Indy Mac Bank — Construction to Permanant Loan Conversion
My wife and I contracted with Indy Mac Bank in October of 2007 to finance our New Home Construction in SE Pennsylvania. At the settlement table, which was delayed for approx. trying to sift through rates, etc... we were promised a 30 year fixed rate, one percentage point higher than the current market rate at the time of the conversion to the permanant mortagage. We never received the paper work confirming our verbal offer with the representative of Indy Mac Bank in Atlanta. We selected Indy Mac Bank because we would only go through closing and settlement one time...
Now that our home is fully constructed and completed, Indy Mac Bank is only offering us a 5/1 ARM @ 9.125% or 6.75% for the first year and then a monthly adjustable rate for the remaining 29 years, which is totally unacceptable. The bank is either forcing us to re-finance or their plan is to try and take our New Home as asset.
We are currently looking for other Indy Mac Bank customers with the same issues in the hope that we can file a class action lawsuit against the bank for their missrepresentation and fraudulant practices in the Construction to Permanant Departments.
Please respond to our complaint if you are experencing similiar problems with Indy Mac Bank and want to make your stand as we do.