free and clear of a mortgage.
I contacted OTC, senators, the California AG and others at the start of our nightmare, and they all simply sent my letter to OWB to take care of it!
Yvonne, What a nightmare. I think my husband and I worked out a deal with OWB back in April but now I am not so sure. I keep reading all these other stories where people had a deal only to have their homes sold. OneWest, OneEvil bank is so dirty dealing. They constantly deal in bad faith with consumers and seem to get away with it. They need to be slapped down hard, really hard, lose billions in punitive damages to consumers..then and only then will the be forced to clean up their act. I truly hope you find an honest and smart attorney to help you out. And...if you do, please share his info with all of us who are in CA with you. God Bless. Wishing you the best of chances to keep your home.
I followed AndyMac for 7 months to get my modification complete. I sent about 10 faxes and called more than 100 times, and just realized to day that the whole shbang is a rip-off. I gave them every single document they needed. Today, One of the supervisor literally told me that I'm going no_where. Anyone wants to start a Law suit against these monster?
I'm. They are claming that they are going to help. It turned out they are not going to.
LAW SUIT----LAW SUIT
PLEASE EMAIL ME IF INTERSTED IN JOINNING THE LAW SUIT
YES!!! What is your email address???
Well just like every homeowners in America my family and I have been a victim of onewest bank formerly known as IndyMac bank.
when the economy started going crazy, i had felling that my husband might lose his job so we started inquiring with IndyMac about any possible program we been hearing on TV to avoid losing our home, soon enough my husband lost his job and I contacted IndyMac bank asking if there is way we can qualify for a loan mod but needless to say they were more concern if we can afford to pay our mortgage even though at the time we are not late yet.
Fast forwarding we hired a loan mod expert at least we thought after 6 months we have been getting the round around of pending according to IndyMaC then we decided to hire a law firm that supposedly specialized in Bankruptcy and loan mod, we asked them from the beginning if BK is the best way for our situation or loan mod and they advice us to do a loan mod not knowing anything better then, 4 months later no news so I contacted find out that the attorney we signed up with no longer work for the firm and no one even called us, till finally I raised hell and got the ball rolling again, next thing you know we are got a call from the loan mod attorney that we are being kick out due to a trustee sale at the end of Sept 2009, I started panicking and calling other companies that handles situation like ours, then I met a loan audit person who kindly told us that there is no record showing any trustee sale schedule for our home but I asked him if so why is it there is a signed tape in my front door?
I was advice to check the city of Placer for any record of trustee sale schedule for our house and found out there is none.
I immediately contacted our loan mod attorney thinking this got to be a good leverage since its illegal what IndyMac is doing. Can they really post something on our door ordering us to move on the trustee sale date that was on the notice even though theres no record of it when I try to verify it? I decided to met with the loan audit person and he advice me to avoid this situation while they audit our loan that I should do a chapter 13 to save my home, we then turn around and filed a chapter 13. Keep in mind IndyMac have received our request for loan mod for almost 1 year and nothing happened then as soon as we filled Chapter 13 IndyMac/Onewest bank decided to put us on a trial payment for 3 months while they work on our loan mod request. I explained to them that Im really concern because now we are so far behind that I felt we might not able to catch up cause of all the delay tactics they have been doing... June 2010 comes and got another call from the loan mod attorney stating that IndyMac/OneWest bank denied our loan mod, I was not shock anymore I had that feeling anyway, so I asked our loan mod attorney what was the reason they denied it but no word from IndyMac/OneWest bank....Finally my BK attorney decided to appeal it and stated that if indymac denied us why have they not notify us in paper and yet they are still accepting our trial payment till now. Finally, my BK attorney sue through BK court and was told that they are reconsidering our loan mod provided that we re-apply again, They send us a letter stating to join the HAMP also known as HOPE, so we did and re-applied for a new loan mod, have faxed all the requirements they wanted but Im doubtful that they will especially after I find our recently that the reason IndyMac/Onewest bank denied our loan mod the 1st time is due to lack of documentation proving I was getting additional $150.00 every 2 weeks... I was angry because I told them that I have turn in a letter from my aunt stating that I have been receiving $150.00 twice a month in return for helping her around the house and driving her were she needed to go. Its no different from doing a baby sitting job. The fact that I actually turn in a letter as proof that i was receiving this along with my monthly bank statement, the lender have all our information and documentation. I realized that this is one of those delay tactics that IndyMac/OneWest bank is notorious for as a delay tactic. keeping homeowners like us go through hoops and making excuses to deny our loan mod request because they get more money from foreclosing homeowners like us instead of actually helping us....
The thing I dont understand is that there are thousand of homeowners like us sharing the same situation and gone through the same mary-go-round and yet our gov. is not doing anything about it.....
Im really tired, Im hoping that if ANYONE HAVE STARTED A LAW SUIT AGAINST INDYMAC/ONEWEST BANK I BE HAPPY TO JOIN BECAUSE THIS IS NOT FAIR AT ALL,,,,THEY ARE DOING ALL THE OBVIOUS SCAMM AND NO ONE IN THE GOV IS STEPPING UP TO HELP US..... PLEASE EMAIL ME IF YOU ARE A PART OF A LAW SUIT AGAINST INDYMAC/ONEWEST BANK.....I'M NOT GIVING UP THE FIGTH....
kylissa, We ALL feel your pain. I have also asked over and over and over again how can our government allow this to happen? If you read some of my other hub stories and google IndyMac's sweetheart deal, I think you will start to see how the Obama Admin and the FDIC allows IndyMac/OneEvil bank get away with foreclosing on homes and kicking hard working Americans out on the street. It's BIG business for OneWest. Michael Dell of the computers, George Soros billionaire friend of Obama's and founder of moveOn.org (friend to 3rd World people but evil hater of American citizens) ALL are investors in OneWest. They all got together and paid pennies on the dollar to buy the failing IndyMac. Foreclosing on your home makes them $$. They take your home, the file a claim with the Feds (FDIC) get 80% compensation and then resale your home making a profit between the claim payment from the federal government and the proceeds from the sale of your home--all with purchasing the note on your home from IndyMac for .20 cents on the dollar...get the Picture??
Trying to find an attorney who can afford to go after a giant like OneEvil Bank backed by billionaire investors, is extremely difficult, that is why you have not seen lots of class action suits. Plus anyone with any potential of really slapping down OneEvil Bank gets bought out before their suit gains any publicity.
It's all so evil and corrupt. I wish us all justice some day, but when?
The question for us is "how many Americans have not been burned by the Obama Modification" I think number would be smaller.
I relate to everything that you have said and yes Indymac made a lot of loans and a lot of them were Subprime. In fact I delivered loans to them as I was working at a Broker shop at the time the mortgage market starting failing.
As a Mortgage Underwriter, Operations Manager, Processor Manger, Quality Control and Auditor of mortgage loans...I have emailed three (3) emails to the White House about the inconsistenty of this program with normal mortgage guidelines. I received an answer from the first email with his name on it...he probably never saw the email. At any rate...EVERYONE is correct in saying that it appears the lenders do not want to give modification and in fact they have only given a few.
They gave me a trial mod period; which only made my situation WORSE. They then declined the mod as we COULD AFFORD THE PRIOR PAYMENT BECAUSE THEY ARE USING MY HUSBAND'S INCOME WHO IS NOT EVEN ON MY LOAN. It was disclosed they say. Yes it was disclosed because at the time they used it because I had not other income and the loan WAS NOT DELINQUENT. But, when I had income our housing expense as 31% or below and they told them we could afford the prior payment. NO CONSIDERATION FOR TOTAL OBLIGATIONS AND NO CONSIDERATION FOR ALL EXPENSES.
This underwriter (me) worked on this mod for 2 solid years with Litton Servicing. Bank of America owns the loan. They finally sent me a mod with all of the money added in that the trial payments did not cover which made the payment $200 more than it already was. We can still afford this payment when we could hardly eat making the trail payment. Mind you our income is from Social Security, my husband is 66, I am 62. They gross this income (that is normal underwriting) but using my husbands income is not. We of course do not get that grossed up income and with our obligations we cannot afford the payment as it was or the new payment they offered. I DECLINED THE MOD THEY OFFERED. SO NOW, I AM DOING THE SHORT SALE....
I call this program a scam also and of course anyone who has dealt with Litton knows they are. Remember this loan was paid without being delinquent when this mess started; do you think they care. Nope, and now they will lose about $30k (i hope) because the value of the property is about 30K below what is owed. This is the country and there are no comps which can bring this up as high as they would like.
It is disgusting and it makes one very angry when you have tried your best to keep the payments paid and they were even in the trail period and they will not drop the interest so that the payment would be payable for us.
My advice to all is to take up for yourselves. Read the guidelines and know your stuff so that they do not do something that is not allowed. I have called their hand and told them the guidelines are not consistent but of course they make the excuses. They are not working for you they are working for the company...
Even having the experience I did, I still could not pull this off. In fact no one with authority would even talk to me. I repeat myself every week almost for 2 years trying to convenience these people; we could not afford the payment....THEY DISAGREE... they are stupid....
I wish someone could go to congress with this matter and someone could get someones's attention who is in authority at the White House.
I know for a fact that a mortgage company can modify the rate of interest when they get ready unless the loan is in a pool with a certain rate...AND I am sure mine was.
You can see my hubs on mortgage lendidng..I have underwritten all loan types to include FHA and VA. I understand the process and nothing about what has occurred has been consistant.
I am sorry for all of you and myself as well and I wish there was something we could do.
Dear lctodd1947--I wish someone would go to the Whitehouse and congress too. I wish someone would listen to all of those struggling with their mortgages. The recession IS NOT over nor is the housing crises--far from it. What is troubling besides families losing their homes is what happens to the neighborhoods when all the homes are vacant? If you want to know, just check out Detroit. Sad.
In the September 10, 2010 of USA Today appeared a full page Cover Story addressing the HAMP home loan modification process. What is written therein addresses the dubious and dishonest tatics of the lenders dealing with the growing and overwhelming requests for home modification. The latest results I found posted for Bank America shows only four per cent of applications receive approval for a permanently modified home loan. I also have experienced much frustration with no demonstrated progress in the process and evaluation of my application.
I encourage all like me to write, phone and email your U.S Representatives and Senators. Uncontrolled anger only compromises and errodes our creditability as a homeowner and a citizen. This November go to the polls and vote the thugs and lice out of office. Get involved in this great nation of ours. I am a former U.S. Marine that once was in a position to offer my life for my country. Today it is as important as ever to stand up and be counted. We are a nation to be proud of, a nation unlike any before us. We are the land of the free and home of the brave. It is in God we trust! My home has a listed sale date the end of this month. I will exaust ALL MY OPTIONS while calling upon my Lord and my Savior, standing on the promises in his word. Psalm 50:15 says,
"And call upon me in the day of trouble; I will deliver you, and you will honor me. John 15:2 says, "If you remain in me and my words remain in you, ASK WHATEVER YOU WISH, AND IT WILL BE GIVEN UNTO YOU.
AGREED! Don't bother complaining if you are not going to VOTE these long-- term-- scumbag-- do-- nothings-- out of office!
Thank you DLP 1 for reminding us we do have a voice and we can make those in office listen.
I too have been scammed a robbed by Indymac,One West, and Deutsche Bank. They literally pushed us out of our home of 14 years. I am in a short sale now...If the bank accepts the sale! Yes, the FDIC rewards OWB for every foreclosure. Deutsche Bank purchased insurance on every foreclosure, so they get paid twice.
What's sad is that we can afford our home. But, it is too late now.
I have sent letters to our Senators, Obama, Governor Schwartzenegger, and have a letter coming out in the LA Times.
The banks have all the power and we have none. It is like Feudalism. But, we can't stop fighting. These banks must stop and we must stop them.
Carol, Hope you do better than I did with writing your Prez and others. I wrote to everyone I could think of NO response. Sen. Barbara Boxer "yes ma'ma" did absolutely NOTHING. Ditto for Jerry Brown--Attorney General now running for another shot at being CA gov really PASSED the buck in fact his office told me to stop writing. Wrote to all the radio talk shows, TV shows on Fox O'Reilly, Glenn Beck--both of whom despise George Soros who is a MAJOR investor in OneWest Bank--nada from either of them.
I was ripped off by a so-called loan modification attorney James Parsa-he stoled millions from 10,000 clients--none of the government agencies that are to protect consumers did anything to this scumbag attorney.
I cannot imagine what these banks are going to do with all these empty homes.
Has IndyMac done any short sales for anyone here? My modification wasn't handled properly as I've said above. So we decided to see if we can short sale, we have an offer but it is really low. Hoping to buy time and if foreclosures are being stalled maybe government will take a look at what the consumer needs. BofA is only halting foreclosures because they found they weren't processing them properly. I'm hoping someone will look at how modification applications are being handled. Am I dreaming?
Yes David I couldn't believe no one posted email address either. This is my hub. I am the author of this hub and several others about IndyMac now known as OneWest. If you read my other hubs, especially National Shame IndyMac Day you will see that I have been fighting the battle for over a year. On top of fighting IndyMac, I was ripped off by a "loan modification attorney" to the tune of $3300 when I could least afford it. I am still waiting for that low level scumbag to get his time in a butt pounding prison but looks like it's not going to happen. I, like you contacted every government agency asking for help both for my problems with IndyMac and also for the scumbag, attorney who stole my money. Who was the worst at help? The CA attorney general--Jerry Brown the "whore" who wants to be governor of CA again--think NOT.
Finally the best thing I could have ever done to get IndyMac/OneWest to listen to me was to simply stand out in front of the corporate HQ with a sign and post, blog, tweet and facebook about their evil practices. Suggest you do the same.
OWB is the worst bank I have ever seen and I worked for mortgage companies before but OWB is one of the few that does not help their customers. I wanted to do the HARP loan (Home Affordable Refinance) however OWB only offers it on Fannie loans and not Freddie. Well my loan is Freddie and this is an upside down mortgage (negative equity for about $100K, Long Island location). I gave them a call to inquire about my options and they said I can bring $100K to closing but also advised me that if I cant afford the I/O payments now I will definitely not be able to afford the fully amortized payments. What a helpful advice. Yes like people are running around with $100K in this economy. Drive down any road and check how many businesses are closed. Point is that they were so fast give mortgages back then ( got mine in 200^) but when we need help, who is there?? Noone!!! Why isnt it easier to help someone who actually willing to keep the home and paying on time? They will lose more money if i default and stop paying or short sell the hosuse. Makes no sense. OWB is horrible.
"Loan Modification " jUST GOT DONE TALKING TO A PERSON THAT CAME BY MY HOUSE AND ASK ME IF I WAS STILL LIVING IN THE HOUSE YES I REPLYED WELL I AM A REP FOR ONEWEST INDYMAC THEY ASK ME TO COME BY AND SEE IF ANYONE WAS IN THE HOUSE BE CAUSE THE BANK "ONEWEST" NOW IS THE OWNER OF YOUR HOUSE LOOKS LIKE MY "LOAN MOD' DIDN'T WORK AND THE SOLD THE LOAN OFF AND FORCLOSE AND SOLD CALLED BOUGHT IT BACK ??? I WAS LIKE WHAT ARE YOU TALKING ABOUT I BEEN PAYING LIKE THEY ASK ME TO ALL I WAS ASKED TO PAY WAS 1395.00 UNTIL MY LOAN MOD WAS DONE I TRIED TALKING TO ONEWEST ALL THEY SAID WAS THEY NEVER RESIVED AND OF MY LAST DOC'S THEY ASK FOR I FAXED AND I SENT THEM TO THEM I FOLLOWED UP WITH PHONE CALLS TO MAKE SURE THEY WERE GETTING ALL THE PAPER WORK LIKE THEY WANTED AND THEY REPLYED YES THIS HAS BEEN GOING ON FOR A YEAR WITH THE LOADN REMOD NOW THEY WANT5 ME OUT OF THE HOUSE CAN ANYONE HELP PLEASE CAN THEY KICK ME OUT LIKE THAT WITH NO FORCLOSER NOTICE AND SELLING THE LOAN OUT LIKE THAT ?????? CALL ME 805-409-5330 BEFORE I MOVE AND MY RIGHTS ARE GONE I AM A FIGHTER I HAVE KIDS IN THE HOUSE WITH ME THANKS JAMES ONCE AGAIN MY PHONE NUMBER IS 805-409-5330
Dear Mad,
My brother had the exact same problem with that same lender and let me tell you, he tried to fight these m'fers and they did NOTHING and the unfortunate end was that he lost!!! They wouldn't help, in fact they probably wouldn't help their own mothers. They are nothing but lying cheaters and should all be thrown in jail with Bernie. Good luck to you and your fight.
Dear Pam, Sorry to hear your brother lost his home. Have you noticed suddenly the banks are stopping foreclosure. Finally the government has gotten involved. I did manage to work something out within a day or two of losing my home. I think I got a deal from OneWest because I shamed them by standing out in front of their corporate offices with another mother and her children. they wanted to shut us up....so they finally worked out a solution! Sad it has to come to that to get them to do what is right.
There was an article that a Long Island, NY couple had forgiven their OWB mortgage by a Judge (try to google it) due to mistreatment by OWB's part. I will attach the ARTICLE from 2009:
"Those of you who have been struggling with loan modifications — and there are hundreds of thousands of you — certainly must have fantasies that someone will cut through the red tape and finally listen.
Or that the lender, which may seem to be pushing for closure rather ruthlessly, get a lesson in human kindness.
Well, both those wishes came true for an East Patchogue, Long Island couple, who had a judge wipe out their $525,000 mortgage balance.
In a front-page story by Kieran Crowley, Rich Wilner, and Dan Mangan of the New York Post (a newspaper where I used to edit; hey guys!) the story of a Suffolk County judge giving homeowners their home for free is detailed.
Seems Judge Jeffrey Spinner was taken aback by the behavior of the lender, OneWest FSB of Pasadena, California, which absorbed the old IndyMac. He used the words “harsh, repugnant, shocking, and repulsive” to describe the bank, which was foreclosing on the Long Island couple.
The homeowners — Greg Horoski, a professor of English, and his wife, Diane, who sells collectible dolls — had a subprime loan blow up in their faces, according to the Post. They ended up with an interest rate of 12.375 percent, $291,000 in principal owed, and $235,000 in interest and penalties.
The judge, for his part, berated the bank for refusing to work out a settlement deal.
OneWest, according to the Post, took $814.2 million in Federal bailout money.
If the judge’s decision is not reversed on appeal, the Horoskis now own their 3,400-square-foot ranch, which they bought for less than $200,000 15 years ago, free and clear.
OneWest noted for its part that it expects the ruling to be overturned on appeal.
The bank’s owners, according to the Los Angeles Times, are private equity investors including Stephen Mnuchin of Dune Capital Management, J. Christopher Flowers, George Soros, and John Paulson.
Christopher Flowers set the price record for a Manhattan townhouse when he paid a reported $53 million for the Harkness Mansion, an Upper East Side limestone trophy property, in October 2006. According to the New York Observer, that home is quietly being shopped for under the asking price."
One West played games with our Loan Modifacation, and like the rest of you, they kept asking for the same paper work over and over and over. So we decide it time to put our home up for a Short Sale. One West recieved the paper work for the Short Sale and sent it back. One West found a loophole in the Short Sales! its called an AUCTION! They sent us letter stating that they will be Auctioning our home off in 2 WEEKS!
Is there anything we can do to stop the Auction?
By the way One West Bank is a piece of CRAP!
NY Lady, yes I remember when that article hit the news. We were all thrilled and hopeful. I believe OneWest has appealed. They have the $$ and the hired guns. There was a similar case in Oakland CA where a plaintiff sued for elder abuse and wrongful death. OneWest hounded this elderly couple with so many threats and foreclosure notices that the husband passed away from all the stress. I contacted that attorney and the case is progressing thru litigation but OneWest puts up a fight all the way.
Larry!! start calling the corporate offices of OneWest in Pasadena, CA. Ask them why they have not put a freeze on foreclosures like B of A and Wells Fargo. Ask them to show you the note and prove they have the legal right to take your home. Many banks did not transfer the deed legally. This was a major topic of discussion about 18 months ago and just recently the media has picked up on it. With all the bank mergers and selling off of mortgages, it seems many banks did not properly transfer the deeds into their name--the old mortgage lender is still on title, therefore, No legal right to take your home. Fax, email and call the pasadena, CA corporate office until you get to the top. That's what I had to do, plus I had to stand out in front of the bank with a sign saying what criminals OneEvil bank is BEFORE anyone with authority would talk to me. My sale notice was posted on my front door. Blood sucking realtors trying to talk me into "short sales" would knock on my door telling me they only wanted to "help me" bullshit!! Larry, I urge you, do not go down with out a fight!! OneWest does not need your home. Make them prove they have the legal right to take it. As a very last stop measure, file bankruptcy. Foreclosure and the sell of your home will be stopped for the moment.
We received a construction loan from IndyMac in the summer of 2006 to build an estimated $1.5 Million home in California which would roll into a permanent loan when we were finished building the home.
So when we were finished in July 2007 we had a $1.2 Million loan amount; however, this was right at the point of the worldwide economic collapse and IndyMac removed every loan program from our list of options and only gave us 2 options: (1) a fully amortized loan between 8 and 9% or (2) a fully amortized 1 month Libor adjustable loan. Both of those two options were not sustainable and essentially setting us up for eventual failure.
They said that because we went stated income on our loan documents, which was suggested by the loan broker, we couldn’t qualify for a more affordable loan, like a interest only, when the construction loan rolled into a permanent loan. We had great income and credit; however, the loan broker steered us to the stated and inflated a lot of our numbers in order to qualify for the construction loan. If we knew that this would have made it impossible to qualify for an affordable permanent loan then we would have never signed up for the construction loan in the first place. That being said we don't know if IndyMac would have given us more affordable options, this is just what a representative said.
Now IndyMac/One West won’t even talk to us. We are current on our loan but we are only a few months away from being able to. IndyMac/One West has robbed us due to them removing all the many loan options that most borrowers have when we rolled from a construction to permanent loan.
EMAIL: bothofus@tatark.com
Please read my post from 3 months ago.
I am rolling on the floor from laugher at how ludicrous and incompetent the people at Indymac/One West really are. The short version is that I was finally fed up with dealing with inept and incompetent people at the bank. I rallied together the smartest friends, and family I could find, and organised a protest outside of Indymac headquarters in Pasadena. Hours, and hours were spent researching and mustering as much media attention as I could possibly get. I had 25 people willing to support me at the protest. Indymac Bank somehow found out. Maybe because I had notified the Pasadena Police Dept, that we were having a peaceful protest. I was contacted shortly thereafter, and granted a permanent loan modification for the lifetime of my loan to shut me up. That was back in July, 2010. The contract was signed by myself,and notarised by Indymac. I now find out from the Loss Mitigation Department that my Loan Modification has been denied as of 26 October. The reason being that my private investor does not participate in the program. Now here's an AH HA moment. I received a letter directly from the Vice President of my private investor authorising Indymac Bank to issue me loan modification in July. So Indymac people lied to me in regards to their lame excuse. Am I missing something? How can I be denied a loan modification, if I already have a permanent one signed off by them. I can't get my head around this, because it is yet another insane moment of Indymac Bank not having a clue as to what they are doing. In addition I have been making my adjusted payments on time.
Since Indymac Bank have reared their ugly heads again, they leave me no choice but to go to war with them AGAIN and everyone should join me.
This time there will not be a protest with 25 people. I am going to be their worst enemy, and plan a protest of a magnitude that they could not even imagine.
Please leave me your email address at:
kawm@sbcglobal.net along with a brief story of your encounter with Indymac Bank. In turn, I will keep you informed of my progress with the protest. We need to support each other, and reveal what absolute snakes these people are. I have kept all of the media contacts, both TV, Radio and Newspapers, but I might need volunteer's to help with picket signs. I already have 25, and foresee having at least another 75.
I want to tell you all a little story. The story begins, as all American dreams do, with unfettered hope and belief, but has, over time, become a nightmare from the darkest recesses of our national psyche. This is not a fairy tale, and I beg you to see yourself in our heroine; for you could find yourself in her shoes very soon. And I promise you that that is not a place you want to be. But read on, and judge the veracity of my words for yourself.
I have been in the mortgage industry for almost a decade, and have seen my share of the ugly side of lending: the foreclosures, the forgotten families, and the greedy, heartless, faceless “holder of the note” gone wild. I have experienced all of this more times than I care to admit, and have been ashamed of my industry more times than I care to count, but the borrower I wish to tell you of was the reason I broke into this business in the first place. People like her, hard-working, honest Americans, are the ones a broker like myself looks for day and night, and strives to take care of in whatever capacity we are capable of.
Why you ask? What makes her so special? There are many answers to these questions, and the easy answer would be that she perfectly fit the mold we in the business look for. She had been employed for 22 years with the same corporation, and had managed to pay every liability on time for her entire adult life. No late payments, no missed payments, and nothing at all to indicate that she would ever change. Her credit score was 780, and she had owned a home for 10 years in Miami Beach (an expensive place to buy). This showed unequivocally that she understood liability, and knew how to get things done in the lending market. In short, she was a lender’s dream come true. A loan you approve and forget about because the payments are always in on time, and so, as a lender, you just count money for 30 years. What could be better from our point of view than that? Every lender in the world will tell you the answer to that question is nothing; absolutely nothing.
This lady decided to move to Chicago to be closer to her corporate office, so she sold her home in Miami and took her dreams and possessions north to Chicago. This took place in 2006 while the housing bubble was still growing larger, and no one outside of the industry had any expectation that it may burst at any time. She did her due diligence while looking for a home in the Chicago area, and eventually settled on a brand new property in an area ripe for gentrification. Basically, she bought in an older neighborhood that was undergoing massive urban renewal projects that were projected to raise property values in her area significantly; as long as there was no unforeseen disaster looming. That is the danger of things unforeseen. They eventually come to pass, and no one is prepared to combat them.
She started with an Interest-Only Loan as at that time it made more sense to use her principal money on personal investments rather than giving it to a lender to make decisions with. Even though interest rates were high at the time, IO rates slightly higher than fixed, she was able to get the property for almost $75K less than it initially appraised for, so she was already ahead of the game. She maintained her perfect history, 0x30 on her mortgage, and everything else for that matter, but that was before the wise and powerful bankers in America decided to play 3-Card Monty with America’s future.
As the signs of the encroaching financial apocalypse began to show themselves, she attempted, through her lender, to pursue refinancing, but was told her case called for the loan modification process. The press was making a fuss about how these modifications were the way for borrowers to get the help they needed to stay afloat in the carnage that followed the bubble bursting, and as an intelligent and savvy borrower with a perfect history she expected the process to go smoothly for her. In that assumption, she would have been right if not for the new credit card laws passed that allowed the companies to raise their interest rates and reduce the line of credit available on any given card. These changes have had an enormous, unintended consequence in the lending world since loans are in large part based on debt-to-income (DTI) ratios.
Imagine this borrower has a credit line of $10K on a card with only a $2K balance, but is then targeted by the credit card company for a reduced credit line of say $2500, so her 20% balance has now become 80% without her actually doing anything irresponsible. Yet, when lenders looked at her DTI they would see that she is nearly maxed out on her card, and in this industry that is a major red flag. She understood DTI, and how it could affect her ability to qualify for extra money (even though she did nothing untoward or rash in terms of spending), but why should that hamper her from getting a reduced rate? It is asinine to ask a person to re-qualify for something they already have, or to tell them they must qualify to save money, but this is what is happening in America today. She signed no agreement stating she could not refinance in the future with the help of her lender, so all she is left with are questions. Questions that for her and the millions like her, unfortunately, have no good answers. The American Dream, for this model American, is quickly becoming the American Nightmare.
There are so many questions our borrower wants to ask, but there are no phone lines to call or government offices to visit with any answer other than, “talk to the lender”. This is just endless runaround from the lender, and more and more frustration for her and her family. How is it possible to be locked into a loan, with bankruptcy laws so much tougher, and have absolutely no way to refinance? More transparency in the industry is great, but how can our borrowers appease the credit companies interest hikes while losing equity in their property due to the housing catastrophe and still meet the necessary financial obligations they agreed to prior to this meltdown? This is a recipe for mass bankruptcy and foreclosure; two things that hurt us all in the long run.
It was March of 2009 when our borrower started the conversation about refinancing with her current mortgage company, Indy Mac, from the 7.625% IO-Loan to a 4.5% fixed rate. They explained to her that she would need to print out a new financial packet, and send it, along with all other pertinent information, in to be reviewed before they could proceed; she did just that. After an entire month had passed, she called in to check the status of her application, and was told that the servicing company, Indy Mac, was changing hands, but she would still be taken care of by the new investor, One West.
Just like that, she and thousands of other customers were being sold to the highest bidder, and after some research she discovered that One West actually only paid up to far less than full value for these notes. It gets better. One West actually had the federal government guarantee them anything lost over a certain percentage. What does this mean you ask? All the numbers are there in black and white on the internet for anyone to see; but no one looks. You do not have to be a rocket scientist to see that it would be more profitable to foreclose quickly and collect the guaranteed funds than to refinance the borrower’s note at a current market rate.
The changing of the servicer of her note, as unsettling as it was, would have been fine if not for the dramatic change in guidelines and customer service she experienced. This often happens after a change of this magnitude in any business field, but these differences were downright ridiculous. She was informed that the financial packet she had sent was no longer valid, so she would have to assemble another one before any process could begin. So, once again she followed procedure in hopes of capturing that elusive lower interest rate.
She waited and waited for a call to inform her of the status of her newest application, and finally tried calling herself to enquire; but to no avail. Her calls were treated as a joke. They repetitiously asked fo
Wendy, It has not been IndyMac Bank since 2008. OneWest bought IndyMac from the FDIC and that's when the problems started for everyone. There is no IndyMac corporate offices to protest in front of, just so you know.
I will help you protest. My email is tamogood@gmail.com. Long story short; I was approved for a loan mod, made my trial payments and was granted a final loan mod package that was a higher payment than the original loan. My credit went to shit therefore not allowing me to balance my budget (I am in sales - some months are better than others). Pretty sure they will benefit if I foreclose rather than just give me a reasonable loan. I'm not looking for 2% - just the going rate 30 year fixed would put me back within budget. Oh, the reason I can't keep up with my current payments is because I lost my great paying job, but I did find another job that pays well - just not nearly the same.... I tried to refinance but i am upside down. I thought loan mods were for people like me.
I had a done deal signed and all for a Loan Mod. I was told that the trust deed sales was to be canceled and everything was fine. Just days before the sale they claimed I never was given a loan mod. I produced their paper work then I was told that I forfeited the loan mode because I need to call an 800 number and activate the loan mode account. I could have easily sold the place but they lead me on until the stole it. The Arizona AG is looking into it but so what. Anyone know an Arizona attorneys working this in my state? Richard mrg@marhrobert.com
Have you seen this?: http://mrgnews.wordpress.com/2010/03/14/lenders-ma
Richard, I don't know what to say other than you must have a really strong case against OneEvil Bank for their obvious bad faith in leading you on. George Soros is a lying son of a bitch out to ruin this country one homeowner at a time. You do know George Soros is a major investor in OneWest the former IndyMac don't you?
Yes the youtube video was making the rounds last year. I sent it to the CEO of OneWest when I was in the midst of my negotiations with them.
I am convinced one day someone is going to get a huge judgment against OneWest with millions in punitive damages. OneWest frequently shuts up people by agreeing to settle with them or modify their loans.
I wish you the best.
ONE WEST BANK/indymac is sending out little pieces of paper thatmeans One West Bank/Indymac is about to foreclose on your home.
they will send someone by to take pictures of your home and sell it to a broker right out from under your feet. they are also a scam, they will not honor what they say they will do like a key for cash program. after a person shows up at your house you will have 3 weeks to leave because they will get the sheriff's to serve you an eviction notice and in 3 days they will come and dispose of everything you own on the front lawn. THIS WAS DONE TO ME AND I WAS A TENENT. This is very serious, get a lawyer as soon as possible. There is a law that protects us but they have found a way around it, by not returning calls until the time is up and you are left homeless they only thing they are offering is $1000.00 to move you out and that is how the scam starts. you wait for an answer and they wont call back. SO PLEASE ACT QUICKLY AND CALL A LAWYER BEFORE YOU END UP LIKE ME HOMELESS AND NO MONEY.
hey I use to work there and One west Bank sucks butt. I will never recommend no one to work there ever. I feel sorry for the people that still work there OMG. The supervisors are mean and the team leads. If any one calls up there ask to speak to a supervisor because the reps have no idea what they are doing at least 80% of them. They drop peoples pay w/o telling them besides the foreclosures the employees hate it there to. When ever you talk to the reps tell them you feel sorry for them because they work for the company it isn't he reps fault the company changes there minds all the time and I use to have to deal with it not any more I work for a state agency now and doing much better. :)
I hate it there because I feel sorry for the homeowners. The company always tell the reps to say that the docs are too old or they need both signatures please f****** get real. The 4506t is always out dated they never want to give you help. There are only one supervisor throughout the whole department that cares. They don't want people to get a better job there stay in the call center there is favoritism even if they tell you that there isn't.
Rhonda, I am glad you got a better job. No one deserves to be treated badly--in fact it is against the employment laws. Hostile work environment is not legal. At least you've moved on thank you for sharing.
Yvette, hope you find a better job. I appreciate both of you posting the truth. Someday OneEvil Bank will get what they deserve--a FAT lawsuit!!
This is the same story over and over, I live in Ohio and am dealing with the same games, I have a mediation with the courts and and there loss mitigation law firm, I am well prepared with my 8 mod packages I submitted over the last two years, and a journal of what has transpired with one west that will make the magistrate's head swim,I am also in the process of setting up a protest in January, I'm flying out there and I have some old air force friends that are willing to help, and it just so happens one is a reporter, so it will happen, I am inquiring about the permits and the legalities for the protest, If anyone wants to join us it would be greatly appreciatted, email me at ldfx13@gmail.com and I will keep you posted on the dates, I'm done being screwed over, its been nothing but mental and emotional abuse and its going to stop.
Greeting fellow sufferers,
I have read this whole blog (hub) and can say I've experienced just about everything posted dealing with the Evil OneWest on getting a loan mod. Just got a letter saying I was denied HAMP. For missing paperwork of course. I am so worried and sick to my stomach about this all. I am looking to file bankruptcy very soon. Does chapter 13 help save your home? I haven't talked with a lawyer yet.
Happy Holidays?? David N. So sorry to see the situation is continuing at OneEvil Bank. I am shocked they have not changed their ways. We researched CH 13 with a couple of attorneys. The problem was the attorneys wanted so much money and from other people I learned that OneWest's attorneys fight everything, thus costing you more in legal fees. I know of one person who thought she worked out a deal with OneWest while in the middle of ch13 and when she attended a mediation, OneWest would only agree with her bankruptcy attorney's offer IF she came up with $13k in cash, which was the amount she was in arrears. I've been emailed by other OWB customers who say they were in the process of negotiating a short sale, trying to get One West to approve and during negotiations, One West foreclosed. My suggestion, as I've told others who email me, is STOP dealing with Kalamazoo. Call Pasadena, CA where the corporate offices are. Demand a meeting. Go to the top. Once you pierce their corporate offices, they are more likely to talk to you. I sent and resent loan mod documents only to be told "we never received them". If you read my other blogs on hubpages, you will see where employees of One West posted that supervisors tell employees to tell customers, that there paperwork was never received. Keep at it David. Don't stop. I know one day soon OneEvil will get theirs. I think they shut up the people who keep pushing them especially if you mention the press, blogging, twitting, posting on every complaint board...they hate bad PR.
Thanks Askme for all your valuable information. I guess OneEvil Bank's tactics are working, as I am so exhausted to fight them. I did sign up on the other website listed here for the class action lawsuit, if it ever happens. Merry Christmas, and may all who are going through these tough times, have family to be with. It may be all we have.
my husband and i are days away from foreclosure through INDYMac/OneEvil Bank. We are shocked that any one bank can do what they want, not to mention filling out a packet to supposebly lower your house note. they increased ours and we do not have a floating intrest rate.Of course they denied us a reasonable rate making it impossible to pay our note. what can I say? They never intended to because they are making money off of us. It has been nothig but hell dealing with these crooks. I think their bussiness practices are so questionable they should be audited. I wonder if Dateline would be interested in everyones stories from hell.I like the others am angry to think this could happen to families who work so hard to make a life for themselves. Is this supposed to happen in America? They fromshould be stopped, I am so angry at their lies,promises,threats,and the harrassment we have endured from letters and phonecalls. I am going to find a way to get some one to pay attention houe or no house.
Sheila and David--{{{{hugs}}}} I know exactly what both of you are going thru. This time last year my husband and I had no idea if we would still have our home. Fighting does take a lot out of you. You need to decide if it's worth it to keep your home or move on. I can tell you both, I've learned from other oneWest/Indy customers that even trying to do a short sale is not guarantee OneWest will work with you. One elderly gentleman from New York told me his real estate agent sent an offer to One West and waited to hear if they were approving the short sale, they foreclosed in the middle. They took his home. No short sale. Another woman in my area, Southern CA filed a Ch 13 BK to protect her home, OneWest lawyers fought the BK and demand $13k to be paid before they would agree to reduced payments. If she had that kind of money laying around, she would not need reduced payments!
Good luck to you both. Hope you both can end up like my husband and me. While we did not get any modification, we got OneWest to keep our payments at the level where they were instead of tripling them. So.....for now we are still in our home. We may leave, but it will be when we are ready.
Peace, Askme
PS Did you hear B of A has a stay on all foreclosures? This might just be the start of all banks having to do this. Keeping my fingers crossed.
We are going thru Hell also, 7 months and counting. We had a 3way call between HUD, Onewest Bank and Us.
After submitting the requested document, we are waiting a decision, the document was my car registration which was supposed to proved where I resided at. The HUD rep. was really helpful and was actually questioning them on their practices of handling our modification. Since we have received 2 letters from OWB about all documents being accepted and sending the "final" document needed, we are hoping for a modification. Since HUD has a record of the call and we has a case number, we feel we are progressing, but if OWB gives us anymore of their we need this or whatever, we will immediately be calling HUD, and if they can not get thing going we are ready to hire a lawyer for their practices and pain and suffering this has caused to both of us.
Catfish in
OHIO
Forget it Catfish. I went through the same thing for a year with them and every month they kept saying we'll let you know in 30 days. Then I would get a letter asking for the same information over and over again. They kept saying they never received it. Then they started telling me again they would give me an answer in 30 days. Well, they never approved anything, but what they did do was start foreclosure proceedings without telling me. They last time they told me I would have an answer in 30 days, the next day I received 10 foreclosure letters sent registered receipt.
Maria, what finally happened? Did they foreclose?
Huuh?
Sell the home for 750K.
Pay of your loan at 603K, put 147K in your pocket.
Go out and rent or buy a smaller place that you can afford.
Why should you get tax payer money to stay in a house you can't afford?
You bought too much house. GET OUT!
Crunch, to whom are you posting this to? Surely not me. As for buying "too much house" not in my situation. Sold my prior home for over $1mil. Invested in the current one and actually downsized. My problem wasn't too much house, it was a re-fi which was still great until OneWest took over. Then the trouble started. And that is the problem with the majority of OneWest mortgages. As far as "taxpayer money to stay in my home" what the fuck are you talking about?? Taxpayers, such as myself and most of the people who post to my blog are paying to keep evil banks afloat via the Obama bail out. Know what you are posting about before you make idiotic statements.
BTW the post was written over a year and half ago. By now I have regrouped, got a full time good paying job and have stayed in my home. Now go blow yourself.
Yes many banks deserve much of the blame.
Yes your post is a year and a half old.
But never the less you stated: "My house is worth 750K, I owe 603K, I can't afford the payments, I need/deserve financial help." (loan mod)
My point is; You don't need/deserve financial help. You apparently live in a home you can't afford and you are not upside down. Whose fault is that?
Therefore, rather than hold out your hand and whine/beg and not take any responsibility and act like a 'victim' .... you could've sold the home, paid off the loan and moved into a house you CAN afford.
PS
Yes, the (taxpayer) bailouts are keeping the banks afloat and allows them to give "victims" loan mods and debt forgiveness paid for by ....... Taxpayers...... like me, who didn't buy more house then they could afford.
Stop ALL bailouts and help only those that are truly victims with no way out.
You appear to be neither.
sell my home? To who? you are totally oblivious to what is going on. In Los Angeles (where I live) the unemployment rate is around 17%. The reported rate is 12% but that does not account for those who have not received unemployment nor the ones whom are under employed. And, for the record, I am not 'whining" I started this post to help others who are being ripped off by predatory lenders. I also started it to expose George Soros and the Sweet heart deal he was given by the Obama administration. When I first wrote this blog, there was no info about George Soros taking over IndyMac for pennies on the dollar and the FDIC allowing him to still foreclose, take a home and sell it for a profit while kicking families to the curb. You are misinformed and have no knowledge about what you are spouting off about.
No one I know has really gotten a loan modification and certainly not one that any tax payer is paying for.
Obviously I took matters into my own hand and was able to work out a settlement with OneWest---which was to keep them to the deal that IndyMac made with me. Not do me any favors but stick with the signed contract that IndyMac agreed to!!
Please stop posting on my blog. I have this here to help others who are in the same position I was in and need to exchange ideas. People like you are uninformed and do more damage than help.
Cruch, You misquoted me completely. I was using my situation as an example of how the "deal" to Soros works in my own situation. I did not state I could not afford my home. I could afford my home then but not the increase of payments from $2300 to a whopping $4,000. OneWest did an audit of the customers once they took over IndyMac and although they (Soros, et al) received a profit upon buying the failing indyMac, they did not pass on any "good deal" to customers. OneWest owners were aggresive in taking over homes that had value and found creative ways to force people out especially those who re-fi'd into adjustables, like me. I had a fixed but my home was worth so much I re-fi and took money out to pay for remodeling. You are not reading all the stories here and obviously have no concept or understanding of what OneWest did...google OneWest there are many lawsuits out there for their practices. No consumer has gotten any "bail out" the Making Home Affordable scam is not a bail out and costs consumers more of their $$.
Hey crunch--why don't you check out what others have to say about oneWest? http://indymac-bank.pissedconsumer.com/one-west-ba
It's not as you post. You are uninformed.
Wooow, you removed my 2 last posts.
That's both pathetic and dishonest.
"I had a fixed but my home was worth so much I re-fi and took money out to pay for remodeling. " "especially those who re-fi'd into adjustables, like me."
Those are your own words.
You took ATM cash out of your home, spread remodeling expenses over the life of the mortgage, and switched to an adjustable.
and then you want help making the payments... give me a break!
crunch: "Out!"
Crunch, As moderator of my own blog, i can approve, deny or forever delete. Those are the option buttons when I sign on and see new posts. If you want that same privilege, write your own blog. Go ahead, write one about all the millions (and there are millions) of IndyMac former customers, B of A and Countrywide who were scammed. Obviously you are a person lacking any moral fiber, compassion or an ounce of remedial intelligence. I suspect you live in your parents basement and never had one day of living in the "real" world. Blaming consumers who were mislead and scammed is a lot like blaming the rape victim for being raped. It's clear to me you have not researched OneWest and their gold plated deal from the US Government nor read any of the posts here or on numerous other boards. You are just some loner, loser with way too much time on his/her hands. Get lost.
Crunch, You need to LEARN how to READ. I leveraged equity in my home to reinvest in it, which appreciated the value, plus invest in other things, like rental properties and small business. That's what makes good business sense. I need help in one thing: OneWest abiding by the agreement I had with IndyMac for several years before IndyMac went under, was taken over by FDIC and was picked up for pennies on the dollar by George Soros, et al. Here is a youtube video http://www.youtube.com/watch?v=ssl5yb7FewA
HERE ARE THE PEOPLE GETTING THE BAIL OUTS.
We too have been trying to get a loan modification with Indymac since 2008. After a "mediation" with the bank, we entered into a trial modification that we paid on time for 8 months. Then we received a call from the bank requesting 22 months of back payments. When we said we were in a loan modification we were informed that we had been denied over a month before due to them not receiving paperwork from us. So we had to sue them for breach of contract and have now been sent back for another mediation. We are still waiting for our mediation to be scheduled and we are worried that they will foreclose on us without warning. They use the "we never received it excuse" so much they should just have a recording saying that when you call them. It has been the worst nightmare of our lives dealing with Indymac/One West!
daddar6--We are hoping and praying you don't get screwed. The fact that I wrote my story over a year ago and got this much attention and many emails not posted here, tells me OneWest is really corrupt. If you look up above, almost everyone posting has had your experience. Whether OneWest will foreclose and sell your home while your are in the midst of litigation probably depends on what state you are located and how pro-consumer the laws are in your state. It sure seems like dirty dealing for the bank to foreclose and sell while you are in the middle of a dispute but I've heard of it happening. The "we never received your paperwork" is OneEvil's classic line. Read my other stories you will see posts where EVERYONE has heard that line. I sent my paperwork 5 times via UPS and had receipts showing it was rec'd. I got OneWest attention when I personally hand-delivered the paperwork a 6th time personally to their CEO in Pasadena, CA (lucky for me I live close by). I also hand-delivered about 100 emails from other customers who were told "we did not get your paperwork" by OneEvil from all over the country.
It pains me to get posts from uninformed, ignorant posters like "Cruncher" who was posting a few weeks ago, who without any personal experience wants to blame us for this mess. All anyone has to do is google OneWest Sweetheart deal and learn of the dirty deals the investors at OneWest made with our government. OneWest has no intention of working with the former customers of IndyMac even though part of their sweetheart deal with Sheila Baird at the FDIC was to modify loans!!
Has anyone heard of or had any success with The Scholl Law Group of Boca Roton, FL in helping with a loan modification or stopping a foreclosure?
Indy Mac sold my moms mortgage to one west after my dad died last year and now my 80 year old mother is being evicted even after she tried to file a reverse mortgage they wont accept the balance owed they want to sell for the full value on the market.Uncle Sonney will be pissed when he gets this news he is in the CIA. I don't know if he can help but ONB will be sorry they ever pissed off The family and friends of Clinton S. Calkins and all of his heirs. Mom and Dad don't deserve to be treated like garbage.
Damn, I can't believe you actually solved the problem like that. Good job for not letting them get away with it.
Tiago, Well....turns out it was only a temporary fix. It stalled foreclosure for a year until we could get back on track. Now, a year later, our balance has grown on what we owe and we are being forced to pay double each month. We had hoped OneEvil would modify the entire loan into a fixed but guess not. At least now we have a few options, stay another year and pay more (which turns out to be one full month of my husband's income) or try to sell. We've contacted a real estate agent and she's crunching the numbers. We'd be happy to walk away with a few thousand bucks and be renters. Homeownership has been very good to us for the last 20 years but for now, the burden of ownership we'd like to lose.
I wanted to change from a 15 year mortgage to a 30 year mortgage. Three times over the last few years they start off very helpful, but once they notice you are serious about the change, no longer will they communicate with you. Three times. Good manners stop me from telling you what I think of them. They have absolutely no interest in helping their customers. They were the ones that caused the majority of the problems, they are given the money for free, no interest payments, and they keep it all for themselves. This should never happen in America, and they should be arrested
Joe, I totally agree with you.
The point that most every homeowner is missing concerning Onewest Bank is that once your mortgage was securitized, it became a stock, uncollateralized, and uncollectable. In most cases the FDIC as receiver for Indymac had nothing to transfer to Onewest concerning your mortgage. Onewest can't modify your mortgage because they dont own your mortgage. In reality nobody does if it has been securitized. What they are attempting to do and are doing every day is stealing peoples property by illegally foreclosing. By foreclosing they can pretend to purchase the property at auction thus giving them a sham basis in the property where one did not exist before the foreclosure sale. They are mafia grade thugs stealing properties everyday. Why attempt to modify instead go on the offensive with these bastards and file a quiet title action to get the bogus Indymac lien off your property which will completely do away with onewest and their bogus mortgage or foreclosure. Look into it and do it because they can not prove a valid claim against your property. Defend your title!!!
Good point Bruce. However, quiet title from what I have researched is a complex legal procedure requiring attorneys and possible appeals to the Supreme court(going to need lots of $$$) OneWest lawyers are tenacious. They are getting big bucks and have no shortage of cash to pursue all legal avenues. I've heard horror stories. The quiet tile approach is interesting. I cannot seem to find out what the statute of limitations is and does making your payments for a few years to OneWest after they took over IndyMac work as an estoppel because you did not object within any reasonable time, maybe making payments is like your passive agreement/acknowledgement they own your loan?
I lost my home during the modification process. I even hired a lawyer paid him four plus thousand dollars and they were not notified when our hone was taken. We were given 14 days to get out of our home that I built! Our attorney was not notified, this goes to show this Obama scam does nothing for the homeowners. I want to know why they did not work with us. I would like my money back from the lawyer who was suppose to help us as well. If anyone is in a law suit against One west now please contact me at Orozcobros@AOL.com. Thank you.
Dan, how awful! we are very sorry that lost your home. We too were scammed by an attorney who took $3500 and did absolutely NOTHING to help us, hurt us more by doing nothing. He resigned from law and we still are trying to get our money back. I have added your name to our list of people interested in suing. Take care.
Here's a kicker. I have been with IMB/OWB since 2006. In March of 2009 I tried to modify my Interest only loan and they declined to deal with me. My niece has IMB/OWB and they did the same to her (file and file again). They soon gave her 5 days to get out. Well I thought that in due time I was next. I called my girlfriend at the title company to see if they started forclosure on my house and she came back to me and stated that she did not see my mortgage company on the deed. I had her research it and found out that they deeded in the wrong county. I went to a real estate lawyer to see what my options were and he had never hear of this happening. So this ment that IMB/OWB was not perfected. I homesteaded my house and claimed Chapter 7. I my hast of finding a lawyer I talked with a lawyer about my situation and after all that I told him, he told me he could not help me beacuse he represents IMB/OWB in other cases. So you know what that means. Within 2 months they were deeded properly. 5 days before my BK became leagal. Funny right!
Well this is not the end of my story....... Anything within 90 days of BK is voided. So the perfection is not legal. My second is my first because they were on the deed first and my homestead is second so IMB/OWB would be third if they were perfected (not). So after the BK was filed IMB/OWB tried to lift the stay of BK take me to court to foreclose on me. My BK lawyer wrote a letter asking who they were and show proof. Within 2 weeks the got up and walked away from the fight. I have been in BK for 2 years not paying mortgage. I hired a real estate lawyer to fight IMB/OWB due to fact that they did not prefect the loan in a timley manner so that voided the loan. It's called an Adversary complaint. So far it is looking good for me. If it goes my way I can wipe out my first with BK as an unsecured debt. Another thing is that you have to look at who is on your deed, did they perfect it, was it bought and sold (bundled -illegal). I noticed on my paperwork that there was title insurance (for cash value)that I paid for in case of a screw up and I think that this is the case. So since they did not answer the Adversary complaint then I think that they went to the title compnay and cashed in. Which means that they can't go after me if they were already paid (gets you thinking uh). I worked hard to get to this point and understand that it takes money to fight but it is worth it in the end if you get your house and tell them to go to hell is worth it.
I know it is hard to claim BK but it will keep you in your home and not paying them means that you use the money to hire a lawyer to fight. My lawyer is charging me a monthly fee as if I were paying rental fees on my house until it is over and then if we win he will get a bonus. To which I will go to my second and let them know that they are the only one's on the deed and that I have alot of equity need to get a loan towards paying that bill.
Before this all happened my husband and I had 750 or better credit and ran two good businesses in construction (not so good right now, but comming back). It was hard for me to go towards BK but if I had it to do all over again i'd do it in a heartbeat. Who has good credit in this crises anymore anyway. You worked hard to get where you are don't let dirt bags have it.
WORRY ABOUT THE THINGS YOU CAN DO SOMETHING ABOUT AND SCREW THE REST. WHEN IT COMES BACK AROUND YOU WILL BE BETTER PREPARED. FIGHT IN WHAT YOU BELIEVE IN!
gwood
For all those trying a modification with Onewest and never able to talk to the same person twice nor able to ever give them what they need for modification, send an email of complaint to the CEO joseph.otting@owb.com you will be surprised how quick you get a response. I hate this bank and all those within it.
BLAPs: I am in total agreement with you. Not only do you NEVER talk to the same person twice, you NEVER get the same story twice.
At this point, OneWest aka: OneEvil Bank has disregarded our temporary modification and expects us to pay $5,000 a month that is interest only, none of it going to principal! We were assured by One West executives that our balance would start to go down once we paid $5,000 a month. You'd think for that price we'd be in some palatial estate on the beach or 5,000 sq feet on lots of land. We are in a town home for God's sake. We are in a better position than we were 2 years ago when this battle started but it's stupid to pay such a huge payment each month and have it go no where. One West is not interested in making any kind of re-fi into a fixed so we can actually pay our obligation, therefore, we are opting for a strategic default. We will stay here as long as possible, but bank the $5,000 a month and go when we've got no other choice. One West forces us to give up the fight!
is there help in MI against OneEvil Bank? we were foreclosed on during our modification process and do not want to lose our home. This has been our home for about 30 years and have experienced many of the problems with Indymac/OneWest the same as the other postings. We are so tired of fighting and need some answers and results for keeping our home.
needing help, any suggestions to help us keep our home that indy/onewest stole from us? foreclosure sale was suppose to be 2/25, but the sheriff said it was on 3/7/2011, I beleive after reading this blog that they purposly held the sale with no other bidders, so they could get ownership of our home that we have worked so hard to have our whole lives. need help. willing to picket or whatever it takes to get attention. I concerned also about them getting heads up and changing the title or covering up paperwork, or producing faulty paperwork to cover their tracks. What's possible?
Dear PraisehimForever: please call an attorney in MI. I am in CA but there is a law firm out here that is suing One West because they have illegally foreclosed on homeowners when they do not have deed to the home. Here is a link to the firm of Kramer and Kaslow http://www.kramer-kaslow.com/ Consult with a local attorney and show him the info on Kramer and Kaslow's site, maybe an attorney in your state can do the same. One West cannot foreclose on you while any legal action is pending. Best of Luck. Please let me know what happens. Peace be with you.
We've been screwed by One West/Indy Mac too .They've turned my wife and down twice. They stated we'made too much money'.The 2nd time we went through 'Make home affordable' and filled out over 100 pages.After we paid them over $28,600 we were turned down again because 'we made too much money'.They lied to us and deceived us in making us believe if we paid them the money they would remodify our loan.A week and a half later, one of their Reps stated 'I made too little money'!And this was after they knew we were in a 'Ponzi scheme' !We need the loan remodified because the SEC cut off our $600,000 that was used to pay our mortgage from the interest.The last time we were turned down because we 'didn''t match the NPV formula of the Treasury Dept.'What a bunch of garbage !Their simply trying to steal the house that I built.It's in Hawaii and in a gated community.Someone should put out a 'contract' on both Soros and Dell for destroying business's ,homes and families !
Sued OneWest in federal court for a number of fraud and other violations. Received a no answer default. One West comes back after the fact and tells the court that i sued the wrong party. They make up a bunch of fony affidavits that are filed with the court and the judge overturns the default. One West says they never foreclosed on me, never gave me a loan(that's the only thing that was true), and didn't have anything to do with securitizing my loan. The buy/sell agreements says they took over the obligations of IndyMac. They were gone when the foreclosure took place. How foreclosed? So far I can find no real party of interest that foreclosed on me. Screw it, I'm just going to file a Quite Title action and see what shakes out. The assignments are all robo-signed and the substitution of trustee was done three days before the assignment of deed of trust. Deed was assigned to IndyMac Federal Bank, but it was sold a month before to One West. Came in and took my property without doing an unlawful detainer action in court. Changed the locks and moved back in after doing a forcible detainer action on Freddie Mac, the so-called purchaser at the foreclosure sale. They had the sue me 6 months later to evict me and have a sheriff throw me out. In the last depression, the people robbed the banks, in this depression, the banks are robbing us! What a country! They say this is the best counyry in the world to live in. That would have to be someone who has never lived here.
RCalderon and StanG: OneWest is EVIL TO THE CORE. Liars, liars. They gave us a "Loan Modification" which we were led to believe was permanent-we paid faithfully for 12 months. April of this year we get a notice the monthly is going up from $2900 to $5200 because the loan mod they gave us allowed the balance to increase. And the most wonderful part? If we pay $5,000 a month not one penny will go towards the principal, meaning our balance will grow and grow. We can look forward to another increase next year. We filed Ch 7 bankruptcy and charged off the house. Not sure where that puts us. But, enough is enough. We are moving on. We found a larger house (3200 sq ft) with a pool in a gated community that we can rent for far, far less than what OneEvil Bank wants us to pay.
Obama and all the rest are full of shit. The government is doing NOTHING to help homeowners. We are quickly becoming a nation of renters. No reason to own any home. I am glad to be done with property taxes and all the rest. OneWest is EVIL to the core!!
Has anyone had a modification approved while Indymac and never received documents signed by the bank?
just4all-yes we were given a "loan mod" never got any paperwork. We asked and were told there wasn't any need for paperwork. We paid as agreed to verbally. A year later, the loan mod was over and our payments jumped 50%. And none of the new payment goes to principle. This is the worst group of bankers!! Evil to the core!D
I am a recording artist and a film maker, I could not believe some of the things I read here, it is revolting what is happening in this country today. And that these banks are getting away with this. I am going to do a documentary film about this very subject and I would welcome anyone who would be willing to share their story about one west bank
with me. you can email me at tansin@adelphia.net
Hi Joe, Thanks for posting your info. Please anyone who wants to tell their story, please contact Joe. It maybe cleansing to get your story out.
As for me, I made the stupid mistake of opening a checking account with OneWest. Imagine, I am putting my money into the evil bank. As of today, they have, for the 2nd time, "misplaced" my direct deposit payroll check. How does that happen? Talk about OneMessed Up bank a/k/a: OneEvil Bank. Think I will be switching banks. What was I thinking??
I too had a IndyMac Loan, made all the payments for 5 years on time. The loan had a 5 year call and the construction loan I was expecting to build with never happened. I put 25% down when I bought the property and the five year loan was not what I applied for, however that is what I was offered and I did sign the docs and took the loan.
After the 5 years I contacted OneWest and IndyMac loan servicing and asked for an extension of the note nothing else and it was denied. I then asked to a Deed-in Lieu as the deed of trust allowed and they again denied me this because I was not late on a payment. The notice of the note being all due was sent late by OneWest Bank. I paid all payments for the full five years then Went to the County Recorders office and recorded a Grant Deed, deeding the property back to the Bank's investor. It has now been 11 months and the only contact I have had with OneWest bank is on my credit report stating I'm late on my Payments. I will never Buy a Dell Computer again and owned 3 of them. Oh the FDIC Sharred loss agreement with OneWest bank is nothing but Fraud on We The People.
We need to do an "occupy OneWest" and flood their office buildings with all of the ripped off customers!!! OneWest makes $$ foreclosing on homes where they do not own the note, then they file a loss with the FDIC under the loss/share agreement they made with the government, get paid on their claim,. then auction off your home illegally, making more $$ then they have into your loan. What a rip off. Occupy OneWest...let them know what fuck ups they are!!
Yes they are so above the law that they are not responsible for any of Indymac's wrong doing's yet they can collect on their loan's., Get real, how can they collect on a contract when they are not responsible for wrong doing of that contract? Hello, where are we living? Doesn't sound like America to me.
Everything you said and wrote is 100 percent accurate. I found these facts in 2008 when I had the same experience. The only fact you left out and did not know about perhaps was the company that was hired to break into your home and call it weather protection in Florida and lock you out of your garage entry, and rummage through your house to scare you to leave. I hjope one day justice comes to these evil people that have put so many families on the street, and God Bless all that have pushed forward!!!!
On to of all this crap they discriminate employees who are on maternity leave.
Owhater: Document any discrimination. It is illegal to discriminate against anyone on maternity leave or disability. You must be placed back into the same or one of equivalent position once your leave ends.
If you are in CA the laws favor employees to the extreme.
Good luck.
We need to get together and make a big complaint tothe banking dept! check out this facebook site and join
I found out after a foreclosure that my mortgage had benn PAID IN FULL before I went to foreclosure. I am having my foreclosure independently reviewed and investigated by a separate firm. So that means that our mortgages are already paid in full and they were bailed out by government and getting paid more at foreclosure. That is three times they are getting paid for one mortgage.
JJ, Not surprised. Greed, greed greed and they get the bail out! I have gone to the County Recorders office and pulled all the records on my house. OneWest recorded the deed into their name the same day they filed a notice of sale!! Evil bank.
I applied for a loan modification in 2011 from OneWest bank and I have submitted documuments all most every other month for the past year their
reasons for me to re-submit documents to them was they needed more clarification and every three months I would submit the update on my financial was and for most of the past year it had not changed. Well I'm filling a complaint with my local Senator and he will fill a complaint with the Treasury department, every one having trouble with one west should do the same.
Just found this site, very eye-opening.
I'm also a victim of this bank.
Too long a story to post.
I didn't have time to read everything here but will do so.
I just heard about this website on the radio called:
http://www.nationalmortgagesettlement.com/about
It's helping people who have loans with
Ally/GMAC,
Bank of America,
Citi,
JPMorgan Chase and
Wells Fargo.
Why have we been excluded from this or is this just the beginning of more settlements to come.
I can't hold on much longer and would appreciate any info you can offer.
Is Onewest a part of any of the above-mentioned banking alliances?
What am I missing?
Thanks so much for all the info listed here. You're a godsend.
Oh.... I'm in N.Y. if that matters.
Phil
pleasehelpmetoo: no unfortunately OneWest is not part of the banks who have been ordered to pay, something like $31 billion to homeowners. Part of the "deal" is the banks will reduce balances and lower interest rates on homeowners who are struggling BUT you have to be current on your mortgage. If you've already been foreclosed on there is nothing that can be done but you might get $2,000--big deal.
I am thinking this "deal" has been reached by the Obama Administration as a ploy to help him with his re-election.
For the rest of us who have IndyMac Mortgage also known as One West, we are left high and dry!
Thanks Askme,
I'm not in foreclosure but I am behind. I worked out a deal to pay $3314 for the next six months after-which I go back to my normal payment of $1088. Had to borrow money just to make the first payment. Don't know how I'm going to raise that much each month to keep the arrangement in place but at least I bought a month. I am seriously underwater though. Can anything be done? Any chance the Gov will cut a deal with our devils?
Phil
pleasehelpmetoo, I don't know what can be done. It seems like something SHOULD be done but doubtful if our Gov (that is if you mean Jerry Brown, I'm in CA are you?) will do anything. when Jerry was State Attorney a few years back, filed complaints and he did NOTHING.
What do you think you will get by paying extra each month caught up? Will it then put you right back at struggling again?
Guess you will need to sit back and look at what you actually want. Do you want to keep this house? Anyway you can rent it for more than $1,088 a month and move somewhere else until you decide what you actually want for yourself?
In our case we got a temporary modification, although OneWest did not present it as temporary. We paid on time for a year and then they upped our payment and the less amount we paid for a year under the temporary modification they stuck onto the back of the loan making the balance due higher. Essentially they dug us deeper into a hole. Currently we stopped paying. We rented our house and moved to a rental. OneWest has not taken any default as of yet (we stopped paying 8 months ago). We have an attorney on retainer who is reviewing all our records to see if we can file suit for fraudulent handling of our loan. OneWest NEVER recorded a Deed of Trust on our home when they took over from Indy Mac. It is a convoluted mess, At this point, we only want to fulfill the lease to our renters and after that, not sure we have any fight left.
The way we see it, OneWest NEVER put any money out for our home. IndyMac securitized our loan basically sold off pieces of the loan to investors, IndyMac went under, OneWest scooped up IndyMac and their investments but does not actually own our note. Chances are if we never got behind on payments, if we continued to pay as agreed, once the loan was paid off we would never have been able to secure the Title. There are major defects with the title because IndyMac securitized our loan. It is basically who owns the loan???? What a mess.
We have been in the same situation with Indy/Mac and One west for years. Have had several attorneys, and even were approved for a loan modification. After the loan modification was approved and sealed and was submitted with payment, One west came back saying that those funds were going to be applied to our debt and the loan modification was cancelled. We went as far as a trial, and on that day the attorney representing One west did not show up. Since we no longer had the funds for attorney's my husband showed up representing himself. After several attempts from the judge to locate the attorney from One west the judge told my husband, here is the dismissal get out of here very quickly. So now the case is dismissed and we have no idea what will happen next.
lg, sounds like you will be in limbo. OneWest can still file a motion to have the dismissal set aside. I bet the attorney not showing up is just some legal BS. I have heard OneWest attorneys are notorious for playing legal trickery. Good luck to you.
My name is Terry Goldberg and to my surprise I actually had a loan modification done without getting beat for my money!! I was laid off last year and fell behind on my mortgage. I had tried to get BofA to modify my loan and got nowhere. Then I went with a local law firm and ended up losing $2500 just to find out they could not help!! I wanted to give up but my wife started looking online and came across William Berger law offices in south florida. After my wife did the research so we could trust who were dealing with. I called and spoke with Lenny which right away he informed me of what his firm can do for $1500 and $750 a month and it would only take 3 months. My wife and I had only one try left before we would lose our home of 16 years, so we gave it a shot and in 3 months exactly we were able to get a principle reduction with a fixed interest rate for 30 years. I want to let everybody know who's going through the same problems, that this firm helped me when I had lost all hope! Here is the number you can reach Lenny with 561-201-8159 Good luck everyone...
Thank you Terry for the information. Wish I was in Florida. I am in California. I gave $3,500 to the James Parsa Law Firm back in October of 2009, unfortunately Mr. Parsa took my money and did nothing to help me or 10000 other clients. Parsa resigned from practicing law leaving all of us in a very bad situation. Glad to hear you actually find an honest attorney. Good Luck to you.
we were also told that we qualified but were given the runaround four times (09-12) and after completing the packet process which takes awhile to complete and hundreds of dollars to send documents overnight in some cases only to be denied. on this attempt, they actually approved us for a trial period but raised my gross salary to almost $200,000.00! when I argued their error they refused to listen! I told them that if I was making that much money I wouldn't be applying for a remodification under a hardship. every time you call them it's always someone new and claims to be handling your case but when you speak to these people they don't know what your talking about but state that they take notes! we were told that we had to be in imminent default and when asked what that meant, were told that we had to be at least 6-7 months behind for them to even consider us for a loan modification. I guess I'll be losing my home because of some incompetent who calls himself the "Underwriter" but can't do math.
bwhite7538p@aol.com
Bruce: Have you gone to your local County Recorder's office? If not you should and check all the records on your home. Look to see if IndyMac is actually on the deed. I checked mine and they were not on the deed. The loan was sold off shortly after I re-fi'd but IndyMac and then OneWest NEVER transferred title. They tried to foreclose on me and simultaneously tried to record the deed of trust into their name. That raised all sorts of legal questions as to their right to foreclose.
I would check it out.
Hi.. my situation goes back as I lost my home to foreclosure back on 4-3-09. Don't know if there is any helpful info for me here today. But, as said I lost my home which I paid 166,000 for. Not, knowing what to do but move on and except. But, Indymac, as said never ment to help. I had sent in every document, letter or statement there requested from me numerous times. I even called to follow-up after sent making sure there were received. When I got the certified letter inform. me of the foreclosure date. I called and was told there was nothing to worry about as my home was in the modification process and they could not foreclose until I got a decision. Again, as it seemed weekly there were requesting the same documents; and, I did feel they were waiting for me to not submit something within the time frame so they could deny me. On the day that they were suppose to do the foreclosure. Something told me to call and check; on the status. I was told they had already foreclosed on me and it was because they had requested some documents from me and I hadn't submitted them. I told them that was a lie as I had called as was told the documents were received. I also told that a supv. in the HOPE program told me she input them for me. I was told it was my fault them because I was to have submitted them to another office in the company the foreclosure dept. not to there HOPE office. So it was my fault that the home was foreclosed on. My real anger now is that I searched and found out they sold my house for $50,000. to a Canadian who is now renting it for 1,000. a month. But, they wouldn't lower it for me or would they allow me to rent as I was told I had to own/occupy for them to do a modification. When I purchased, I had put 20% down, and was to sell a townhouse so as an fix-a-payment was done. Shortly after the purchase I was going to sell townhouse and refi putting additional money into new home and reduce mortgage payments. Prior to purchasing I became sick and signed the closing doc's in the hosp. Due to illness and receiving Disability income was unable to sell townhouse. 1 yr later when able I began to fix house to sell but market began to fall and I lost all equity in house (which also ended up losing thru a foreclosure with Wacovia as the used the same type of tactics). Don't know why I'm writing now no more than I just found this site; and, I received some document to complete from an independent foreclosure review. maybe you know something about this but, if not thank you for a place to verbalize my situation. And, I thankful to know some are getting help.....
Wish I would have seen this blog sooner. I'm hoping you or someone else reading can offer some advice. Sorry I couldn't read all of the post, but I did read quite a few... If it was stated elsewhere, please refer me to that section.
I (foolishly) signed a loan with IndyMac in 1997... on a mobile home. The original loan was for only 30K. I put 2K down and now after 14+ years later I still owe 22.5K. (to date I have paid over 3X the original loan) I was renting it out, but with jobs not paying as much as I was once accustom too, I now live in it. The home was in a mobile home park but I moved it on property I own out right.
I have tried SEVERAL times to get some answers in how to "readjust" the loan or even do a short sale for the Fair Market Value. (Boyfriend is willing to purchase it to relieve some of this never ending financial burden). But every time I talk to someone, they have different answers... and forget sending them info, they never seem to receive it.
I have done an appraisal on the home and it is sadly worth just under 6K. I spoke to a rep and they said i could do a settlement on the loan... but when I called back and offered to pay 8K but I'm told they don't do settlements. Then I was told I can do a short sale (so that's where my other half comes in) So he tried making a deal with the 8K... and once again, we were told no they don't do that. Then I was told I need a real-estate agent. I found one who is willing to help... but she is baffled by their "run around" directions.
Tomorrow they are having a convention and inviting people in las vegas to help negotiate loan modifications, etc. I am planning on going and hoping I can get some straight forward answers in what I can do. (I'm perpared to waste my time)
I realize a mobile home is a whole different situation compared to a stick built home. And in my case it's even more complicated, it's a home sitting on land that is not part of the original loan.
Again, If you or anyone has some solid advice... or could point me in the right direction - I would really appreciate it!
PS: WOW! I did not know George Soros was part of this mess. Thanks for the info!
Hi Banging Head, Thank you for stopping by. We all feel your pain. I'm not sure but think mobile homes are a different matter completely when it comes to mortgages. Have you checked the paperwork on your home? Did you originally finance with IndyMac or did they buy your loan after you purchased it? The reason I ask is because in my case, I did not re-fi my home with IndyMac the loan was sold to them afterwards and IndyMac did not record the deed to my home properly nor did OneWest. Only when OneWest tried to foreclose on me did they then do the legal thing and file with the County Recorder's office on the same day they attempted to sale my house!! Which is illegal. How can you foreclose when you are not on the deed?
I would check the deed on your mobile home to insure OneWest is on it, if not, how can they claim a right to your property?
I am thinking in mobile homes it is a repossession not a foreclosure.
Yes attend the conference maybe you can get some clarification of your rights. You are not talking a great deal of money and OneWest would not gain anything by taking your mobile home--they should work with you but unfortunately I am not seeing a lot of common sense from OneWest!
Good luck to you.
WOW! The conference is being held at a decent sized convention center... I arrived 45 mins early and the line of people was length of the building and starting to wrap around. (I didn't stay) I have two thoughts, 1 - I will go back later in hopes that the initial rush will be less. 2 - It was heart breaking to see all those people standing in line in hopes to work out a plan to keep afloat.
The original loan was with IndyMac. But I will look to see what the County Recorder office has to say.
This loan is a whole different animal, and yes you are right it would be a repo. I was thinking about finding an expert in this field - like an attorney, but after reading some of these post - I can't afford to give someone money to NOT help me.
Due to it being a mobile home, it depreciates just like a car - you would think they would be happy to settle a deal!
Hind-site tells me what a foolish thing I did. But being in my early 20's, I thought I was doing a good thing. Live and learn!
Thank you for listening! And thank you for your support! You are doing a wonderful thing by having this online. It at least gives people the knowledge that they are not alone (or crazy)
I will keep you and the all readers posted on my adventure... Hopeful one day WE all can overcome this corruption.
I saw someone earlier mentioned this earlier
"http://www.nationalmortgagesettlement.com/about
It's helping people who have loans with
Ally/GMAC,
Bank of America,
Citi,
JPMorgan Chase and
Wells Fargo."
I can't imagine WHY IndyMac/One West Bank would not be included. I bought my condo in San Diego 8 years ago, and I've just been trying to refinance out of my ARM. I have no late payments and continue to be current in my load. EVERY call to One West is the same answer - not being a Fannie May or Freddie Mac I'm not elibigle for any of the programs. Does anyone have any idea if this most recent program may expand to include One West?
There was an article that a Long Island, NY couple had forgiven their OWB mortgage by a Judge (try to google it) due to mistreatment by OWB's part. I will attach the ARTICLE from 2009:
Yes louromano I heard about the Long Island couple way back when. I wonder what the status of the case is at the moment because I know OneWest's attorneys are ruthless and probably appealed. The paper people to death in any lawsuit which is why it is difficult to get any attorney to represent consumers. The outlay of money is huge when trying to go after oneWest.
Hey, just saw your response to pleasehelpmetoo: "Part of the "deal" is the banks will reduce balances and lower interest rates on homeowners who are struggling BUT you have to be current on your mortgage". I just went through my second mod attempt with The Pirates--short story--purchased home in 2003, refi'd a couple of times, landed at IMB, Bush (still a great president) froze mortgages and I've been stuck in an interest only loan paying $4077/mo for 5 yrs now. My mother in law, who was also on the loan, has moved out, doesn't work, and doesn't contribute anything to the mort. I'm a police officer and work my FT job and about 6-7 other PT jobs to make ends meet and the mort payment turns out to be about 60% of my net/mo. Haven't missed a payment (the credit thingy is real important in my job), but IMB just told me today, "The investor feels that you can still make your mortgage". Wha? Now, in the past, I was told by someone, can't remember who, that there was a note on my mortgage that the loan was not to be modified under any circumstances. Can't route that quote back to any PERSON, but,...IDK... I'd really like to keep the house, great place, great memories, you know?
So, I've been *this* close to forking over $$$$ for someone else to scam me by faxing in the HAMP paperwork and I've made the calls to the websites where, "The Homeowner Is In Charge", but this one sounds like normal(?) people just like me(?) are finding ways to deal with The Pirates. Any input?
IMB/OWB Oh yea, you can "still make your mortgage" if you don't eat, buy utilities, pay doctors. You can still make your mortgage if every penny you earn goes to pay OneEvil Bank so they can hand out huge salaries and undeserved bonuses to their Execs. In a way, OneEvil NOT giving you a modification is a blessing. They cannot give permanent modifications because they really do not own your loan. They own a fraction of your loan. They securitized your loan and auctioned off or sold pieces to various investors, like Michael Dell, George Soros. Not one bank owns the loan and cannot alter any agreements. One West can only give temporary loan mods. which they gave me. Problem is when the temporary period is over, you owe even MORE and they increase your monthly obligations! It is a vicious circle. In my case, One West was not on my note. The same day they set to sell my home, they issued without me knowing, a deed of trust listing them on the deed. How is that legal? It's like someone trying to repo' your car but they did not loan you the money to buy it, so the day they come out with the tow truck the also go down to the DMV and transfer title illegally. Very shady.
There is a growing number of people who are challenging IndyMac/OneWest's right to foreclose when they did not legally do what they were suppose to do originally which is record the deed of trust with their name on it. Chances are if you paid your mortgage off as agreed to, in the end you would not be able to get the deed recorded into your name only because IndyMac screwed it up so much.
Here is a link to a site using this defense to stop foreclosure,you may want to contact them http://www.NHCwest.com
Hi just want to know who may have an email address of the ceo of one west bank.
OMG,I to have just applied for a loan modification with One West Bank! I don't find them very helpful at all.
Is anyone forming a class action against Onewest, if so who, if not, lets....
I have a law firm willing if we can get the support....
the cat is out of the bag and some of the Judges are now paying attention.....and some of the Lawyers are now learning about the fraud....
Narzapalo, don't waste your time, some one a few years ago convinced me to email him, "He's a compassionate guy" well maybe so but not compassionate enough to help you...I found his email address he is in Austin Texas...can't recall the name. MILLIE!, don't waste your time, I have never seen them help anyone...It is a bate and switch, they will even go as far as telling you that they can't quite qualify you, but if you stop making payments you can qualify, then once you behind so far you can't recover, they lower the boom....
Class Action, Class Action! Class Action!!
Daniel, the problem with class Action suit is the only one to be really, truly compensated is the named plaintiff and all the lawyers, the rest are left with crumbs!
Little by little the word is getting out. Just this month the feds started investigating "robo" signing by OneWest. Other banks that participated in this illegal transfer of deeds have been fined and settled. Now OneWest, who is a small fish compared to Wells Fargo and B of A has hit the radar of the government. Finally after all of our reporting to individual State's Attorneys, the FDIC, etc we are getting some attention.
Joseph.Otting@owb.com this is the CEO and chairman of the board. Try this address. don't forget the dot between his first and last name. Not sure if he is still the one...ha ha I made a funny. "Still the One" is OneWest bank's theme song!!
Do you have any other email addresses for the heads of OneWest or even Indymac? We have been fighting to keep our home for almost three years. We've been through the ringer with these banks and it has taken a major toll on us mentally, physically and financially. Our biggest problem(of course) is the sweet deal they have with the FDIC, and not to mention that our note holder is Deutsche Bank. Our continued fight looks very grim considering that we have 3 major banks to continually go up against. Their very actions, lack of empathy and unprofessionalism on the part of everyone we spoke with has been certain proof that all companies involved are heartless and share a single mission to foreclose on as many homes possible. They call it business, but I will state it as criminal conduct. There is just no other words for it. I have always had my job, we could always pay most of our mortgage, we just needed SOME help because my wife lost her real estate career. We were actually current on our mortgage when we first spoke with Indymac, but after a few months of doing as they told us and sending in form after form, we naively found ourselves far enough behind in our mortgage to never recover. We unfortunately lost our major attempt to modify our loan in bankruptcy court this past fall. Had we won, we would have been one of the first ones in the country to do so. Our lawyers did a pretty good job with what they could work with, but in the end... the courts don't have any real power to help and the corporate attorneys are well funded, sharp and very ruthless. Our case would have paved the way for so many others to follow, but the judge was weak, powerless and gave the banks to much leniency. It was actually sickening, and an entire other story in itself. This mess has taken its toll on us, but we are still in our home for the meantime or at least until they decide to foreclose once again. I am now hoping to speak with someone at Indymac or OneWest that will listen and has the authority to make a difference. I'm done with the idiots on the phone. Any email addresses you could provide me would be greatly appreciated.
I wanted to also pass along this rather disheartening and depressing letter of "NO HOPE" that I received from our super fabulous(not really) "wash my hands of this" President, Mr. Barak Obama.
Dear I can't really help you(I made this up of course, but please read how well the White House can step away from actually doing anything to help the people of this fine country:
Thank you for writing. I have heard from many Americans who are unemployed, burdened by high medical bills, having difficulty paying their mortgage, or dealing with the loss of their home, and I understand the daunting challenges faced across our country.
This is a make-or-break moment for the middle class, and the housing crisis struck right at the heart of what it means to be middle class in America: our homes and our communities. Today, even as our economy recovers, many individuals and families are still struggling to stay in their homes or to find and move into affordable homes. As part of my Administration’s comprehensive plan to stabilize the housing market, the Making Home Affordable Program has helped nearly one million homeowners refinance their mortgages and improve their financial situations. To broaden the impact of this program, we have taken aggressive action to expand eligibility and reduce or eliminate fees. We have also made it easier for unemployed homeowners to stay in their homes while they look for jobs, and worked to turn vacant properties into rental housing to help stabilize housing prices across our country.
In February 2012, the largest joint Federal-State settlement in our Nation’s history was reached to deliver relief to the hardest-hit homeowners, hold banks accountable for some of the most abusive practices of the mortgage industry, and begin to turn the page on an era of recklessness that hurt so many Americans. Banks are being required to right the wrongs they inflicted by providing refinancing for borrowers stuck with high interest mortgages, reducing loans for families who owe more on their homes than they are worth, and compensating families who have been victims of abusive lending practices. While no measure of justice is enough for families who have had their piece of the American dream wrongly taken from them, this settlement is a start to help them get back on their feet.
While the Government cannot fix the housing market on its own, I believe responsible homeowners should not have to wait for the market to hit bottom to get relief when there are measures at hand that can make a meaningful difference. Congress needs to send me the bill I proposed that gives every responsible homeowner in America the chance to refinance their mortgage at today’s historically low rates and save an average of $3,000 per year. To ensure that borrowers and lenders play by the same rules, I put forward a Homeowners Bill of Rights—one straightforward set of common-sense standards that every family can count on when shopping for a mortgage. This includes new safeguards against inappropriate foreclosures, new options to avoid foreclosure for those experiencing hardship, and a new, simple form for new homebuyers. In addition to these reforms, the Consumer Financial Protection Bureau’s “Know Before You Owe” campaign is making home loan applications more transparent so families will know what they owe on their mortgages, and our mortgage fraud task force continues to fight to make sure Americans are treated fairly by mortgage brokers.
Our Nation is recovering from one of the worst economic crises in generations, and we still have a long way to go before every American who wants a job can find one and before every family can regain the sense of security that has been slipping away. It will take time to fully repair the damage and make responsible families whole again. But I will do everything in my power to stabilize the housing market, grow the economy, and give all Americans a fair chance to live out their dreams.
For assistance with a home foreclosure or to find a local housing counselor, I encourage you to call your mortgage servicer directly, speak with a housing specialist at 1-888-995-HOPE, or contact the Department of Housing and Urban Development at 1-800-569-4287. You can also visit www.HUD.gov/foreclosure or www.MakingHomeAffordable.gov. If you are having trouble paying your mortgage, the Consumer Financial Protection Bureau has resources available at www.ConsumerFinance.gov/MortgageHelp or 1-855-411-CFPB. If you have lost your home and are looking for housing assistance, please visit www.HUD.gov. For help understanding the language of mortgage products and services, explore and ask questions at www.ConsumerFinance.gov/askcfpb. Information on jobs, health benefits, and other available public assistance can be found by calling 1-800-FEDINFO or visiting www.USA.gov.
Thank you, again, for writing.
Sincerely,
Barack Obama
Scroll up I've posted the CEO email a couple of times or go to owb.com for chairman of the board or google ceo of one west bank
Crap response-no help at all.
I emailed a letter to Mr. Otting at OWB. It didn't bounce back yet, but I've also snail mailed several letters to a bunch of people today including the FDIC. I honestly don't expect to hear back from anyone. My wife and I feel that we have tried everything we can, and at the end of the day you simply find out that no one really cares. Our own President is even overwhelmed by this mess and I don't think he can even do anything substantial about it. The banks rule, the banks have lots of money and money talks.
Ireported one west to every conceivable agency, office of thrift supervison, FDIC,the President on a state level my state attorney general , my governor my state senator barbara boxer-not one person responded!
isn't the huffington post owned or affiliated with soros?
@Disgusted: I am not sure if Soros owns Huffington Post. Tried to research if Soros is affiliated with Huffington but could not find anything. Anyone know?
My wife and I are pursuing a civil Lawsuit successfully against OneWest Bank in Los Angeles county. We have a trial date set for July 9th. Our Story...
My wife and I originated 2 loans with IndyMac Bank, FSB in March of 2006 for a home purchase in Southern CA. Less than 2 months later these loans were pooled with thousands of other mortgage loans under a pooling and servicing agreement and DEUTSCHE BANK became the creditor, IndyMac Bank, FSB remained the servicer of our 2 loans. In September of 2006 we incurred significant financial hardship when I lost my job of over 10 years. We had a substantial amount of savings, 401K and a pension to draw upon and continued making our loan payments. Over the next 2 years our income did not recover and we had drained most of our savings, 401K and pension to stay current on our home loans.
On July 11th 2008 IndyMac Bank, FSB failed and was closed by the Office of Thrift Supervision. The FDIC was named Conservator under the newly formed IndyMac Federal Bank. In October of 2008 we began contacting IndyMac Federal Bank to explained our circumstances and made clear we would soon be unable to make payments under the current terms. We were informed that the only modification programs available at that time were for those already in default, thus we did not qualify. It is then that we stopped making payments on our 2 loans. Amazingly in January of 2009 we received a modification offer from IndyMac Federal Bank in regards to our first loan. We completed and submitted all requested documents including the signed modification agreement along with a check prior to the due date of 1/31/2009. In February of 2009 we received a modification offer in regards our second loan. We again completed and submitted all requested documents including the signed modification agreement and a check prior to the due date of 2/28/2009. Here is where it gets interesting…
On March 19th 2009 the FDIC sold the assets of IndyMac Federal Bank formerly IndyMac Bank to a brand new bank called OneWest Bank, FSB. This is less then three weeks after our paperwork on the second loan modification was received and the check deposited by IndyMac Federal Bank. We of course were unaware that OneWest had obtained the servicing rights to our loans as no written or oral confirmation of such was received. Also in March 2009 we received our April loan statements. The amount on our first loan statement reflected the modified amount however the statement for our second loan did not, it remained the original loan amount. We were not alarmed as we simply assumed that the paperwork had not made it through prior to the statements being mailed. Oh how we were wrong… My wife contacted the customer support number from the loan statement and proceeded to explain that the loan amount was incorrect as we had completed a loan modification in February. The representative informed my wife that the modification was not valid because I had not included my middle initial when the Loan Modification was signed. Remember at this time we were unaware that OneWest had taken over the servicing of our loans, we thought we were still dealing with IndyMac Federal Bank. A day after my wife’s call I spoke with another representative regarding the loan modification of our second loan. The representative stated to me that if I could sign another copy of the loan modification and FAX it to his attention that he would “push it through”. I did exactly that and FAXed it the same day, we never heard back from bank. Over the next several days many calls were initiated by us with believed to be IndyMac Federal Bank representatives in attempt to clear up the bogus claim that my signature was not valid. In all cases we were unsuccessful.
On April 10th, 2009 we received 2 letters on IndyMac Federal Bank letterhead giving notice that the servicing rights of our mortgage loans had been transferred to OneWest Bank, FSB effective March 19, 2009. Both letters were signed by J.K. Huey an employee of OneWest Bank, FSB. Why was OneWest using IndyMac Federal Bank letterhead? On April 10th, 2009 we received a letter again on IndyMac Federal Bank letterhead regarding our “recent request to modify the terms of your mortgage…” The letter stated:
"…OneWest Bank, FSB is not able to modify your loan terms because we have not received all of the information and/or documentation requested from you, despite our having provided ample time for your submission of this material. Because we have not received the requested information and/or documentation, we must decline your request for a modification."
The letter did not state which loan modification is in question but we assume it was in regards to the second loan modification. The statements in the letter are fraudulent based on the fact that both modifications were completed and all documentation received prior to the respective due dates. The letter was intentionally misleading as it claims OneWest Bank was involved in the loan modification process. The loan modification was completed with IndyMac Federal Bank in February 2009 prior to OneWest Bank acquiring the servicing rights on March 19th 2009. As such OneWest had no authority to retract or deny the loan modification. And again, why was OneWest using IndyMac Federal Bank letterhead? I believe it was intentional to lead us into believing IndyMac Federal Bank had denied the loan.
After many weeks of contacting OneWest in attempt to have them adhere to the second loan modification, In July of 2009 PLAINTIFFS sought legal counsel regarding the fact that OneWest was in breach of contract. Our Attorney wrote a letter requesting a response within 10 days, OneWest did not respond to this letter. We continued to make payments on both loans through September of 2009 in the amounts per the modification agreements, on each occasion the checks were cashed by OneWest.
In February of 2010 in response to a Freedom of Information Act request we received an email that stated in part:
"I have been advised by the FDIC’s Division of Resolutions and Receiverships (“DRR”) that at the time of the sale of the business of IndyMac Federal Bank, FSB (“IndyMac”) to OneWest Bank, FSB (“OneWest”), only the servicing rights on the subject loans where held by the FDIC as Receiver for IndyMac. Both of the loans were owned by Deutsche Bank. According to DRR, when the servicing rights were transferred to OneWest, both loans were current."
Since we were in default prior to the loan modifications, for the FDIC to state our loans were “current” the loan modifications had to have been completed. This is further proof against OneWest’s claim that the second modification was invalid.
In September of 2010 we filed a civil complaint in the Los Angeles Superior Court as Pro Per’s (we are representing ourselves). We have trudged through the seemingly endless pleadings and finally after our third amended complaint the court has seen the validity of our case and we have a trial date set in July of 2012 for Breach of Contract, Fraud, Breach of Implied Covenant of Good Faith and Fair Dealing and Violation of Business & Professions Code §17200
If your story is similar to ours or if you were offered a trial loan modification that was rejected after you completed all payments, maybe we can help each other.
You can contact us through our web page:
http://www.gronoproductions.com/Gronski_vs_OneWest
To view our Case Summary to date use the link below:
Case Number - YC063205
http://www.lasuperiorcourt.org/civilCaseSummary/in
Best of luck to all, Keep on fighting!
THANK YOU THANK YOU for posting this. I will most assuredly check out your suit. Our story is much like yours, the reason I wrote this hub. After fighting with OneWest, once again, they have put us in default. We are in LA County. Maybe we can retain your attorney as well! Thanks again!!
This is great! Fantastic news!!! I really wish you(fighting back) the best of luck with your case and hope that you bring a little taste of justice for all of us going through similar nightmares with OneWest. Our story starts out very similar, but we were never even close to having a modification approved. We have been fighting them since spring of 2008. We stopped one foreclosure attempt by filling bankruptcy, and are waiting for them to do so again. I recently sent a nasty letter to Joseph Otting(CEO of OneWest), by using the email address I found here on this blog (Joseph.Otting@owb.com). Much to my surprise, I had a response within a few hours from a gentleman with OneWest. He then assigned me a case number and a representative to work with from IndyMac. Despite having been down this road many times before, we are actually communicating with them and once again filling out many forms and such. I don't know if it will amount to anything, but I guess its worth one more try. My new contact mentioned that there are new options, but also added short sale as one of them. I was also assured that neither IndyMac or OneWest Bank wasn't trying to steal anyone's home from them. WHATEVER!!! I'll keep everyone up to date with how this proceeds.
@Ramon, Well we did get a modification but only temporary. OneWest cannot permanently modify anyone's loan because typically they do not own the note. When they gave us a one year modification, which they never told us was only temporary, it put us deeper in the hole with them.
In California the State Attorney, Kamela Harris is pushing for a new law called the Homeowner's Bill of Rights, if it passes, in California at least, OneWest will have to first assign you one representative to work with you through the modification process. And will do away with "dual foreclosures" which means they cannot foreclose when you are in the modification process. Basically if passed, the Homeowner's Bill Rights will do the following:
- Basic standards of fairness in the mortgage process, including an end to dual-track foreclosures
- Transparency in the mortgage process, including a single point of contact for homeowners
- Community tools to prevent blight after banks foreclose upon homes
- Tenant protections after foreclosures
- Enhanced law enforcement to defend homeowner rights - paid for by fees imposed on banks
- A special grand jury to investigate financial and foreclosure crime
How OneWest can continue to foreclose on homeowners with all the bad press they are getting of late exposing them for the evil they truly are, is just amazing. They have no shame! Like I said 3 years when I wrote this blog, OneWest, IndyMac and their new owners all need to go to hell!
Hell really is a crooked bankers destiny. I really don't know how any of them can sleep at night. Its probably safe to assume anyone working in the banking industry is very well paid. I think many of them feel that they are accomplished and deserving of any bonus/rewards that come their way despite how monies were collected. This is a greedy game for many(not all) and its driven by the promise of huge sums of money. Let us not forget the bail out bonuses that our President so kindly through on this fire before! ... Our newest efforts to work with IndyMac will be interesting going forward. Having only our new IndyMac representative to speak with has been a nice change. I now have his direct phone line and email to communicate, so we don't have to sit on hold for hours or re-explain our circumstances every time we call IndyMac. We've already figured out that this new attempt to "work with us" is most likely a formality for IndyMac to follow so they can report to the FDIC(or whomever) that they are trying to work with homeowners facing foreclosure. In the end, I'm 99% sure that they will find something(a single reason) to say we didn't qualify for a modification despite there "sympathetic" efforts to work with us. WELL, WHATEVER!!! Hell does not keep banker hours, its forever and I hope they enjoy their time here on Earth while they can.
robinp38 2 years ago
As I am reading your story, I glance at this page and see Ads by Google for loan modifications and refinancing. That's ironic, considering most of these companies are a big scam. You said that you want some things to go away in 2010 how about the phrase--The mortgage company or lending institution doesn't want your house--I think they do or they would approve loan modification or any program that would help the homeowner stay in the house. They want your house so the predatory lending institution, such as IndyMac or OneWest, could sell it again to some unsuspecting buyer. Believe me, they are in the business to make money--millions and millions of dollars. This is big business. Go to the website http://4closurefraud.worpress.com/. I ran across this website after reading an internet article on a couple that took the same lending institution to court.