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Indymac not honoring construction to perm agreement

we have a construction to perm loan with Indymac. We went SIVA, now they won't honor that prior agreement, saying that do not accept those type loans anymore. They did offer us a 9% loan when it goes to permanent. The house is not completed, the construction fund frozen, They even transfered money from my construction fund to make my mortgage payment with out my authorization! now the construction fund is short! The FDIC took them over 30 days later. Indymac made sure it got it's money for the mortgage payment, Sounds like a case of fraud. They are denying my appraisals and low balling the home's value. They said I should never had gotten the loan from the start. I am losing all my homestead and my investment money. And they do not care.
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7 comments
Anonymous
#51084

It wont let me show my email how about this way its drazzrules and that would be at yahoo

Anonymous
#51083

HEY ALL OF U EMAIL ME IF THIS HAPPEND TO U Drazzrules@***.com im looking into a lawsuit over this ( maybe class action??) thanks

Anonymous
#46070

How can we fight for our rights. What can we do to remedy this problem. They offered me 9.8% without no other options.

Anonymous
#37624

They did the same to us this month. Did not even offer 30 yr fixed, even though at the time of the construction loan this was stated on their website.

Anonymous
#25848

I think Tammy meant "ditto". But Indymac has done this to many people. Me included.

Anonymous
#25847

Dido......same thing to us.

Anonymous
#24053

THEY DID THE SAME *** THING TO US!!!!!!!!!!!!!!!!!!!

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ID
#127961 Review #127961 is a subjective opinion of poster.
Location
Miami, Florida

INDYMAC BANK BIG LIAR

I had multiple CDs with Indymac Banks and I was told by the bank representative that my funds were FDIC insured. Now half of my life's earning is gone..taken by FDIC as uninsured fund. They have even taken out my Child's fund (which was less than 100K limit). I have been waiting for 7 days with no-sleep to talk to one of these FDIC insurance agent.... It's not safe to put money in the bank even if someone says it's FDIC covered... I have talked to Indymac Federal(after FDIC takeover) and now even though they are part of FDIC...they say we don't know why FDIC took your money go talk to FDIC insurance agent. There is no coordination.. No bank for me in the future...
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5 comments
Anonymous
#24629

I too lost half of my life's savings at Indymac...i became their customer only a few weeks ago, lured by their attractive emoney market and CD rates...isn't it their responsibility to guide the customers on how to keep all the money fully insured ? All 10K uninsured customers should file a class action lawsuit.

Anonymous
#23485

10,000 people involved with uninsured money, How do they deal with it?

I think it is necessary to get the bankruptcy lawyer hired by all uninsured

people.

Anonymous
#23479

What do you with the uninsured fund?

Anonymous
#22891

:? I was just told the other day that this bank isn't doing well and might be merging or taken over by another bank.

Not sure what this means.

i've had great customer service so far but the fact that your CD is missing is ***! Once you lose trust in your BANK!

you start to lose trust in everything else. You should go to a Credit Union instead.

Anonymous
#22890

:? I was just told the other day that this bank isn't doing well and might be merging or taken over by another bank.

Not sure what this means.

i've had great customer service so far but the fact that your CD is missing is ***! Once you lose trust in your BANK!

you start to lose trust in everything else. You should go to a Credit Union instead.

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ID
#127943 Review #127943 is a subjective opinion of poster.
Location
Austin, Texas

IndyMac has taken advantage of my 91yr old father

with my mother recently passing and now that I am handling my father's financial affairs, came to find out that the "interest only" loan that my father have signed was an utterly disgusting way to take advantage of an elderly person. It was indicated that my father's payment if only the minimum will be 110% of the principal amount that is borrowed. A 110%, is that not ridiculous. Where can retired seniors come up with such a higher amount with their income being limited. Any ideas on who I can pursue this complaint, or hopefully a lawsuit against this company. I'm just glad that the government finally has seized and closed this company. Can't imagine how many more atrocious loans that this company has done with elderly people.
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5 comments
Anonymous
#125381

I WILL SHUT THEM DOWN

ONE WEST HERE I COME I PROMISED YOU THIS AFTER THE 150TH PHONE CALL

Anonymous
#22995

Will IMB still be able to close all the short sales they have been negotiating for months considering it will take writing huge checks for a lot of them to clear their books? There are a couple homes in my area that IMB is accepting close to $300,000.

less than what is owed.

How can they honestly close these deals? Has anyone had experience in this area?

Anonymous
#22993

your dad is 91. He's most likely on his way to a better place to be with your mother.

If you didn't cosign for the loan - you have nothing to worry about.

You dad has nothing to worry about either.

Just make some kind of payment, amount that he can afford to show good faith until he leaves this earth.

Why sue? Just speak with their CS rep.

Anonymous
#22898

Sounds like a option ARM...you pay a minimum payment (lower than actual interest rate). The difference between the minimum payment and the actual interest is added to the principal.

These are the loans that will cause the REAL trouble in our country. There are still MILLIONS of people in these loans who are still to this day allowed to defer the interest on these loans and are paying the minimum payment. Once they exceed 1110% of the original loan, they will HAVE to pay the full payment. Of course since this full payment is base upon a higher loan amount at the higher adjusted rate, the payment will JUMP.

Once these start coming due, what are the odds that Americans will struggle to pay the higher payment when they realize how upside down they are? You think there are a lot of foreclosures now? This is just the beginning.

IMB, Countrywide, World Savings, and Washington Mutual were amongst the PUSHERS of these loans. Just wait until this *** hits their portfolio.

If your money is with any of these institutions, BEWARE. They're next!

Anonymous
#22810

Do you think IndyMac was the only lender to do IO ARMS? NO!

People need to read the loan documents before signing! If you don't understand how a loan product works....

then ask it to be explained. Plain and simple.

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ID
#127901 Review #127901 is a subjective opinion of poster.
Location
Milpitas, California

Indy Mac

I'm absolutly beside myself. I'm getting ready to retire and told my Financial Advisor to pull all my money out of the Stock Market. He told me I was safely invested in CD's. Like an *** I trusted him. If you can't trust your Finacial Advisor who else can you trust?! He invested it all into Indy Mac!! Is there anything I can do? I had $300k invested. I was told 100K is only insured and $.50 on the dollar there after. Can I sue this guy? What are my options here? I have to do something I'm retireing next month.
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4 comments
Bill J
#37669

I had 364k in a savings account that I was told was secured because of the payable upon death family members i had on the account. Like many others I later found my account was only insured for 200k and I have received half of the uninsured amount.

However, I am out 80k. The only reason I had that much money in that account is because I had just sold my house and was about to buy another. Now it is late September and I am still waiting for my money. I am going to contact the FDIC and ask if I can buy one of the many REO's owned by Indymac and subtract the amount I am owed from the purchase price.

I am sure they will just laugh at the idea, but I do not know how else to get back what was stolen from me and my family.

I think it is odd that Senator Schumer who created the run on the bank is now pushing for a bill to bail out Wallstreet. I would imagine if Indymac was a bank in New York I would not be writing this!!!

Anonymous
#22864

At this point I would take some of the forecloused property just to make even.. they must have tons of homes or they must have stole the money ..

Anonymous
#22854

With the run on withdrawals, do you think another bank is going to purchase IMB?? I don't believe the slim pickings will be enticing enough for another institution to purchase it. What do you think?

Anonymous
#22740

I also had over $375k with IndyMac in an IRA CD. I am was told that I could get $250k plus 1/2 of the excess immediately.

If they are able to find a buyer (sucker) for IndyMac then I should get the balance. Qualified accounts are considered first creditors ahead of other accounts and stockholders. You might also get some of the rest of your money. Call the FDIC and schedule a telephone interview to file a claim.

DO NOT trust IndyMac any further. I have been waiting since Monday for my money which was supposed to be wired within 24 hours. I have contacted them 4 times and keep getting the run around. Now the FBI is investigating them.

Put your money in Gold and Silver instead of Banks. You can't tell the crooks from the good guys so avoid them all. Foreign currency is also a better investment.

This country is in trouble. Sorry for your loss.

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ID
#127843 Review #127843 is a subjective opinion of poster.
Location
Quincy, Massachusetts

Indymac Short Sale

I received the Short-Sale approval on June 6, 2008. Christerfer Boyett, Loan Workout Specialist, fax the approval letter with closing date to be July 20, 2008. Owner, buyer, escrow are ready for closing as of July 7, 2008 but he/she never returns our call for more than 10 days. We need one paper, final net proceeds, for escrow closing from Indymac but nobody including Christerfer never returned our call, e-mail and fax. I tried to call customer service representives. They are nice and answer the phone but they kept saying I have to call Chrisferter. He/she is only one to solve the short sale. Also, They gave to me his/her assistant telephone number but she never answer or return the call either. Please let me know who have same experience and how to get over. Joanne
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18 comments
Anonymous
#426268

we submitted a 'short sale app. in January, indymac claims they never received it. They are hound us and they have been charging us 13% interest for 6 years!

Anonymous
#125791

Is anyone currently doing a short sale with Indymac? Have they gotten any better? Do you know how long their short sales are taking?

Anonymous
#97488

I a very concerned about the Christerfers of the world. Not dealing with troubled assets on a timely basis is a recipe for further train wreckage.

Unprofessionalism and recalcitrant behaviours are signs of corporate decay and decline.

Banks do act like government bureaucracies in times of crisis. A similar phenomena as a deer caught in the headlights of oncoming traffic.

Anonymous
#84644

Guys, we are in a foreclosure crisis.

As realtors we cannot manage over 10 files without help and we are trained experience Realtors.

You're just going to have them time to get their systems down. Keep in mind they are hiring people that have no clue about real estate.

Anonymous
#72608

I have a deal with Christerfer Boyett as our Indymac negotiator right now. Submitted file in April, got BPO in May, Boyette assigned in May, and the only communication from him since (despite several "esacalations") was his late July email asking me what the offer price was again.

Phone rep today says she agrees that this is a very bad situation for us - the BPO is probably going to have to be re-done, he have responded in 30 days, by early June, not Sept. She said many others have problems with him too. His dept cannot be called (even by the Indymac phone center) because his team doesn't have a phone center of their own. Best they could do was email his supervisor.

That hasn't had any impact in the past. Interesting: his out of office email responder is kept busy with his holidays.

Boyette: Just another BIG reason we have a mortgage crisis.

Anonymous
#72607

I have a deal with Christerfer Boyett as our Indymac negotiator right now. Submitted file in April, got BPO in May, Boyette assigned in May, and the only communication from him since (despite several "esacalations") was his late July email asking me what the offer price was again.

Phone rep today says she agrees that this is a very bad situation for us - the BPO is probably going to have to be re-done, he have responded in 30 days, by early June, not Sept. She said many others have problems with him too. His dept cannot be called (even by the Indymac phone center) because his team doesn't have a phone center of their own. Best they could do was email his supervisor.

That hasn't had any impact in the past. Interesting: his out of office email responder is kept busy with his holidays.

Boyette: Just another reason we have a mortgage crisis.

Anonymous
#53513

You have to love these *** who continue to look at computer screens following scripts and models from their superiors who are even less clueless to what goes on in the real world. Hey IndyMacFanboy, the commissions you worry so much about could pay for themselves many times over, if you guys were smart enough to accept an offer quickly instead of thinking you know more than the agents in the field.

I just saw you guys lose $350,000 in two months by going REO over a shortsale in less on a high priced home here in So. Cal. If the public knew how mismanaged the process was, they'd be even more sick than they already are. You guys made terrible decisions when you loaned the money and your doing it all over again.

You low level mediators are so focused on stealing commisison from the agents who are earning what they did in 2002 for selling a home.

Take your W-2 income and go home to your X-Box and apartment, you loser. Mabe some day you'll see the forest through the trees.

Anonymous
#52239

You realtors are nothing but a bunch of greedy pigs getting paid $10000 to spend 30 mins closing a file and "complaining" that banks aren't doing enough to help. Maybe you should lower your fees and stop your complaining and someone will care.

Anonymous
#853748
@PissedConsumer52239

Fanboy in IndyMacs back pocket....

Get this. In 2009 my son had emergency brain surgery and I lacked $ to afford insurance for us.

The company I worked for merged (layoffs) so I took a $12.00 hr position to be responsible. The $350 a month child support ended. I submitted a modification and was told by your butt buddies that I did not have a hardship. First try and this was not a hardship!

I tried a second time and was told I was current, but a parent is to provide a child with a safe and secure home.

That is exactly what I did and that is exactly why I struggled to remain current.

After discussing the issues with a consultant, it was suggested to get behind on payments for no more than two months and so I tried a third time only to be advised they would not work with me because I was behind.

Here it is 2014 and managed to make it through the short-sale of my home, but still am having issues with the "God knows real escrow close date" listed on ALLLLLLL of my docs verses what you robbers submitted to the credit reporting agency.

The comment "You realtors are nothing but a bunch of greedy pigs......" is pretty brainless on your part considering it is IndyMac who is responsible to approve the mods and not them. But, I do give you some brains because you know what a greedy pig is and obviously have *** on your nose and have cash in your pocket from obviously being a employee of IndyMac or somehow a beneficiary.

What is amazing is many banks have been responsible for the theft of peoples homes, created job loss, sickness, increased crime, a dramatic increase in suicide and children living homeless in the streets.

You are one sick person if you truly think this is something to be a Fanboy of. Furthermore, the banks succeeded in robbery and brought this nation to its knees without firing a bullet, but God help the persons who would ever consider robbing the bank!

Anonymous
#49770

Hi

Indymac has keep us sending proff of insurance for the last 5 months, tho they are satifyed they contue taking out $113. 00 extra each month which is over 1,100.

now and will not refund.

how can i force them to refund ? i am a senoir with low income .

starbright7482@***.com

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ID
#127821 Review #127821 is a subjective opinion of poster.
Location
Los Angeles, California

Close your CD

I managed to close my CDs without even picking up the phone or going to a branch. Use the online form within online banking. I guarantee your account will be closed by the next business day, by some guy working in India, and you won't get penalized (per FDIC failed bank rules). I have to extend this review to 100 words? Goddammit. I have nothing more to say. I still have to file a claim to collect the $13K the FDIC took from me. I had $27K over the $100K insured limit. *** me...five more words ok ok.
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2 comments
Anonymous
#25357

Not all accounts fall under the no penalty for withdrawl column people. Hopefully you actually get verification before you listen to someone and take their word as law.

Anonymous
#22626

which online form are you talking about? Can you please guide me?

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ID
#127767 Review #127767 is a subjective opinion of poster.
Location
Corona, California

Here's how you get screwed by Internet Banking - Indymac

I Wednesday 7/09 I tried to access my account with Indymac, I kept getting a timeout error and could not log on to get my money out. I could not get through on the phone. Finally late Thursday someone told me the system was overloaded, nothing to worry about though, keep trying and you should get through. Friday comes still can't get on, can't get anyone on the phone, bank closed by FDIC rest is history. If it was a local bank I could have gone done there and gotten the money out. So now I stand to loose $50K.
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1 comment
Anonymous
#22397

I am a victim of Indy Bank failure- I am losing $50,000 because of their corrupt sales practices- I would like to find others and an atty

ID
#127670 Review #127670 is a subjective opinion of poster.
Location
Charlottesville, Virginia
Loss
$50000

Employee here.

Indymac has followed thru exactly as they said they would. Pay checks are arriving. Benefits are in place. Communications and updates are constant. What happened to them could happen to any bank in this environment with consumers in a panic every time the media reports unfavorable news. I think they have handled themselves with grace under the circumstances. I am an employee and am still proud to work here. Many other companies that have gone under did not handle themselves this way. I'm sorry they fell victim to ill words spoken to the media a couple of weeks ago
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12 comments
Anonymous
#51755

Well Hun good luck, cause what goes around comes around and every dog has there day! When your standing on the street like the rest of us ( and you will Indymac don't care about you ) make *** sure you tell us how proud you are of them and yourself for helping them screw the rest of us.

You must get a cut of the money to come here and tell us this, Indymac has lied to anyone that they have come in contact with.

As for the rest of us i believe that if we stick together will we win. Good Luck to All of you that is in this mess with us, and may God Bless All of Us.

Anonymous
#38936

There is plenty of blame to go around both sides. The borrowers shouldn't have been buying things that they couldn't afford but the banks should have been much more prudent in making sure they could pay off what they borrowed.

To FBI Probe: Obviously you don't believe in Karma, otherwise you would know that to be so vindictive will only come back around to you. Putting that much negative engery into the world will only result in negative energy coming back to you. NOT good karma.

The little old ladies that stood in the heat, didn't need to, unless they had over the FDIC insurance limits in the bank. They chose to stand there to pull their money out when they could have left it there and it would have been fine. Hence, the FDIC insurance...

To FYI: Good luck job hunting! It's a jungle out there.

Anonymous
#25426

Its not the banks fault that foreclosures are going on in this country. Its the *** consumers fault for signing their name on that document.

No one in the office forced u to sign that document or put a gun to ur head saying do it. Its high time consumers also took responsibilities for their own actions. They knew they were buying homes they couldnt afford yet they still signed the paperwork and now blame the mortgage company??? That is just ridiculous.

Its not the banks fault that you decided to take a second on ur property so that you could buy yourself that bmw to go with your new spanky home. And dont say that you didnt do that. Most people on here know that they did it and are too wimpy too admit it. Take responsibility for your own actions and stop blaming the mortgage companies.

ARMS are the worst loans to get into anyway and you shouldnt be signing a document unless u read everything and only if your getting into a fixed mortgage. Thats just words of advice..

Anonymous
#25360

Your bank are putting holds on these checks, not Indymac. If you look at the checks you will see that they are not written off of IMB accounts.

They are Wells Fargo, Bank One, etc.

They have this fancy thing called funds availability. Your bank could call the bank that the check is written off of and verifiy that the funds are available if they really wanted to.

Anonymous
#24890

FYI not all of the employees knew what was going on so to say they all should be held accountable is absurd! I don't deserve to lose my severance or my job but because some overpaid suits made effed up business decisions I am left wondering how I am going to pay my rent and afford gas to drive to job interviews that I can't seem to get. "Raise your Expectations"!

Brenda
#24198

Indymac Bank is no different then ENRON. I hope the "Powers To Be" go straight to the top of the pile and start picking them off one at a time.

They should be denied any and all bonus and severance payments they received. I just want to keep my house if I ever get construction completed.

Anonymous
#23152

It is with pure joy that I watch your company sink. The entire company-you included- should be proud that you way of mortgage lending brought America to the brink of recession, if not depression.

Your bank is NOT HONEST as evidenced by other banks placing a 3 WEEK HOLD on checks drawn from your bank.

One also has to wonder, why elderly people had to stand for HOURS in the HOT summer sun in LA. Hey, if you don't have the smarts to get off a sinking ship, then the next time you'll be seen is when a submarine cruises past the wretched hull of a bank resting on the oceans bottom with all the other dirtbag mortgage banks/brokers.

Anonymous
#22807

If you worked for this bank and knowingly gave out a loan that would have never been paid off, you should be responsible forget about getting compensated.

Anonymous
#22696

I know I would be proud to work for an organization that lies, cheats, pulls bait-and-switches and has written some of the worst loans in mortgage history. Pure greed!!

This company (including the employees) should have their feet held to the fire for their actions. There are so many people that have lost $1,000's do to this crooked company.

I can't wait to see what happens next with the FBI investigation. Karma sucks!!

Anonymous
#22294

let me comment. I've something very serious to comment about. Are my Indymac issued checks any good?

They seem to have a life of their own.

They fell to the ground and started bouncing.

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ID
#127612 Review #127612 is a subjective opinion of poster.
Location
Mobile, Alabama

Indy Bank

I bought 2 $100,00 CDs in May over the phone-each account was in my name and I asked if each account was insured-he assured me that each was a separate account and they were insured by FDIC-(I am sure the conversation was recorded) - I am now faced with a loss of $50,000 and must make a claim with the FDIC- I am a senior living on SS and a small pension-this is my life savings- I am devastated- I am looking for a lawyer to file a class action against this bank and the person who signed the certificates for not disclosing the true facts- if you have been duped by this bank and are losing your money please e mail me- mdsl500@***.com
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6 comments
Anonymous
#39031

I suggest that all of you who were hit hard by IndyMac's failure IMMEDIATELY phone your congresspersons, urging them to make Obama's proposal to increase the FDIC insurance from $100,000 to $250,000 RETROACTIVE to June '08, before the bank folded in July. THE VOTE ON THE BAILOUT MAY TAKE PLACE ON FRIDAY, OCT. 3, so there's no time to waste!

Anonymous
#22563

I am in a similiar situation, they had supposedly corrected my accounts to have trusts, but they did not and I am potentially losing 280k even after getting my 50 %.. Any website or any info on a lawsuit against them?

Anonymous
#22546

RE: The person who bought the (2) CDs......why? Sure, CDs are supposed to be a 'safe' haven; but that is all they are..safe.

Unfortunately, not in this case however.

By the time you receive mini-interest on these 'parking places' and see what kind of inflation we are faced with, where are you? However, I am sorry to hear of your plight , and I wish you well in contending with this matter.

Anonymous
#22385

I really feel for you and banking customers in similar situations as you. Most customers do not know that you are ONLY insured for up to 100K.

That is, 100K per customer not 100K per account. So if you have 2 separate 100K accounts then you stand to loose a whole 100K.

Research this fact in the company's poilicy and make sure I'm right, I'm pretty sure I am. Best of luck to you.

Anonymous
#22355

I got portion of mine. I am still waiting for FDIC to get back to me regarding the rest. I think about 50k won't be covered but not sure.

Anonymous
#22282

I'm happy - I got all my money out.

Good luck with the law suit.

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ID
#127526 Review #127526 is a subjective opinion of poster.
Location
Las Vegas, Nevada

Not paying property taxes

I have been paying Indymac to take care of my property taxes (included in my mortgage), but received a bill saying my mortgage had gone up $125.00 due to an increase in my property taxes. Come to find out, my taxes had gone down, I had paid Indymac, but they never paid my town. Now they are trying to more than double charge me for their mistake. I have proof I have paid them a certain amount and they are denying it. They are stealing my money and denying it. And because I have such a low interest rate, it really isn't worth it to refinance with another company. I never chose Indymac, my mortgage was sold to them. I won't be paying for their mistake much longer, I will make a change. I hate Indymac!!!
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6 comments
Anonymous
#230869

INDYMAC CLASS ACTION HATE LIE HELP LAW SUIT

WE ARE ASSEMBLING A CLASS ACTION SUIT AGAINST THE INDYMAC BANK.

ARE YOU AN INDYMAC BANK CUSTOMER WHO HAS BEEN TREATED UNFAIRLY?

WE ARE TAKING THEM TO COURT FOR DECEPTIVE TRADE PRATICES AND DECEPTIVE BUSINESS PRATICES. THE LAWSUIT IS ALSO FOR PEOPLE IN ALL STATES WITH PENDING JUDGEMENTS, FORCLSURES, PROBLEMS WITH MODIFICATIONS AND FORCIBLE EVICTIONS. TELL US HOW YOU’VE BEEN HURT, OR HOW THIS HAS EFFECTED YOUR SITUATION..MENTALLY, OR PHYSICALLY AND HOW YOU WERE TREATED BY THIS BANK. IF YOU ARE INTERESTED IN JOINING PLEASE GO TO indymaccomplaints@***.com WE WILL RETURN YOUR EMAIL WITH MORE INFORMATION.

YOU CAN ALSO FIND US ON FACEBOOK AT INDYMACCOMPLAINTS

TOGETHER WE CAN MAKE A DIFFERENCE

Anonymous
#30225

I am very concern about the way some banks are handling their client's escrow accounts. And INDY MAC is not the only one!

Did you know your unpaid tax note can be sold at an auction for pennys on the dollar, and someone can take your house because your taxes are unpaid?

Allow me to help you collect your escrow from these banks.

cerberusconsulting@***.com

Best of luck,

Alberto Marinas, MBA

Anonymous
#25361

When your escrow account is being analyzed, the bank must use the real figure that was paid out to ensure they are collecting enough funds. If your taxes go down all you have to do is fax in an accurate tax bill, or wait until an installment is made at the new amount and request to have your payment adjusted.

FYI most companies don't escrow for Supplementals because there's not really a way of knowing how much those are going to be.

Anonymous
#22670

I have been fighting InduMac's nonpayment of my supplemental property tax assessment for Three years. With partial success. They still do not admit any wrongdoing, but eventually refunded the penalties and interest, and about half of the amount that I had to pay out of pocket. After researching the Federal law regarding escrow accounting, I am convinced that they owe me the other half. I hope to pursue my issue with the FDIC.

In the course of my nonstop letters and phone conversations, an IndyMac Vice Presdient of Customer Experience told me that the Bank shredded my request. I produced a copy of the fax along with a copy of the confirmation. I sent of to them with "DO NOT SHRED THIS FAX" on the cover page. The Bank's defense is that I took their statement about the shredding out of context.

Along the way, I have become convinced that their escrow accounting is wrong. For example, they reduced my escrow in March but did not pay an installment of regular tax until three weeks later. My County's chief property tax accountant met with me and produced documents proving the date the tax was wired and the date posted. She said that mortgage companies can't get the taxes right. HUD's RESPA regulations clearly state this is forbidden.

I am so happy IndyMac went belly up. I do hate the way the FDIC is treating depositors, however.

Anonymous
#22537

We recieved a letter stating the same thing. In fact our house payment went up in July.

Our property value has fallen so not real sure what is going on. We have not recieved anything from our county stating that taxes have not been paid....so far.

Anonymous
#22478

:( YESS I TOO HATE INDY MAC!!!!

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ID
#127518 Review #127518 is a subjective opinion of poster.
Location
New England, North Dakota

Good Riddance Indymac!

For all the indifferent, ignorant, dumb “customer service” persons I’ve/We've had to deal with over the past year and a half, good riddance to you! You deserve to lose your jobs! You deserve everything you get Indymac…the way you’ve treated me (& I’m sure dozens of others) never solving my problems, only taking taking …. I’ve had my loan in modification request for 3 months only to receive the run around. Not a single response from messages left, being placed on hold ad infinitum, not a single piece of mail confirming my requests. …just a whole lot of ignoring me. So, good riddance to you! You deserve to go under Boo on you
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ID
#127511 Review #127511 is a subjective opinion of poster.
Location
Los Angeles, California

Lied about the loan

I received a loan from Indymac Bank in 2006. I was told at the time when the house was appraised that it was fenced (not, cost me $1,800). When the loan was ready to be signed I was told the interested would be re-adjusted once I got to AZ, I was living in TN. When I inquired about it they acted like they did not know what I was talking about. I filled out a application for hardship and everytime I called they told me something different and could never talk to the same person twice. I'm not surprised they fell. I will be taking legal action aganist the company and the loan they gave me. This should be aganist the law!
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4 comments
Anonymous
#22694

Cry yourself a river IndyMac employees. Hopefully all you evil crooks within the Indymac organization will get indicted and serve some time.

Anonymous
#22452

I had an interest only loan and my payment doubled in January 2008. I called numerous times, faxed, wrote letters to them to see if they could work with me and they never replied. If they would have worked with their clients to resolve these issues they might not be in the position they're in now!

Anonymous
#22173

Cry me a river. it is your responsibility to get things in writing why would you assume that something would happen in the future with out documentation

Anonymous
#22135

Read your mortgage NOTE! You are the *** who signed it and agreed to it's terms!

As far as help goes, wait in line.

Thousands of people are on the same boat as you are for looking for help. It is a first come first serve basis and it has a 60-90 day wait period.

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ID
#127450 Review #127450 is a subjective opinion of poster.
Location
Bullhead City, Arizona

Will interests accrued up to the date CDs are closed at IndyMac?

I have 2 CDs at IndyMac and they total below the FDIC limit of $100,000. So, I'm not in a hurry to close my CDs since I know I'll get 100% of my money back. But anyway, I drove by a branch this morning and saw about 80 people waiting in line outside the bank. Things seemed to be in order and people looked calm. I didn't stay long enough to find out how fast the line moves or how many tellers are working inside the bank. If anyone has stopped by an IndyMac bank today to close your accounts, please share your experience. I'm interested in finding out if you get your interests accrued up until today when you closed your accounts (CDs especially). Thanks, Curious in Huntington Beach
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3 comments
Anonymous
#24729

Spoke to FDIC agent on Monday after closing and he stated CD's could be left there and continue to earn interest or could be closed without penalties. I decided to leave my CD alone since it is paying 5 percent = hard to get that anywhere.

How could my money be MORE SAFE than in a federal bank. People...stop panicking, it will only make matters worse in the long run.

Anonymous
#22141

They waived the penalty too. I just got my CDs out , 1 month and 3 months early.

I thought I have to pay the penalty , but I did not. It is depend on the knowledge of your teller.

You can let it there or liquidation your CDs. I got more than I hve expected to get.

Anonymous
#22106

Yes you get interest paid till the day of close out, that is usually how it works out there at Indy.

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ID
#127444 Review #127444 is a subjective opinion of poster.
Location
Los Angeles, California

Not paying employees

My husband was an UNPAID sales manager for the past 8 months with Indymac. Indymac didn't even have signs up on their 2 local offices until finally a month ago they completed signage at ONE of the 2 offices. None of the managers or employees could get answers about a multitude of things. It has been impossible to close LEGITIMATE loans with them leaving his employees in financial distress. My husband finally closed a loan in June and is anticipating being paid on the only loan he closed in the last 3 months on the 15th of July. Will he get paid?
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6 comments
Anonymous
#22527

IndyMac failed because it borrowed billions from other banks to lend to people with poor credit and to developers who build unaffordable luxury homes in the desert. When the credit crisis came to light in August 2007, IndyMac offered really high interest rates for its online cds.

IndyMac was losing money but it desperately was tring to bring it capital to fool investors and the FDIC into thinking it was sound. Bottom line is this: IndyMac lied about its financial status for over a year (despite Sarbanes Oxley which commands a public company not to lie about its earnings). Don't blame the depositer for taking out his or her money which is their right. Blame the managers for mismanaging the bank, taking on too much risk and lying about it in thier financial statements.

If IndyMac was sound, it could survive a run by getting more capital or selling to a bigger bank. Manulife, a big Canadian bank tried to buy IndyMac with help from the FDIC but IndyMac rejected the offer because it wasn't giving the big shareholders enough money.

Anonymous
#22454

I’ve been in the loan business for over 20 years. Indy Mac was one of the better lenders in the market place.

Their staff is professional and knowledgeable. The leadership on the construction side is very competent. The rumors Indy Mac was having problems have been around for months and most of us in the industry have heard them. I think every bank that lends money has negative rumors to deal with.

No I think that Indy Mac was dealt a low blow, and the depositors' panic run on the bank was the result. How can a Senator get away with unsubstantiated comments that will potentially leave hundreds of people unemployed? I have a feeling there was a personal side to the senators comments. Wow what an ego, be very careful what you say to that guy he's got some major insecurity issues.

Maybe his mom didn't love him.

As with the complaint about not being paid for 8 months; for goodness sake what kind of manager would allow that to happen?

Maybe there are two sides to the story. But a good thing for him is that his wife’s out there fighting for him, I wish him luck at home and work.

Anonymous
#22449

Senator Schumers' comments about Indy Mac were irresponsible, and many will suffer as a result. The Senator will get tagged for this one.

The bank was viable and most banks in this country would collapse under a sustained run. That’s right not one of them would survive the deposit requirements. This entire scenario is tragic. The FED, Senate, and Congress have miss handled the Sub Prime contagion.

Billions in bad loans were the result of resets in variable rate loans. In many cases the payments doubled. The investors looked at the resets as the big payoff. How else do you think they were sold.

Had the leadership in this country (FED, Senate, Congress, and Executive) forced a reversal of resets on a temporary basis the housing market could have been stabilized. The argument that the investor would lose in that scenario is silly, they already lost. At least property values would have not have been crushed leading to all the other losses in the prime market, If anything it would have helped the prime markets. Greed followed by more greed then panic is tragic, but to have to include the arrogance of a New York Senator and his personal attacks on a bank that results in its collapse is alarming.

Countrywide bank didn't have a run, did the Senator get a loan from CW, I know Dodd did.

In summary Indy Mac was a better run bank than some of the rumors indicate. I hope by some miracle that Indy Mac survives and its employees can keep their jobs.

Anonymous
#22446

Senator Schumens' comments about IndyMac were irrisponsable, and many will suffer as a result. The Senator will get tagged for this one.

The bank was viable and most banks in this country would collapse under a sustained run. Thats right not one of them would survive the deposit requirements. This entire senario is tragic. The FED, Senate, and Congress have miss handled the Sub Prime contagion.

Billions in bad loans were the result of resets in variable rate loans. In many cases the payments doubled. The investors looked at the resets as the big payoff. How else do you think they were sold.

Had the leadership in this country (FED, Senate, Congress, and Executive) forced a reversal of resets on a temporary basis the housing market could have been stabalized. The argument that the investor would lose in that scenario is silly, they already lost. At least property values would have not have been crushed leading to all the other losses in the prime market, If anything it would have helped the prime markets. Greed followed by more greed then panic is tragic, but to have to include the arrogance of a New York Senator and his personal attacks on a bank that results in its collapse is alarming.

Countrywides bank didn't have a run, did the Senator get a loan from CW, I know Dodd did.

In summary IndyMac was a better run bank than some of the rumors indicate. I hope by some miricle that IndyMac survives and its employees can keep thier jobs.

Anonymous
#22387

Who is it that is posting the negative replies? Are you a representative of Indymac, an employee...

what the ***? I've read several reviews and comments trying to get a better understanding of what is going on with this company. I seem to keep seeing alot of responses to peoples comment being sooo uncalled for. If someone post a question or comment asking a valid question or telling thier experience with this company, why is it that they have to be an "***" or "***".

If the company failed, it failed. It's valid to be concerned. And the ***(s) that response to these comments in such a mannor should stop the name calling. It's not helping the company or getting these folks thier money back.

Seems to me if Indymac were legitimate in all of thier business handling they would not have ended up in such a bad position. There are a lot of smaller banks that haven't hit bottom. So the question is... who's the ***?

The company that went under or the customer that put thier faith and money into that company? And for the person name calling, if you ARE an Indymac employee, may your next paycheck bounce and the people that you're calling idiots pass you by while you're on your way to the unemployment office!

Anonymous
#22302

Must be a retail sales Manager? Because we always had signage and knew who to turn too with questions.

Sounds like he wasnt a very good sales manager.... and that there was more *** going on then selling.

What do you know about LEGITAMATE loans? Are you in the biz too? Doubt it.

You sound like an ***.

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ID
#127410 Review #127410 is a subjective opinion of poster.
Location
Meridian, Idaho
Loss
$2000

Did not get all my money

Stood in line for 4 hours today (went at 5:30am) had over $200,000. Got only 98,000. in return. Must make claim for the balance. A customer in front of me had over $500,000. in 3 accounts and only got $77,000. today. The FDIC rep. was nervous and could not answer questions all he kept saying was call the toll-free number and speak with a claims agent. When I got home the claims agent did call and stated that I was insured and to fax over a declaration form. I did that and will update this site as to when I get the balance. I was told it would take a few days. I want to pick it up will go back to the bank on Thursday, if I have to , to see if it has been released.
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5 comments
Anonymous
#23533

My benes were confirmed thru my claim and I picked up the balance of my money this past Saturday.............was very tempting to leave in, I made $450 in interest in 5 days............

Anonymous
#22524

I understand the problem is my children had different last names but my mom was on there too. They could have given me the money with her 100K insured and that would have been fine.

They did not.

The people who got less had large trusts that were a little complicated. They have to send in documentation, as well,...........

Anonymous
#22296

I put all money under my name but I put my spouse and my children in the ITF ( in trust for) , got every pennies back , Insured up to 100 K X number of beneficaries . I heard that if all of your ITF have the same last name, everything is faster.

Some customers has to sign the declaration and claim for " their money".

Make sure your ITF are qualified beneficary such as spouse, parent, children , siblings, adopted children. Remember your nieces, nephews, friends are not qualified for beneficiary- in that case the maximum is only 100 thousands ( including all accounts you have- not each account) Hope you can sleep better.

Anonymous
#22222

I had 97k in cds and got all of my $$$$$ out yesterday. I'm happy not pissed. Thank you fed!

Anonymous
#22183

Were the accounst in different names or setup as In Trust For?

I have almost $200K as well and am nervous. How did they arrive at $98K? How did the other guy get on $77K?

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ID
#127409 Review #127409 is a subjective opinion of poster.
Location
Irvine, California