The most trusted and popular consumer complaints website
Explore your opportunities! Create an account or Sign In

Indymac Bank / Scam and lies

1 United States Review updated:
Contact information:

I also have issues with this bank, funny thing is I am a Mortgage Underwriter, employed by one of the largest mortgage Insurance company's in the country. I purchased a home 2 years ago. I put down 16%. Mortgage Insurance is based on your loan to value. 20% down, and there is no MI.the more you put down, the lower the mortgage insurance. My Mortgage Insurance should have been just under 80.00 per month. My first mortgage statement came, the mortgage insurance premium was 200.00 per month. I immediately called, got no where, they told me I didn't understand how MI works! I explained look at my loan application I am a MI mortgage underwriter, and understand more than you do. They said I signed closing docs agreeing to that, refused to help, refused to admit they were wrong. Even though Mortgage Insurance rates are on a chart and they were collecting way to much. the person I spoke with was ignorant. I ask for proof I initialed a page that had a 200.00 MI fee per month and eventually they sent one, it was not the one I signed. Because my company originated my loan I had the one I really signed. Confronted them again, they denied and said I didn't have my whole loan package. they have refused to help. I have tried to fight them but they drag it out and argue with you so much you could only fight the if you had 10 hours a day to do so. The stupid person answering the phone (several different ones) kept saying I didn't know how MTA arms and mortgage insurance work. I actually was cleared by Indymac to underwrite loans and sell them to them based on their guidelines. Told them I was the wrong person to accuse of not knowing how anything in the mortgage industry works. Owned a mortgage company for years, Have a special endorsement to underwrite FHA loans, and have worked for the two largest Mortgage Insurance company's there are. I have gotten solicitations from them to refi, he APR was lower twice than the note rate. This is really not possible, Unless they paid all your cost and gave you closing cost back, which is illegal. When I called to make them accountable for that, the people on the phone can't explain APR, they can only tell me their company knows how to do it and I don't. I do that all day and have for over 20 years. if this predatory lender goes out of business or takes a loss short selling its loans, it couldn't bring me more satisfaction. their incompetence and unwillingness to work out or correct their errors have hurt MANY people. to the person who posted the original complaint. Look at a loan called an FHA secure, might help you. Yes there is mortgage insurance. But the rate is going to be better than you will get for the next 4 years if you let the home go into foreclosure, you will pay if you want another home and have a foreclosure, you will probably pay excessive fees and interest because loan officers who do loans for people who have had a foreclosure for what ever reason seem much of the time to charge more for getting you a less than perfect credit loan. A FHA secure is some area's will go to a very high loan amount for a little while so consumers can get out of these loans. If I can help you I would be happy to, post a response and let me know.

Va
Sort by: UpDate | Rating

Comments

  • My
      2nd of Mar, 2009
    0 Votes

    I TRULEY UNDERSTAND I HAVE A MORGT.LOAN WITH THESE PEOPLE ALSO AND EVEYTIME YOU CALL AND ASK A ?? ITS NEVER ANSWER THEIR CUSTOMER SERVICE ISNT GOOD AND THEN WHEN YOU ASK FOR SOMEONE THAT COULD EXPLAIN TO YOU THE ? YOU HAVE THE TRANSFER THREW OUT THE CALL CENTER AND CAN NEVER GET YOU IN CONTACT WITH WHO YOU NEED BUT AS WE SEE THATS THE REASON THEY CHANGED THEIR NAME BECAUSE THEY ALL ABOUT MONEY AND THEY WILL CONTIUE TO GO AND NEVER CAN AND WILL EXPLAIN REASON FOR THE INCREASE AND SEVERAL PEOPLE ARE IN HOMES THAT WAS GIVEN A HIGH INTERST RATE BECCAUSE AS I DID REACH FOUND OUT I HAVE HIGHER INTERST RATE BECAUSE INDY MACK FEDERAL IS THE SERVICING PART NOT MY INVESTOR AND MY RATE IS HIGH BECAUSE INDY IS GETTING A %ON YTHE MONTHLY LOAN PAYMENT SO WITH A 13%INTERSTED HAEING A 716 SCORE AND NOW INCOME CHANGE THEY REFUSE TO LOWER MY PAYMENTS UNLESS AM LATE SO TO DO A DEED OF L/AND GIVE THE KEYS THE CAN HAVE THE HOUSE >>

  • Re
      29th of Aug, 2009
    0 Votes

    They "misapplied" my down payment funds for my loan modification. They then sent me a letter saying I broke my modification...because they messed up. I called, they said they needed time to fix it. They sent me a letter with my new payments, it arrived after the first payment was due. Then they insisted on certified funds. I had sent a personal check, they returned it. Checks kept crossing in the mail.

    I work with Titanium Solutions, I have done five loan mods on my own too, and I am at 8.5 years as a Realtor, I am not ignorant in these areas.

    On August 4th 2009 I called them again. I still had the 3 certified checks they sent back. I was told to call back in a few days. I got tired of being on hold, it took me 2 weeks to call back. The last time I had contacted them, they sent me a letter, so I figured they would do it again, but called at 2 weeks.

    I was told that I now would have to give them $14, 000 to reinstate the loan, instead of the $4200 I would have made in payments during that three months and still had sitting on my desk.

    When I told the person in the customer no-service department that I had been told the $4200 would be sufficient, he told me they had a "policy change" in that 2 weeks time.

    A policy change? What the hell???? So...reluctantly I put those checks back in my bank and hired a lawyer at $25o per hour to file a chapter 13. This house is not my primary, but my mom lives in it, so I can't just walk away and I won't walk away. I have worked dang hard for years to get where I am at and I will not give up!

  • Re
      29th of Aug, 2009
    0 Votes

    Oh but wait, I forgot the best part. 7 days after the jerk on the other end of the line told me they would just gladly take the house back I received a call from Indymac. They were calling because it seemed I had an open modification file and I had not sent in my paystubs. Okay, well I don't have any, I am a Realtor, and secondly what?????

  • Ro
      18th of Mar, 2010
    0 Votes

    You must consider a shortsale most people do not realise that the bank does not care about the homeowner and there are millions of boiler room scams offering loan mods popping up every day . Out of 4 million homeowners facing foreclosure only 135, 000 have been helped thru a modification, companies are no longer allowed to charge for modifications so anyone offering their services at a price is a scam . I suggest talking to a licensed real estate agent about your case.
    www.romanrealtors.com
    also many people do not qualify for the 5 requisites the bank requires .

    we do not charge for modifications or shortsales the bank pays us. We wont ask u for a dime.

    Joaquin Roman
    Owner
    Roman Realtors and Financial Services, Inc
    3005 S. Bristol
    Santa Ana, CA
    http://romanrealtors.com/
    (714)-351-2398

  • Ja
      18th of May, 2016
    0 Votes

    I had a mortgage with Indy mac and tried a modification in 2008 and was dragged threw the mud and eventually foreclosed on a mortgaged that I will never do an FHA ever again. The post I read was a flash back of what I went through over 5 years of loop[ holes and appraisals and fees that were a joke. I feel that IndyMac the so called servicer who portrayed to be a bank and One West wasn't any better in there service either. I feel that they purposely wanted me to foreclose on my home and not modify my loan even $500.00 would of made a difference. They ruined the economy and the whole housing industry in our area and our country and I feel the government didn't do anything about it. There are so many vacant homes in our area.

Post your comment