The Home Mortgage Saga Continues

The infamous Indymac Bank (One West) has once again refused to modify our house mortgage. What is the excuse this time?

“Your expense/income ratio does not fit into our system.”

Huh?

When asked for clarification, the service representative explained that our expenses are much more than our income, hence the loan could not be modified.

Yes, well of course our expenses are more than our income. That is precisely why we are seeking a loan modification!! If our income was more than expense, why would we seek and receive modification?!

This is a common problem facing home owners wanting to modify their loans–the banks are refusing to budge and forcing people out of their homes. I remember a small article by Northpoint Mortgage mentioning this a long time ago, but of course, back then nobody listened.
A reader comments:

Indymac is doing the same thing to us. We are on our third attempt to modify our loan. Twice they’ve told us to pay a certain amount for three months only to deny the modification at the end of the third month stating paperwork missing or that offer is no longer available. I don’t know what to do. I can’t afford a lawyer and to pay the doubled loan amount they conjured up because we were late on a property tax payment. We reimbursed indymac for their property tax payment, but they misappropriated the funds and state that they can’t take such a payment eventhough they told us to do so. Now they are just screwing with us trying to steal our home.

It is a concerted effort to steal our homes and it starts with the home appraisal. This is the narrative: When we call the lenders for help with our mortgage, they tell us there is nothing they can do till we miss a payment. So we go ahead and miss payments and then the warning letters arrive. We file and refile income/expense reports, negotiate for a good package but keep getting rejected. The process drags on for months, costing us time, money, energy and sleep. They keep losing files, misappropriating funds, crashing their systems, changing their numbers, and rolling out ‘new packages’ that they later reject when you apply for them. A year later, they tell us there is nothing they can do but ‘foreclose’ the house. How many stories fit into this narrative? The sky blue credit repair information can testify to this, I can assure you.

Indymac, here’s a counter-narrative for you to comprehend: modify our home mortgage because you are surely not getting our house. If you do get around to foreclosing our house, you face a loss of over half a million dollars. Why don’t you grow a brain and do what is best for you?