HELP!!! We are desperate for help, for a voice! Please help us expose IndyMac Bank for fraud and abuse of its mortgage customers who are trying to keep their homes. Our story is one of thousands of people who are on the verge of being foreclosed on. We have 3 teenage children and also have my parents living with us. At the beginning of the year we started to get behind on our mortgage. My husband is in construction and I was laid off. Our income had decreased substantially. At that time we contacted IndyMac to get some help. We applied for a modification and was denied because the IndyMac increased my husband's income to disqualify us. Then the Home Affordability program came out. We qualify for that as well. We were to be on a 3 month trial modification. We sent in all of the documents, made all of the payments on time and when we called on Nov. 30 to make the last payment we were told the trial was cancelled on Nov. 25 due to one missing paystub. Mind you they had 4 weeks worth of income from us. They still took our money for the last payment but are holding it and not showing us as complying. Here is what they are doing-they are not modifying loans. They are getting government money for the "trial" mods and the denying them over "missing" unimportant documents. We had tried numerous time to talk to a supervisor and have been denied access to anyone other than the person who answered the phone. We are being to told to resubmit everything and not make payments-does that smell to high heaven or what! The review process could take 60 days putting us further behind and and no guarantee they will not sell our house during the "review" process! If you Google complaints about IndyMac you will see we are not alone. We do not have money to hire an attorney but there is a story out about Diane and Greg Horoski in East Patchogue, NY that got their house free and clear. The Judge, Jeffery Sinner, said chided IndMac and made this ruling to show them a lesson! Please help us expose them and help thousands of people save their home!
I look forward to hearing from you-we don't have much time before our family is out on the street!

Rhonda Beck
541-474-4311

Here is an example of how they operate:

OneWest would purchase all first mortgages at 70% of the current balance

OneWest would purchase Line of Equity Loans at 58% of the current balance.

In the event of foreclosure, the FDIC would cover from 80%-95% of losses, using the original loan amount, and not the current balance.

How does this translate to the “Real World”? Let us take a hypothetical situation. A homeowner has just lost his home in default. OneWest sells the property. Here are the details of the transaction:


The original loan amount was $500, 000. Missed payments and other foreclosure costs bring the amount up to $550, 000. At 70%, OneWest bought the loan for $385, 000

The home is located in Stockton, CA, so its current value is likely about $185, 000 and OneWest sells the home for that amount. Total loss for OneWest is $200, 000. But this is not how FDIC determines the loss.

‘FDIC takes the $500, 000 and subtracts the $185, 000 Purchase Price. Total loss according to the FDIC is $315, 000. If the FDIC is covering “ONLY” 80% of the loss, then the FDIC would reimburse OneWest to the tune of $252, 000.

Add the $252, 000 to the Purchase Price of $185, 000, and you have One West recovering $437, 000 for an “investment” of $385, 000. Therefore, OneWest makes $52, 000 in additional income above the actual Purchase Price loan amount after the FDIC reimbursement.

At this point, it becomes readily apparent why OneWest Bank has no intention of conducting loan modifications. Any modification means that OneWest would lose out on all this additional profit.
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Rhonda Beck
541-474-4311