IndyMac Bank - The suspense account scam

Jul 11, 2008
review #127135

You make a full payment, but because you owe them a late charge, or any one of their other "extra" fees, they do not credit your payment to your account. Rather they put it in a "suspense" account. Next month you pay the full payment again and they also put your payment in the "suspense" account. Now you owe them only ~$150 in reality, but since all your money is in the suspense account, they say you are 2 months in arrears and they foreclose on you. You will never see the money in the "suspense" account. It all goes into "legal" and other "fees".

This is a hideous bank that never answers the phone promptly, tells you they want to help, and after you fill out copious forms, they tell you sorry - can't help.

Indymac Bank deserves to go out of business. Their management deserves to go to some more despicable place.

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Judi Jamieson

Feb 05, 2010

Chase bank is doing this to me right now. My escrow went up and didnt tell me. They keep telling me Im behing on two months payments and charging me late fees when they have my money is a suspence account because I was short the diferance it went up without me knowing. I spoke (or tried to) with three different people at the bank, all spoke HORRABLE english and didnt give a ***. They just told me I need to make a payment and didnt understand that they have my payment. Is this legal?? How can they charge me late fees when thay are the ones not applying my money to my payment??????

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ImWatchingU

Feb 03, 2010

I offered a fail price under their listing price and was countered by 50k more than their listing price. Bargaining in good faith, I think not. Stay far away until the dust settles with this shell game. One other friend had a similar instance with OneWest.

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Sue and James

Aug 14, 2008 Quilpue, Valparaiso

I had no problem with Indy Mac. We are behind and yes the hold money in suspense accounts but that is because we are paying gradually and they have been extremely great about it. I communicate via email and they have responded most times. They are very courteous to me always and we had fallen quite a bit back. As for safety, the fed opened the window to help them so it is now Indy Mac Federal bank. The employees do the best they can to answer questions. That's the best they can do. It is better than foreclosing. Try to stay calm, there are many that are yelling and these people do not make the rules, they follow them. Ask and they will answer.

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employee for imb

Jul 15, 2008 Hearst, Ontario

I can tell you right now that we don't put your funds in suspense if you owe a late fee or any other kind of fee for that matter. The only time funds go into the "suspense account" is when you don't pay the full P&I payment plus any escrow payment you may have. We can not accept partial payments but as long as you send in what's billed, with fees or without, it will apply as a monthly payment. I'm sure you called customer service and didn't listen to the CSR explain this to you because anyone who works there knows this. It's angry people like yourself who call us, bi*** and moan, scream into the phone and then don't actually listen to the response we give you. Cry me a river, if you have a question about how your payment is applied just call and ask like a decent human being, don't scream and complain then not listen.

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cko

Jul 14, 2008 Wales, England

foreclosure doesn't happen after 2 months, it takes 3 to even begin it. you are warned after 2 months yes, but thats not the same thing. so i dont know what you are talking about. i have a loan myself, and whatever name indymac chose to give said suspense account, i can guarantee you most other companies have a similar thing. its not a scam. sometimes it takes some extra investigation to find out what the cause is, but i can guarantee you that if you were to talk, not yell and whine, to them, you may be able to come up with some sort of solution. the suspense account is put in place because sometimes people dont send in enough funds, and most of these systems dont know how to apply a partial payment. it is rare that they are misused, and they exist for a purpose. this purpose is not to *** over.

as far as indymac deserving to go out of business, i understand the anger, but seriously, what about the few thousand people who are freaking out right now about their jobs? mortgage companies are tied to whatever guidelines the investors give them as far as helping and im sorry, but if you dont make enough money to cover your mortgage or bills, what do you want them to do, give you the house for free? whatever man, its not going to happen. . the management can only do so much. why do you think you are so special that any company wants to ruin your life specifically? and yet you think its acceptable to wish bad things on people simply because you dont get the answers
... Show more

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Ms. Brooks

Jul 14, 2008 Harlingen, Friesland

I've had a home lone with IMB since '05. They're in Cali and I'm in FL and I had no idea that people had this kind of problem with them. My builder recommended them and they gave me a great rate for my lack of credit history. (I was 25 and just married) All I was able to hear about them was positive about how long they've been around and how they are the leader in construction loans. No local banks/ Credit Unions would even talk to my husband and I. I've never had the problem that you post about above, I had one late payment, but they still credited it and just put the late fee charge on the next bill... I'm stressing about my loan. What will happen. Thank God I don't have an ARM, but if they sell it? WTF happens? I know there are laws to protect us, but the gov't is so messed up. WHAT DO I DO??? I'm one of the responsible mortgage holders. The only late payment I made was 2 minutes after midnight on the last day to pay.

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