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Indymac Bank keeps dragging their feet on short sales
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May 28, 2008 INDYMAC BANK complaint by Candi |
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I bought a condo that has been cursed since day 1. I ended up trying to rent it out which the Condo Association repeatedly denied. Finally I contacted Indymac to make payment arrangements and they recommended a short sale. After completing the paperwork and submitting an offer, Indymac proceeded to drag their feet, wanted $600 for fees, and ultimately procrastinated until the buyer walked. Thereafter Indymac said they wanted $14K more than the offer. Do you think I would have submitted a lower offer if I could have brought a higher offer???? They told me to list it at the higher price for 90 days, which I did, with-Surprise!-no bites. They then told me to list it lower and try to get a lower price. Excuse me???? So I brought an offer $20K less than the first offer. That was in February, it is still ongoing and my buyer wants to walk. This is how Indymac treats their customers. I had outstanding credit, now its going downhill fast. I've contacted my Congressman, this is just unsat. Good luck to anyone that wants to deal with this so-called bank. By the way, their customer service is about as responsive as a pirhana.
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1. Written by brian, on 14-07-2008 11:33
I tried short sale with indymac three times now with them receiving all there money including fees they have added. the amount they are short is prepayment penalties they added, hidden in the paperwork without my knowledge. they have cost myself and them three buyers since november 07. They are part of the housing recovery problem.
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2. Written by Shari, on 13-07-2008 12:41
I guess it doesn't matter at this point now does it? Good luck on that short sale buddy because you are going to need it. Lesson learned....THINK before you buy!
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3. Written by JP, on 10-07-2008 23:46
Like I stated in my previous post. Indymac's own business incompetence has created what you see today. A stock price of .30 cents, no mortgage business and billions of dollars of paper that is worth 50 cents on the dollar or less. This is what happens when arrogance gets in the way of business decisons. Dragging their feet on short sales was just the tip of the iceberg. Now, with thousands of REO properties and billions in non performing paper they are looking for any bids What do you think, .20 cents on the dollar or what?
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4. Written by KD-23, on 30-06-2008 01:34
No matter, looks like IMB will be out of business in a matter of days from now.
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5. Written by Shari, on 29-06-2008 09:28
Hey, Wolfie,
Can you read or what? I never used profanity in any of my postings. It was someone responding to my post. I can see why you are bitter because you are one of those people like Candi who is spontaneous to purchase property and is now upset at the bank about the short sale process. Oh and news flash for you too IMB does not charge $300 to do short sales anymore. Maybe you need to do your homework and read before you start signing important loan documents or using profanity at people. There is just one word that describes you and I don't need to use profanity either. You are IGNORANT!! Do you need a definition or do you understand what that means?
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6. Written by Wolfie, on 28-06-2008 10:48
Shari- Since you like to use profanity I would like to return the favor for the original poster and call you a jack a$$.
This is not necessarily about the poster buying a property that they could not afford or be put in a loan they could not afford, maybe you are one of those shady loan officers?
The post is also helping to educate potential short sale buyers of IndyMac properties.
I have an offer on a short sale and was notified that the 1st is through IndyMac. The posters story is consistant to all other sites requesting a $300 fee for them to unload their home... possibly.
This is a loss loss on three sides. Seller, Potential Buyer and well IndyMac has already lost their a$$.
These postings are helping me to make a decision to move on and understand that IndyMac is in some serious trouble and unless BofA takes on their debt, you as a faithful consumer are going to find yourself elsewhere.
Dont be so quick to criticize others.
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7. Written by Hairy Balsonya, on 27-06-2008 10:38
Shari is 100% correct. The bank is already having to take a huge loss on the property and you want to get mad at them for wanting you to try and get more on the condo to curve their losses. Its funny you think you have the right to complain about this situation when it was your own stupid a$$ fault the condo is going into foreclosure. I guess it makes you feel better to think its the big bad banks fault for your incompatence. Go play in traffic you moron.
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8. Written by Shari, on 08-06-2008 11:57
JP, You missed the point completely. Perhaps you are the one that needs to wake up!
What I am trying to tell Candi and people like her is that they need to do their homework before making the most major purchase of their life.
A house is the American dream and should be researched thoroughly before signing the papers. Candi only found out after she moved in that it was not suitable for her and also found out the condo association would not allow her to rent it out? Don't you think that is something you would find out about before buying? Additionally she never said she had an affordability issue either. It is buyer's remorse and now the banks and consumers like myself are paying the price for people like this.
I never debated that the bank should have taken the offer or not. I only said they didn't have to. Yes it does make sense to take the offer considering what they would get if it was foreclosed on. Yes, I agree they are not in the most stable position either and need to take offers that make sense.
For the record JP...I am neither an employee of IMB or someone "hired" to run interference on message boards. I am a loyal customer of IMB. I have financed several properties with them and they have provided me with outstanding customer service and the best rates. I did my homework before I purchased my properties and am a happy IMB customer and homeowner.
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9. Written by JP, on 02-06-2008 18:12
Hey Shari,
Wake up. Indymac doesn't have to take a shortsale but they should have some business sense. They obviously do not with their stock price at less than $2 per share.
As for your credit report , a foreclosure will be meaningless for the next decade. Banks are not going to cut off their best money makers, people who borrow. That is how they create money and continue to defraud people by lending you your own money.
For explanation of the above statement look up Money as Debt video on google.
Here is the deal, For 14k they now run the risk of losing a lot more if they go through foreclosure. And a condo , Indymac is not making sound business decisions. This guy was doing them a favor. You know what ,here is a better plan Candi. Do not pay your mortgage. Live mortgage free until they foreclose. Which in this market will be a long time because if they foreclose and continue there incompetence not accepting offers and not taking the loss they will be stuck with this condo on their books further hindering their liquidity and lending ability. Fact for every house they own they cannot loan out 8-10 then times the value of the home. So if they hold 300k in the condo, and they end up owning it because they continue to refuse to take the loss, they will not be able to lend out 3million dollars. At that time they will most like sell for a 30- 50 percent loss in this market. All they had to do was take the short sale. This is why this company is teetering on the brink of bankruptcy. They have to borrow money or sell worthless shares to build enough reserves to not be taken over b y FDIC. When all they have to do is take the loss and accept the short sales.
So Shari, either you are an employee of IMB or a hired plunge protection consultant hired to control boards like this.
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10. Written by Shari, on 29-05-2008 14:04
Well, I am sure you were happy to sign the paperwork when you purchased this condo. I guess you didn't do your homework before you bought it. Indymac doesn't have to take a short sale on a property. They can just foreclose and ruin your credit some more. You are an idiot and need to stop blaming the bank for your stupid decisions. Do you really believe your congressman can do anything about your stupidity? Really now! 
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