Class-action lawsuit is latest woe fo...

Class-action lawsuit is latest woe for IndyMac

There are 74 comments on the Pasadena Star-News story from Jun 12, 2008, titled Class-action lawsuit is latest woe for IndyMac. In it, Pasadena Star-News reports that:

IndyMac Bancorp Inc.'s troubles have gone from bad to worse. The Pasadena-based bank - already battered by fallout from the subprime meltdown, mounting home foreclosures and tightened credit standards - is now ...

Join the discussion below, or Read more at Pasadena Star-News.

jacwal Castaic CA

AOL

#22 Dec 7, 2009
During the past six months we pursued a loan modification with IndyMac and although we were turned down once we were able to start getting back on our feet and had the financials to qualify under their loan modification program. We were forced into bankruptcy to stop foreclosure on our house because IndyMac demanded a 30-45 day lead time to review our new situation. Subsequent contacts validated our qualification for the modification however at the last minute the package was rejected by a “Restricted Investor” who under that program apparently is able to deny the modification notwithstanding the fact that IndyMac had committed to perform the evaluations and do the modifications under the plan. This caught us totally off guard as we knew that we qualified. We received the 15 day foreclosure sale notice within a day of the rejection.
Within a week it will be sold under foreclosure action and we will be on the street.
My review of this situation supports the fact that no one but the financial companies (IndyMac) and it’s “investors” are benefiting from the loan modification program and are using it to destroy the customers who trusted them and their process. My mistake may be that I did not hire the “right” attorneys or that the total bureaucracy was too much for me to handle myself but we are seeing too many good people thrown out of their homes by IndyMac after accomplishing all that was required and qualifying under the loan modification program. The handling of this process by IndyMac is criminal and needs to be stopped.
jacwal Castaic CA

AOL

#23 Dec 7, 2009
Does anyone know a good lawyer that would pursue legal action against IndyMac on our behalf? Post it if you do.
frustrated

Canton, MI

#24 Dec 16, 2009
I am very interested is a class action suit against IMB, if anyone knows of such action...please provide info. Having a real estate license (non practicing, only for personal growth), and knowledge on "no-doc" loans or "stated income loans" I recd a call from Mort lender asking if I thought of refinancing and saving on my (then current) rate. I declined due to husbands FICO score (main bread winner, long term employment) I was entised by prospect of lower rate, and gave info for both my husbands and my credit score to be run. Indeed, my husband was not credit worthy yet I was...I was told the mortg could go under my name (as a no-doc mort) with his income stated! I was familiar with stated income mortgages as they were a traditional type of mortgage offered for those in commission based positi8ons (sales and so forth) I questioned the ability to take anothers income (even if it was spouses) and applying it under the other spouses name. I was convinced this was legit and again the reduced rate was enticing. I did what I thought financially would benefit my family....not adding to the mix that my spouse had a problem with alcohol. As the story goes, I could not stay in this relationship and sought divorce...2 yrs approx of hassle due to the pending mortgage issue. I had an attny assist me in trying to gain assistance from the Resolution Dept at IMB, I was sent a letter telling me that "due to making timely payments, that IMB saw no need to assist" Husbands lawyer pinned the whole morg on me, knowing that in the end I was responsible and IMB would not honor any third party judgement. After fustrations, legal fees and a judge that said "just walk away" I am loosing the house in a month. My credit was perfect and now I am suffering negative consequences with AmEx (higher rate) higher insurance rates and so forth. This situation is tarnishing my once good financial name....I did not go into this morgage blindfolded. I have a paper trail a mile long and feel I have a good case, I just want this taken off my credit report. Id prefer to go after IMB before they come after all of us.....Ive paid enough!
Debbie

United States

#25 Jan 24, 2010
Lisa we have been having the same thing going on with Indy mac your story matches ours to a T our goverment needs to stop this. they too are crooks. people need to know that they are in on all of this with the banks. Do you know that when the Obama plan went into effect HAMP all banks were to honor it Indymace turned right around and ask to be excemped and our Governor in cal granted it. Tell me why our President did not make it a air tight deal he knew these banks would do this making homes afforable is plane bullshit.
Sorry goverment are all crooks and we the people need to over turn our goverment not a single one can be trusted. I have no faith in any of them.
Lisa R wrote:
In November 2007, we began calling IMB to negotiate our ARM that was scheduled to adjust in March 2008. After getting no where with IMB, we dedcided we could not keep our home with an increased 1000k per month. In April we were contacted by IMB to refinance our loan. We were thrilled! Finally some assistance, so we thought. We began a forebearance program in May and continued into June and July. Each month, I called each week to check the status of our loan. Each time, I was told "it was being processed". I would ask questions like where is it or with whom, etc. Basically the answer was always. "Its being reviewed". At the end of July I was told that the program we were being considered for had changed and that we would have to start a different plan that should be much easier and offer better terms! Throughout that negotiation, I continued to call on our loan application...then the FDIC takeover occurred. I contacted IMB and was told that now we needed to do yet a third plan that was a federal plan and all other plans we were in before no longer applied. So we continued making "forbearance" payments (by the way the payments were for the same amount as we wee paying prior to the adjusted rate...clearly, we were proving we could pay). At the end of December 2008, we finally recieved a packet in the mail. Of course, nothing in this packet contained terms or payments that were agreed upon throughout this process. The same day, I called IMB to discuss my packet and my confusion about the terms. At that time, I was told that my mod was denied...with no explanation except that they had the right to deny a loan at any time for any reason. They told us the only option we had was to reinstate the loan and pay all penalties, etc. This was unrealistic and we could not comply. In April 2009, we received yet another package. We filled it out, sent it in and began working with people all over again. I asked about forbearance and they said they were not taking payments any longer but that we qualified for a new mod and would process. In July I received a request for "additional" paperwork. I sent in a new package again and then in September my husband had to take a new job that paid much less money. I contacted IMB to ask if I could submit proof of new employment. They told me to wait until her received his new paystub. I explained that it would be a month out and they said it would take that long anyway. In Sept I sent the new stub with a letter to the person who told me to fax it in. In the beginning of November, I received another letter asking us to submit our most recent pay stubs so they could complete our modification. This was done. Ten days later, I received a Deed of Trustee sale on my front door. My house is scheduled for sale on December 8, 2009. We called IMB to get some explanation. They said our packet as incomplete (Im thinking which one of the 5?) and that we broked forebearance payments (which we did not and can prove it). Now just before Christmas, I have no where to go and a short time to relocate my family. I have hired a brokder to try to negotitate a stop sale, but am fearing that they do not actualy want to help. I really hope this stops. It should be illegal, what these crooks are doing!
Lorax

Miami, FL

#26 Jan 25, 2010
Debbie wrote:
Lisa we have been having the same thing going on with Indy mac your story matches ours to a T our goverment needs to stop this. they too are crooks. people need to know that they are in on all of this with the banks. Do you know that when the Obama plan went into effect HAMP all banks were to honor it Indymace turned right around and ask to be excemped and our Governor in cal granted it. Tell me why our President did not make it a air tight deal he knew these banks would do this making homes afforable is plane bullshit.
Sorry goverment are all crooks and we the people need to over turn our goverment not a single one can be trusted. I have no faith in any of them.<quoted text>
There is a good reason why Indymac was exempted- they are premier contributors to the DNC. I'm a Democrat, and was appalled to hear this. There is also no way a class-action lawsuit will work either, since there is an implicit understanding among law firms that it's a losing proposition.

Indymac is a hedge-fund formed from the carcass of Indymac, where principal "investors" such as Michael Dell, George Soros, and Michael Thane (formerly head of Merrill Lynch) pooled their billons to form "One West Bank" which is banking that the good-paying loans they bought through the FDIC for less than 50 cents on the dollar stop paying- then foreclosure can proceed, they get the property, and they cash in on the insurance policy that have on your loan, which is worth 70% of it's appraised value.

They win no matter what. There will be no loan modifications. They want the property, no matter what. So plan on moving, folks, and strip the place to it's bones, since that's the only recourse you have.
PnJ San Diego CA

San Diego, CA

#27 Jan 25, 2010
I am also losing my home to foreclosure. Hopefully, Indymac will approve a short sale, but I am scared! I see all these postings of people losing their homes eventhough they were approved a short sale and had offers from qualified buyers. IMB has no intentions of helping distressed homeowners out.
Anyone interested in joining forces in a class action lawsuit against this evil entity? I'm in CA and there is a lawfirm in San Fran,( www.schneiderwallace.com ) that will hear your case and if there are enough people with the same story, they will represent. They don't get paid until they win. There number is (800) 689-0024. Also, I talked to a law firm in Nevada (Matthew Callister n Brooke Bohlke) that filed a class action against Indymac and they were able to get a stay issued for those that were in foreclosure in Nevada. Unfortunately, my property is in CA and they have no jurisdication. I asked if he knew of any law firms in CA that was filing suit that I could be a part of and he told me to call back on Wed. and he would have more infos for me.
The key is we have to have enough people with similar stories. I would love to hear from anyone who is interested in making fricken IMB pay. [email protected]
Telmark

United States

#28 Jan 26, 2010
Our best recourse in this mess is to stop voting for the same old incumbent politicians (of both parties).

People need to realize that our former and current politicians have sent and continue to send incredible sums of our money to countless foreign Countries while we sit here in the economic mess that these politicians created.
Tammy

Columbia, MD

#29 Jan 28, 2010
IndyMac bank was my leaned I tryed to get them to work with me they keep saying that ther wasn't a progeam out for me I was on the phone every day with someone differnet and had to explain to them all over again and the last time I tryed to talk to there I was told that my house was going up for auction it went up for auction on my Birthday that wasn't good We need to do something about them getting away with this now people in the same situation can not buy another home for many years because of them thay got balted out why couldn't we.
zvon

Bristol, VT

#30 Feb 25, 2010
Indy Mac actions are unethical. If you have a mortgage through Indy Mac or One West Bank, check the amount that they are paying in your property taxes if your monthly mortgage amount includings escrow for your taxes. Indy Mac underpaid my taxes, despite it being prepaid a year in advance though monthly payments (which means I overpaid into escrow which also means that at the time of loan origination, they padded the estimate into the monthly payments.) When I could document this, they adjusted my monthly payment down (only after 3 years of fighting w/ them), then eventually I received a small refund check, but they still owe me thousands of dollars in property tax overages which I will never see. They post your esrow activity for on line access but do not post your taxes and activity of tax payment. They will send a print out but money will mysteriously not reflect, so where DOES IT GO???????? Check it out. I have another friend from whom they stole thousands of dollars in the same way. He never saw a penny back and ended up in an even more deadly position financially. If you have a loan with Indy Mac-dump it fast-you are being ripped off, refi with anyone who promises to be transparent about where your money is really going and who is rated. Indy Mac are criminals posing as a bank. Bottom line. I am seeking a class action suit now...anybody in New England, care to join? Keep documenting your problems and dont file a complaint with the CEO of IM-he doesnt respond. Talk to a good lawyer or keep calling the tax office at IM until they can argue with you directly, which they love to do. If your money is "missing" in the tax office at IM, then know you are in good company. It happens all the time.
CAPT TRUTH

San Diego, CA

#31 Feb 25, 2010
JLS wrote:
Maybe if Indymac would work with it's customers in foreclosure they wouldn't be in such bad shape right now.
From a law clerk:

They CAN'T deal with the owner for 2 reasons:

1) The government issued their agent, One West Bank,(who bought Indy's interest "for $10 and other valuable consideration"), a GUARANTEE THAT THEY CAN NOT LOSE ANYTHING by their purchase. In fact, some allege, they ARE GUARANTEED TENS OF THOUSANDS OF DOLLARS FOR "THEIR RISK"???

2) The security holder(s) can SUE them for their "decision to HELP ANY HOMEOWNER," which reduces their return.

PLEASE seek "COMPETENT" legal assistance if you have been injured, it's your duty as FREE Americans!!!

Steven ([email protected])
Ron Moss

Kent, WA

#32 Mar 2, 2010
MortgageIT lied on my application to increas my pension from $900. a month to $6,900. a month to sell to Indymac, after stealing my check$10,000 was cashed but not recorded on my account, finally it was found but IndyMac committed extortion before it was credited to my account. Finally foreclosure was ordered by MERS house was sold to HSBC $412,000 had been worth nearly $900,000. Want to find class action suit to join, am out of cash for lawyers.
Lisa G

Dayton, OH

#33 Mar 7, 2010
If anyone files a class action suite against them, PLEASE let me know. Six months later- we are "still under review". Long story. My email is [email protected]
Dee D Las Vegas Nevada

Las Vegas, NV

#34 Mar 24, 2010
Indy Mac definitely need to be sued. I'm beginning to think they are protected by someone. They've been screwing people for a long time and nothing's been done. They tried to foreclose on my house after I missed one payment without sending me a default notice within 10 days. Talk about not following the law. Plus they charged me $2800 attorney fees (so they said). I'm paid up, but I am having my papers audited.
Lisa G from Xenia, OH: I tried to email you but it came back. Is there something missing in your email address?
ANYONE THAT CAN GET A CLASS ACTION SUIT STARTED, PLEASE PLEASE LET ME KNOW. Email me at [email protected]
Mark B

Chino Hills, CA

#35 Apr 2, 2010
I saw your posting online regarding assembling a class action lawsuit against One West and IndyMac.

We received a construction loan from IndyMac in the summer of 2006 which would roll into a permanent loan when we were finished building the home. So when we were finished in July 2007 we had a $1.2 Million loan amount; however, this was right at the point of the worldwide economic collapse and IndyMac removed every loan program from our list of options and only gave us 2 options: 1) a fully amortized loan at 8 or 9% or 2) a fully amortized 1 month Libor adjustable loan.

They said that because we went stated income on our loan documents, which was suggested by the loan broker, we couldn’t qualify for a more affordable loan, like a interest only, when the construction loan rolled into a permanent loan. We had great income and credit; however, the loan broker steered us to the stated and inflated a lot of our numbers in order to qualify for the construction loan. If we knew that this would have made it impossible to qualify for an affordable permanent loan then we would have never signed up for the construction loan in the first place.

Now IndyMac/One West won’t even talk to us. We are current on our loan but we are only a few months away from being able to. We are seeking a lawyer to take on our case.

[email protected]
LC - Los Angeles CA

United States

#36 Apr 7, 2010
Does anyone know of any class action or personal lawsuits against indymac or know a good lawyer? Need ASAP 4/7/10
tami

AOL

#37 Jun 14, 2010
PnJ San Diego CA wrote:
I am also losing my home to foreclosure. Hopefully, Indymac will approve a short sale, but I am scared! I see all these postings of people losing their homes eventhough they were approved a short sale and had offers from qualified buyers. IMB has no intentions of helping distressed homeowners out.
Anyone interested in joining forces in a class action lawsuit against this evil entity? I'm in CA and there is a lawfirm in San Fran,( www.schneiderwallace.com ) that will hear your case and if there are enough people with the same story, they will represent. They don't get paid until they win. There number is (800) 689-0024. Also, I talked to a law firm in Nevada (Matthew Callister n Brooke Bohlke) that filed a class action against Indymac and they were able to get a stay issued for those that were in foreclosure in Nevada. Unfortunately, my property is in CA and they have no jurisdication. I asked if he knew of any law firms in CA that was filing suit that I could be a part of and he told me to call back on Wed. and he would have more infos for me.
The key is we have to have enough people with similar stories. I would love to hear from anyone who is interested in making fricken IMB pay. [email protected]
Dont believe anything they say!! They will not work with you!! We just lost our house June 10 because they would not work with us. They dont want to and dont need to because they can get paid by fdic. Get legal help now!!!!
Elizabeth

Lancaster, CA

#38 Jun 22, 2010
I asked them for a loan modification after realizing that I bought my home for 130k and six years later I owed 230k. I have filled out a bunch of paperwork for two years now and last week, I was told my home is going to be foreclosed. Today, I received a letter from a different company stating that my house was auctioned today and without any warning. I need any help I can get. Thanks.

[email protected]
HOPE

Northridge, CA

#39 Oct 1, 2010
JLS wrote:
Maybe if Indymac would work with it's customers in foreclosure they wouldn't be in such bad shape right now.
WE NEED MORE PEOPLE WE ARE READY TO FIGHT
PLEASE GO TO WEBSITE
www.indymaccomplaints.com
follow directions this is the beginging stage we need a couple of documents thats all
ALL STATES CAN JOIN!!!
FIND US MORE PEOPLE SO WE CAN GO FAST!!!
GET THE WORD OUT
AFTER YOU EMAIL DOCUMENTS YOU WILL GET MORE INFORMATION
WE WANT PEOPLE WHO ARE SERIOUS
IF YOU HAVE QUESTIONS PUT IN EMAIL!!!
[email protected]
THANKS!!!
HOPE

Northridge, CA

#40 Oct 1, 2010
PLEASE GO TO WEBSITE www.indymaccomplaints.com

WE ARE READY TO FIGHT INDYMAC NOW!!!!
HOPE

Northridge, CA

#41 Oct 3, 2010
TO FIGHT INDYMAC
READ NEW YORK TIMES OR LOS ANGELES TIMES ARTICLE
ABOUT INDYMAC

GO TO WEBSITE www.indymaccomplaints.com
follow directions someone will contact you

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