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Indymac Bank / This is clearly predatory lending

1 United States Review updated:
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Indymac devalued our home while in construction - they said they have been directed to be conservative...and refused to give us the money to finish...we qualified for the money. And the property rates have stayed steady in our area. 7 months later, haggling and haggling and after speaking with Mike Perry they gave us the money...but that's after paying $4000 interest payments ...65K and of course there not enough to finish because we paid so much out to INdymac. Then they offer us 8.75% roll over to fixed mortgage...We cannot afford this mortgage and they know it will drive us into default...so great we finish the house get their high priced loan and we end up defaulting and they end up with our house! SNEAKY...We are trying to finish the house ourselves...we owe lots of workers...that we committed to when we saw our appraisal (it took indymac 3 months go get back to us after the appraisal was done)...this is clearly predatory lending. Anyone out there forming a class action suit please contact me here in these postings.

Va
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Comments

  • Ja
      12th of Jul, 2008
    0 Votes

    Similar situation with us with the rolling to perm part. Indymac told us our perm rate would be 5.75%-6%. The markets haven't changed that much in terms of rates and now they are quoting us 9.7% variable! I have saved emails showing that they quoted a lower rate.

  • So
      17th of Jul, 2008
    0 Votes

    I am with both of you.They lied to me also about the interest rate and after many months of e-mails, phone calls (which you could never get the same person twice) sending several letters, I would get the same response.."It will take another 60 to 90 days"..I was forced to give up my home, have my credit ruined because of them and I will be more then happy to go in on a "Class Action Law Suit' aganist Indymac bank...they should not be able to get away with destroying so many lifes along with our homes. They need to answer to what they have done to many thousands of people.

  • Ch
      1st of Oct, 2008
    0 Votes

    For several years now, I've been helping my sister out with her financials. She got involved with the Option ARM program. The her payments began to balloon such that she could no longer keep up with her payments. She turnedover her house to a friend of hers to try to help herself plus to help out her friend but still the payments are way to high. I believe it's at 8.75% maybe higher. The house is not worth paying the $1600. mortgage to keep it current. I would certainly get my sister and friend involved if this gets into a Class Action Case. Please let me know if it becomes one. You can notify me by e-mail. Thanks, Cheryl Kidwell

  • 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

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