Indymac Bank - Four years to be denied home loan modification, then sent to foreclosure!
I have dutifully paid my mortgage each month since March, 2005, even when to do so meant I didn’t buy groceries or worked long hours away from my family. When the market crashed and my husband lost most of his income, and I could not generate enough money to stay afloat, I contacted IndyMac and filed for Home Loan Modification. I was denied based on the failure to prove hardship (I was told that because I was still making the payments, I was not suffering hardship). I filed for bankruptcy in May, 2009. It was dismissed because my husband earned a commission the week that I filed. I was left with all the debt, the damage to my credit and did not have access to any of my husband’s funds. My daughter became ill, the bills skyrocketed, and there was no way to keep everything going. I filed again for Home Loan Modification and was again denied. I consulted with an attorney at PrePaid Legal who outlined my options and told me that until I went delinquent with the mortgage, they wouldn’t approve me. I told her that I wasn’t that kind of person and didn’t believe that it was in integrity just to stop paying the mortgage. My husband lost two of his three major clients- one to death and one to divorce. Our income sank again. I increased my hours to the extent that I was no longer able to spend much time with my children. I again applied, and was again denied. In the Spring of 2012, I received information about an attorney who could facilitate Home Loan Modification Applications. With borrowed money, I paid him his fees, hopeful that we would finally be able to achieve some relief. We paid the mortgage until we had exhausted every last dime of our retirement account and could no longer make the payments. After two months, we resumed making the payments. In March, 2013 we were informed that IndyMac had passed a new regulation that they would no longer accept anything other than payment in full (the mortgage payment as well as the two months that we were in arrears). If we were unable to make payment in full, they would simply return the mortgage check. They refused to accept our mortgage payments from March, 2013 on. By the Fall, despite the fact that we were actively in the Home Loan Modification process, WITH AN ATTORNEY REPRESENTING US, IndyMac filed initiated foreclosure proceedings on our home. We have been informed that our home will be sold at auction on February 4, 2014. Despite the fact that we have provided EVERYTHING IndyMac has required (they now have three years worth of bank records for my husband and I), they continued to find reasons to reject the requested materials! For example, because I have listed my husband as a party willing to contribute funds towards the mortgage (even though he does not own the home, nor is he on the mortgage), they have required bank statements, Verification of Employment, and pay stubs for him. Because he works for LPL, and they pay by Direct Deposit, IndyMac is stating that the documents are being rejected and will not be considered until we provide pay stubs- which we cannot get! When we finally had EVERY document into underwriting, we were told that IndyMac sold our note to OCWEN- starting the entire process of modification over again with a new company!!! It seems that nothing applies to us—not the Mortgage Settlement that CA was able to achieve (IndyMac wasn’t part of that), not the HAMP, not the HLMP… We are people who work hard to have a home for our family of 7. We are not receiving government aid, work more than 40 hours per week, and tried to stay current with our home loan. Now we are so far under water we are sinking. If my credit hadn’t been burned by filing Bankruptcy (which I didn’t get!), I would have borrowed money to refinance the house, but filing Bk tanked my credit until 2016, and now that I had delinquencies in July and August, 2012, my hopes of ever regaining sufficient credit to refinance are gone. Is it really reasonable that people like me- those who want to meet their obligations, who have income to do so- can’t get a rate that matches what EVERYONE ELSE has access to now (we have 7.7%, while others enjoy 3%)??? This company MUST BE STOPPED.
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