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One West Bank


Loan Modification Delays

Complaint Rating:  100 % with 9 votes
100% 9
Contact information:
One West Bank
Los Angeles, California
United States
Phone: 310-302-5801
After the closing of First Federal Bank I was made aware by mail of a transfer of assets to One West Bank (Dec 18-2009). I have contacted One West Bank on a daily basis (Dec 18, -2009- Jan 27-2010) to obtain info on process of loan modification as of this date Jan 27-2010, no answers could be provided. I have contacted seven different departments and several levels of One West Bank employees (including administration loan modificaion managers). I attempted to request an extension to my foreclosure and was told that decision could not be determined at the present time. (Jan 27-2010) I am in awe of the fact that this type of activity and treatment exist in the banking system. I have filed complaints with the State Attorney General, State Board of Real Estate, Better Business Bureau, FDIC Federal Banking. I have done so and believe it will make the fact that these banking institutions are not responsive to consumers who have loyaly assited them in making millions if notn billions of dollars
Complaint comments Comments (2) Complaint country United States Complaint category Banks


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A  7th of Feb, 2010 by    0 Votes
When Indymac was taken over by the FTC, it was purchased by Michael Dell and George Soros who formed OneWest for the specific purpose of taking over the failed Indymac. They signed up with Treasury for the HAMP program, but the Treasury (US TAxpayers) also gave them a loss sharing agreement. They bought every loan for 60 cents on the dollar, and any potentail losses they incurr get pick up by the govt. Thye are on a deliberate campaign to foreclose on just about any delinquent loan in their portfolio, regardless of circumstance.

I work for www.CDAlawcenter.com, and we ar a reputable and ethical firm helping people with loan modifications, and we have a direct contact with the Office of the President of OneWest, and so far have gotten traction using this channel helping our clients save their homes. Good luck going through OneWest loss mitigation, as it just won't happen as the are pretty heartless in my opinion based on a great deal of personal experience. They and Litton Loans are the 2 worst banks to work with.

So you are clear, the only time it makes sense to hire an attorney is when the outcome of a matter is uncertain. I read this site, and many people are unhappy with their firms and call them scammers if they don't get a mod. You must understand, scammers take your money and then do nothing...there are many of those on this site too. If you hire a legit firm, you are hiring them to analyze your financials and prepare documentation and a proposed plan for your lender, but you are seeking a voluntary concession that the bank does not have to make. Congress, Treasury, and the President cannot make he banks modify, so your lawyer can only enter a Good Faith negotiation to work with the bank for a positive outcome for you. We are successful 80% to 90% o f the time because we are careful who we take as a client with respect to their financial situation. That said, we can spend 6-12 months negotating and the bank can deny your request. Be mad at the bank, not the people who you hired to help! ...unless of course they took your money and did not even contact the bank.

One other thing to note is the Federal HAMP program, although touted as a program to help borrowers save their home, is really not that. After working with it for 6 months +, we now know it was designed to help banks stem their losses, not to save a taxpayers home. It hinges on a "Net Present Value" calculation that redlines by your zip code, takes your credit into consideration (so the longer you wait to address the problem, the less likely you are to resolve it), and uses a riduclous Gross income calculation instead of your net income to determine if you qualify. If you have too much negative equity, you won't get a mod because the program deduces that at some point you will wake up to how buried you are, and walk from the house, so it is better for the bank to take it now then lose more money when you walk later. You must also be 60 days late+. Call us, we are honest, ehtical, and have modifed about 600 loans in the past year, and about 1000 over the past 2 years. That said, there is no guarantee as to the outcome as you broke your mortgage contract and no one can force the bank to change it. If we take your case, it means we believe we have a 70% or better chance of making the negotion work, based upon what we understand are the banks internal modification programs, as well as the federal programs.
A  8th of May, 2011 by    0 Votes
i have the same prablem one west indimac keep lossing my paper work . i hire a company to deal with them I am about to losse my mind . this peopoe really need. to understand that is the consummer who. makes them money. i have aloan wich is interest only but indimac rufuses to fix, my loan to a conventional rate.

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