Downey Savings & Loan

My husband and I had a mortgage with Downey Savings. We didn't realize it at the time, but we have now come to realize that we had the famous "liar loan". Downey Savings was seized by the FDIC and taken over by U.S Bank. My husband's construction company was having financial problems, so we requested a loan modification. We were told flat out no! I applied anyway, and sure enough we were denied not once, but twice. The second time, it was on U.S. Bank letter head, and simply said "you don't make enough money". U.S. Bank foreclosed on our home after only three months! Our loan was for $365,000. U.S. Bank sold our home for $190,000! This whole banking system makes me sick! I want justice!

My 81-year old father was approved for an ARM $121,000.00 in 2005. He wanted to pay off the $75,000.00 line of credit he took out with Wells Fargo in 2004. He thought he had signed a loan for 10 years, not 40 years. At the present time, the amount of the total payments will be $402,925.38. He has already paid over $45,000.00 and the payoff is $139,000.00. The interest on this is more than the payments. His only source of income is SS and a pension of $123.00, almost $1,300.00 a month. Can anyone do the math on this and tell me how in the world does a bank give an 81-year old man a loan for 40 years? Unless the bank is planning on foreclosing on this $121,000.00 loan for a house appraised at $585,000.00? I feel there is a huge class action just waiting for to happen.

After I read some of the other people's experiences with Downey, I can't believe that they are allowed to conduct business within the fine lines of the FDIC, which really means nothing. Downey's loans are criminal and they shouldn't be compensated for the crimes they are committing everyday, to some other unsuspecting individual whom might be a little confused and old or facing some financial problems and without any knowledge of what they are signing. They sign away their whole life. This house was in a "trust" I foolishly thought it might be protected. I was so wrong now. DSL is the Trustee and we are struggling to make the payments. We have defaulted 4 times and I am afraid I will receive a letter any day now demanding the total amount of the loan due or face foreclosure. I had a stroke and I can not earn any income, so I'm depending on SS and that's not enough.

US. Bank agreed to change the terms of mortgages taken out by Downey customers. The FDIC agreed to share losses on the acquired loans with the bank's U.S. Bank unit. I am qualified for loan modification how do I proceed , U.S. Bank is not modifying any loans but transferring them as soon as they could that's is not in the spirit of the agreement with the FDIC who can help me to get a loan modification through The FDIC's loan modification plan agreement with US Bank.

I as Ledeem of Long Beach and Miriam of National City were deceived by Downey they called and really convinced us of refinancing with the, the whole process was done either by phone of by fax. they told us about these new loans where we can make the minimum payment and never told us about negative amortization or told us that our paymet will increase almot $3000 dollars from one month to another one.

When I saw that I called Downey and asked them why the increase that high, because the closing papers said that I have to make about three and some payment of the same amount and one last payment of a different amount. I was reading that some judges are dismissing foreclosures if the information that the bank has it is not correct and I think that we all should file a class action agains Downey because he is one of the biggest bank and is denying help to all of us that got caught in his net.

I also been calling for months and they keep saying that Downey is owed by investors and they are only servicing the loan and that the investors do now want to modif the loans and not only it's me but only all the other people that have loans just like me. According to the Housing and Economic Recovery Act of 2008, the banks do not have to help, it is vountay but if we ask for help the bank has the obigation to help us.

I wanted to mention something else we received a flyer where it said that they can help us with the house and this person was helping an attorney from Los Angeles named Daniel M., well gues what happend this guy dissapeares with the money and the lawyer was forced to take the case himself. He meet with us and said that he was going to send the papers to the bank and for about five weeks we did not heard nothing from him or do anything until I went to se another lawyer which called him and then his assistant called me three times and later on himself telleing me that he was really busy.

I already lost a house and I'm on the way to lose my other house because this attorney didn't do his job. so if anybody knows that someone is doing business with Daniel Marquez better make sure that he is really sending the papers to the bank. Anyway I think we all should get together and do a class action against Downey Saving please let me know I will join. Lost one house, economical stress and emotional stress not only for us but for a 77 year old grandama and a family with a baby that now is facing eviction.

Well, in April of 2008 I started a checking and a savings account with Downey in San Luis Obispo. On my very first statement I found out that there was over $500.00 that was not deposited by me. I contacted Hugo F immediately at the branch and he told me that it was his mistake and told me to shut up about it. He immediately took the money out of my account however I did not feel right about keeping my mouth shut. So I contacted the branch as well as the customer service numbers of times but no one would get involved in this matter.

After that first statement I never received another statement. I requested the reasons why but was not given any until recently. In September money was coming out of my account when I contacted the 1-800 # about it they would not tell me what was going on yelled identity theft, identity theft over and over again. I said no it was not identity theft but I did want to know what happened to my account since I had $65.00 in my account. They immediately shut off my card, stole my money, and would not return it to me.

The bank also immediately closed my account when I finally got in contact with the regional manager and told him that about the $590.00 that was placed in my account in May of 2008. The bank told me that they could close my account and take all of my money any time that they wanted to. I disputed it but they refused to answer any of my questions and told me that they had accidentally placed someone elses check into my account. I also recently found out that my bank statements have been going to another address. Not only has someone else got my bank account statements but the man that had his check deposited into my account also has my bank account. I wonder if I could get a hold of the man that had his check deposited into my account that way he would know what exactly happened because I am pretty sure that the bank did not tell him the truth.

, which we were granted - about a year ago, the payments have become difficult to make and we are behind one month on the mortgage.

A mortgage broker actually encouraged my husband and I to get this negative loan, with Downey Savings,
I realize i signed the loan docs, and agreed, but i really believe I was taken advantage of, and I'm sure the mortgage broker -

Budget Real Estate- is the broker who has represented me, I'm sure he made a big commission on this loan, he has lent me money when i needed to pay property taxes, but i'm sure he felt guilty, he knew my husband has a disablily and receives disability income plus part time work as a community college science teacher,

i read the consumer complaints on your web site about similar issues with Downey Savings and mortgage brokers who did the same thing,
Is there any help for me that you can think of, we are just behind one month on our mortgage because of other large cost of living expenses,
I know that countrywide customers have received help

I feel that Downey Savings mortgage customers, have suffered similar faulty loans and need tha government help as well.

I was a victom of creditcard fraud and was promised a resolution within 90 days. Apparently the ATM card number was taken after I got gas. The next day the Visa fraud protection services contacted me to let me kown someone was using my card. When I went into the Huntington Beach location, the manager promptly took my ATM card and had me wright a statment. She told me it takes 90 days to reaserch and then I would get a new ATM card. I was really irritated that I would be without a card for so long but relived to get it taken care of.

A few weeks later I went in to withdraw money at the Stevensons Ranch location and asked about the status, the teller told me then that I would have to drive to the Ventura location after the 90 days and request a card from the bank manager, she went on to tell me that he will decide IF I got another card or not!

Now 4 months later, I still have not gotten a card, or an answer on why I am being punished for someone else using my number. I have been with this bank for 10 years! I have never been overdrawn, bounced a check or deposited a bad check, why is it ok for them to treat me this way?

I can no longer get money out when I need to. I would just swich banks but everything is on automatic payments and deposites, I feel stuck!

i refinanced my home with equity finanical. downey savings paid them $8,200.00 rebate for this bad loan. downey informed me that i should never have been givin this type of loan. they say my investor's are wells fargo.

i will have to foreclose on my loan soon. i'm going to write the F.B.I to investigate downey savings and equity financial. they are doing some underhanded things to homeowners. lawyers should look at class action suits againt them

In September 2004 I decided to purchase a new home. We dealt with a broker that I met once mostly talked to him over the phone. I was an existing homeowner and sold my home and applied $125k to the new home. I was told my payment would be around $2200 to $2400 a month. No one ever explained this Negative Amortization or that my balance would increase along with my payment.

After a year of making payments I began to notice my balance increase. I immediately decided to put the house on the market to hopefully save some of the money I put down. I contacted Downey Savings, I wrote letters to all the Board of directors, VP, SVP, and requested that they let me out of this horrible thing they called as loan. Because I had a prepay penalty.

They sent a response stating that I signed the paper and that I was responsible. Meanwhile the broker walked away with over $10k in commisions? I'm trying to save my home but I'm way over on the value and amount I owe the bank. Is it really worth it?

I may lose my home and can't afford huge increase in payments.

I was sold an Option ARM loan when refinancing my mortgage. I have had only 30 year fixed rate mortgages in the past because I did not want the risks of an adjustabe, but was really SOLD on why this loan was so great. My main problem is that the broker LIED about the actual rates and payments. On the Loan Documents there was no way I could tell that he had lied because only the MINIMUM Payment was reflected, not any of the OPTION Payments, most importantly the payment required to e made in order NOT TO ACRUE negative amortization. The Broker, Chris Perez told me that the interest only payment would be 2900, and that the principle plus interest payment would be 3200. NEITHER was true, and I could not verify this because the loan documents ONLY reflected the Minimum payment of 1,800 , which was correct.

The first months statement was a HUGE shock when it showed the Interest Only Payment of about 4,000 and the Principle plus interest payment of 4300, NEITHER could I pay! I don understand , knowing what I know today how they qualified me for this loan, At the time when I got this loan my annual income was only 78,000 the loan was originally for 565K, and at a payment of 4,000 that was something like 75% of mt takehome income! I did call Downey and asked if I could pay something in between the minimum and the interest only, and I was told NO, it needed to be either the minimum, or the next payment higher the interest only of 4,000.

So from DAY 1, I started loosing on my home. I have been calling Downey Savings now for the last several months trying to find out what I can do short of loosing the house (I do have it up for sale with just enough to pay the loans, the agents commission and about 30K for me, not even enough to get into another home.) BUT with the market continuing to decline, I dont know if I can sell. I have called everyone and anyone to refinance it but there is no way now with the higher loan, and my income that I can qualify (not unless I went into another option arm I guess)

When asking Downey Savings about a Loan Modification they claim they cannot help because they sold the loan. BUT I was never sent anything stating the loan was sold, and I still get my bills from Downey. They also refuse to tell me who owns the loan, stating they dont know. They have to know who they sold it to because they still bill me, and they have to send taht money to the company who actually owns the loan. I know someone in the lending business and they told me Downey sells the loans to anotehr company owned by them. So basically its still owned by the same company.

If I cannot find a buyer for the house in time, my loan will adjust to well above 5,500 a month , and of course even with my new job, I still cannot make that payment. I dont have much as far as other bills, no car payment, about 100-150 in charge card payments, no big debt, other than my mortgage but I will be forced into forclosure if I cannot get the loan modified, or can find a buyer in time.

I will loose my credit, my home that I worked my entire life to be able to purchase then put so much work into, all because they lied about the interets only payment. I am so embarrassed I have not even told my family of the problem with the mortgage. I am 50 years old, and just dont think I have enough time left to work my way back out of this mess should it go onto Forclosure. I would like to speak to someone who can talk to Downey.

We have a sub-prime loan with Downey Savings and we called to see what we need to do for a loan modification. We were told that our loan was sold to investors (without our knowledge), and the investors DON'T WANT to do any kind of modification to this loan. We asked why, and Downey said because they can, exact words of the rep on the phone! Also we asked if we can know the name of the investors and the rep said she can't give me that information. We contacted HOPE to see if they can help and we were told that Downey is on their list of lenders that does loan modification. So HOPE faxed over 3 times the paper work for our consultation and Downey still won't do anything.

We are about to lose our house because of foreclosure because we can't make the payments on time.

I've had this account with Downey Savings and Loan since. 05/18/01

Sandra Gonzalez - Assistant Manager

02-60182986

Downey Savings closed it - 01/07/08

The bank sent me a letter saying the state of CA required for me to have a business license. I never got one because it wasn't required where I lived and I haven't had one for 8 years.

LA County doesn't require a business license for that.

The dba was kept current for 8 years.

Now I don't know where my money is.

Do I have a class action recourse with Downey Savings. I'm sure they did this to multitudes of others.

Thanks

I've lost my main account to do business and computer contract and consulting.

We are now stuck having to make larger payments in order to at least pay the interest on loan. Spouse can't retire as planned.

but they do not care. It has something to do with my dba name.