Indy mac devalued our home while in construction - they said they have been directed to be conservative...and refused to give us the
money to finish....we qualified for the
money..and the property rates have stayed steady in our area. 7 months later , haggling and haggling and after speaking with Mike Perry they gave us the
money...but that's after paying $4000
interest payments ..65K and of course there not enough to finish because we paid so much out to INdymac. Then they offer us 8.75% roll over to fixed mortgage....We cannot afford this mortgage and they know it will drive us into default...so great we finish the house get their high priced loan and we end up defaulting and they end up with our house! SNEAKY.....We are trying to finish the house ourselves...we owe lots of workers...that we commited to when we saw our appraisal (it took indymac 3 months go get back to us after the apprasial was done)....this is clearly predatory lending. ANyone out there forming a
class action suit please contact me here in these
postings.
1. Written by Kenny B, on 17-09-2008 09:53
I am another one that lost money because I had to refinance immediately after rolling over my loan due to the inflated interest rates.
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2. Written by SHANNON, on 16-08-2008 03:58
we are having the same problem, but what we are seeing is that their inspector is taking tons of pictures and since the bank crash, our house we are building has gone backwards in percentages. it is ridiculous! now we have to wait the weekend to try to talk to someone and they have bought themselves a few more days to come up with the funds we need to pay our roofers and they push us closer to our date of non-completion, when i fear they will say no more extensions and they take our home. are they trying to stock pile homes for when the economy picks up? call the local news, like 7 on your side, and maybe if enough of us try to find out the scam, we can see some results. email me at
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3. Written by P Holmes, on 06-08-2008 14:49
Please read the postings on ownerbuilderbook.com as there is an entire thread of people wanting to sue Indymac over their misleading construction loans
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Consumer Forum is another great place to discuss consumer concerns NOT RELATED to this article. |
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