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

Indymac / Coversion of construction loan to permanent loan

1 CA, United States

When my wife and I went to convert our construction loan to a permanent loan, we were given one choice only. ( 5/1 loan @ 8.875 %). Which is forcing us to refinance the. It is my opinion that indymac is forcing people to refinance because they dont want to carry the loan. Since the announcement in July that the FDIC was taking over Indymac because of the financial position of the company, They are trying to scare all ther construction to perm loans away...I was told that they cant sell these loans to anyone they are too risky because most of them our based on stated income and not checked at the close. Therefore Indymac is carrying the loan and charging crazy rates to justify the risk. This is completely not right and something must be done. I was told throughout the process that we would have choices of the type of loan to take out at the completion of our project. That never happened...

Post your comment