Complain about a product or service

Indymac

Maly of Elk Grove CA (04/29/08)
Mortgage issue: I have a loan with IndyMac since 2003. I have been making my monthly payment regularly (never late) and also I have paid more than the fully amortized monthly amount ( I usually add between $300 to $400 per month toward the principal balance). At my suprise, my loan balance went up in March when I received the statement.I called the bank and asked for explanation as why the loan balance goes up since I have been paying more than the fully amortized plus extra $$ toward the principal amount, should the loan balance goes down instead of go up? First the representative who took my call stated that the loan balance goes up b/c of the minimum payment that I made ( this is a wrong answer from the bank representative: I always made extra payment monthly from the first month of the loan until now). Then he said that b/c I made the on line payment, the computer does not know how to attribute the extra dollars amount that I have paid so the system parks the money somewhere (thi is also a wrong answer b/c the on line payment did give me an option to add extra $$ to the principal amount and I have made the same payment since 2003, I did not change the way I made my monthly payment at all.

Anyway , all these answers from the bank just don't make sense to me. I have made extra $$ payment and found out that the loan balance goes up!! And I am not the type of people who only made the minimum payment monthly , I always include more $$ to my monthly mortgage payment. Finally , the representative claimed that there might be a glitch in the computer! Must be a convenient glitch for the bank, because by raising the loan balance amount that I owe, the bank also charges extra interest on the loan...

After 3 phone calls , the problem is fixed but I just want to report this little incident to the department of consumers affairs . A lot of homeowners trust the bank and don't read the statement . Some one may be able to look into this more because this just don't sound right and don't looks right at all. At this time when all of homeowners are struggling to make their payment, the bank should not be making such type of mistake and it is just not acceptable that this type of mistake has occured to me or to any one else.

May be some one else also have the same type of errors from the bank but because most of people don't read the statement and just simply do the monthly payment without questionning anything to the bank ( probably and most likely because of lack of time, lack of knowledge but also b/c we all trust the bank and we would never thought that this type of mistake will happen! And for the final thought, the bank should conduct an honest business activity with the customers: for me I agreed to pay the interest that I owed the bank but I do not want to pay extra interest because the bank system make mistake in calculating the loan balance..).

I have to call the banks 3 times to get this fixed . Time consuming, plus the frustration to repeat all the problems over again each time I call. But the main reason that I fill out this complaint form is to alert the consumer affair about the mistake made by the IndyMac Bank. May be this is not just one single mistake that happened to me...Someone else may have the same mistake form the bank but doesn't know...

Esther of Santa Barbara CA (04/06/08)
Indymac mortgage calls me 4 times a day for every single day and harrasses me. The payment is not late until the 15th of the month and I mail in the payment on the 4th of the month. (it is an autopay) Eventhough the payment is not late, the company calls me day and night including Sundays and harrasses me. Even this weekend, I received 7 phone calls from that company in 3 consecutive days.

This is unbelievable. That company treats me like I am delinquent, but I am not late and I do not deserve to be treated like one.

Also, about 3 months ago, I made a payment already and Indymac Mortgage called me and told me they did not receive the payment, so i made a payment over the phone. After looking at the bank statement, I realized that the payment has already made on the 3rd of the month,and I called the company and faxed my bank statement and they have not returned my money as they promised.

This company gives me so much stress and everytime I get that company's harrassing phone calls, I get a headache that lasts for hours. I am angry because I am not late on the payment and I scheduled my payment to be on autopay and I explained to that company everytime they call me, and they do not stop calling me. Now I sound like a broken record. This company is causing me my time, my phone charge, and stress that relates to my health.

Cathy of Commack NY (03/19/08)
I had a home equity line of credit, which was closed 3 years ago. Every year, I receive a bill for $75 and every year I call and a rep tells me that the account is closed with a $0 balance. I have requested this onformation in writing several times, but still have not received anything. I, once again received a bill. However, now the rep will not discuss the account with me because I can not provide the phone number associated with the account. I no longer remember the phone number I had 3 years ago when I lived in Florida. And apparently without that, they will not even speak to me. I want, in writing, a letter stating that the account is closed and that there is a $0 balance.

So far, other than much frustration and aggravation, no damage has ocurred. However I fear that if I ignore, it will be reported as a mortgage late on my credit report and will destroy my credit score.

Carmen of Napa CA (02/26/08)
On February 15, 2008, I received a letter stating my Equityline was frozen because of the falling housing market. I had a $250,000 credit limit and only used $20,000. The letter stated I could call the phone number listed if I wanted to discuss the letter. I called Janet on February 15th, and she said that someone would return my call by Wednesday, February 20th. When I didn't get a call, I called again, this time speaking to Aaron on February 20th. This time I was told I would get a call by Friday, February 22nd. Again I didn't get a call. I began attempting to call Indymac the morning of February 25th. I was on hold for more than 1 1/2 hours. Finally, I got through to someone and asked to speak to a supervisor and was put on hold for an additional 20 minutes before I hung up.

Prior to getting the letter, my husband and I signed up to attend a home foreclosure auction. The plan was to use our Equityline to purchase a home that was being auctioned with a starting bid at $159,000. Once we acquired the home we would finance it and pay our Equitline back and keep the home as a rental and later a retirement home. Because I didn't get any resolution from Indymac, we could not attend the auction that was scheduled on February 24th.

Myriam of Fredericksburg VA (01/14/08)
took a home equity loan @ 4% rate interest and we are paying out 9% instead and we did not sign any papers for this line of credit ....we have been paying $200.00 each month and yet our line of credit due has raised up to $1,000.00 more. please help us ...my spouse is disabled and I bring home the only income to this house and I feel we have been scammed.

Vinh of Union City CA (10/30/07)
To my surprise, I just received an?Adjustable Rate Mortgage Change Notice on October 30, 2007 that my monthly payment amount will be $4,081.75 effective 12/1/07.

This is unacceptable as Indymac Bank should have given me a notice of at least 60 days, when by law, the consumers should be notified at least 60 days for changes to the contract or payment terms. Other banks would give a minimum of 6 months notice.

When I discussed with Jessica, Indymac Loan Consultant today on Oct.30th, I was advised to refinance to $535K new loan amount including pre-paid penalty of $16.5K. My new monthly amount for interest only is $3,500.00/month. Back on Oct.2006, they told me to wait out until Feb.15, 2008 to refinance of pay off the loan so I will not pay prepay penalty. They mentioned that they would not waive the prepay penalty nor the closing cost and that they had to go by the contract. They are not responsible for this.

Based on their advice back in Oct.06 and again in early 2007, I had renewed the rental agreement with the renter. I just gave the renter a notice of 60 days to move out by Jan.2008 so I can put the property up for sale. Now that this increase payment of $4,081.75 per month will put me in the bind for another 4 months or until the property is sold. I will not be able to make the payments. Total loss is now at $16,500 for prepay + $3,500 mortgage payment per month + closing costs.

Jose of Bronx NY (09/02/07)
When he came to our house he only told us what we had to pay. He never informed us that we had a adjustable rate and he mislead us and said that it would only go up $100 ever month. BUt that was not correct it was going up $1000 every month. He mislead me to sign the papers of the loan. What he had said to us was misleading and what he had informed us was incorrect. Our payment was going up so we decided to refinance with another bank. When we did it they told us we had to pay a penalty of $19000 if we was to finance with them or another bank.

Rose of Stateline CA (08/08/06)
the above lending company refused to credit a one-time waiver late charge, on 07/01/05 although i explained it was rental property and the tenants check bounced twice, i have been a managing property for many years and 99% the lending companys will waive a late charge one-time. this has gone on my husbands credit report and lowered his criet scre

they sent me a letter stating that they were not reversing the late charge due to the payment was over 30days late and they had no way to control it and had to report it to the credit bureau by law.

Susan of Amherst MA (08/19/05)
IndyMac contracted to close a home equity line of credit on my residence to help defray costs on an investment property involving my business. Although they specified a date on all paperwork, the funds were not available a month & 1/2 later to close on the investment property, which I then lost. I was not able to absorb the time and effort spent, and lost my business.

IndyMac blames the title company it uses, which in turn blames IndyMac. When I could get no response at all from IndyMac on being compensated for the loss of the property (not my business, which was the consequential loss), they ignored me entirely. I then sued them.

Since IndyMac has stalled and played legal games with me for two years, I have lost legal fees on top of the loss of the property & my business. $117,000 are the damages to date, & climbing. They say I have to pay their legal costs if I lose at trial - another of their threats, even though they acknowledge their responsibility and that of their title company.

Darrin of Greenwood MN (11/30/04)
We had a mortgage for a rental property with IndyMac. When we sold the property, it was 90 days late. They had sent their files over to their foreclosure department and that resulted in it being reported to all the agencies as a forclosure, even though we had sold it and paid it in full. We have contacted IndyMac directly and they are insisting that everything is being reported accurately. We don't see how this can be.

The property was sold in February of 2002 and is still plaguing us to this day. We are continually denied credit of all kinds and are paying much higher interest rates than we should be for loans we have recieved since.

Lonnie of Brooklyn NY (07/08/04)
I am currently trying to refinance my home. I have been sending in paperwork and talking on the phone with IndyMac representatives since Feb. Its now July and I have yet to know if my loan has been approved. I get the distinct feeling that I am being strung along because they don't want to say that my loan is now dispproved after they said that it was approved. I also feel that that they dont want to eat the money for the appraisal and the various other charges. I have been told that 4 or 5 different people have worked on my file instead of one dedicated person and thats the reason why it has taken so long. When I last talked to Mr. Mckenna I found that my file was passed on to yet another person. So its like phone tag.

mr. mckenna told me to no pay may's mortgage because they were going to take over. As a result I have to now catch up with my back payments and I can face foreclosure.

Melanie of Lodi CA (11/05/01)
I had overnighted my August payment UPS on August 23, 2001. I received a call from Indymac Bank in the beginning of September 2001 informing me that they had not received my payment. I called UPS and they gave me the name and the time of the person who signed for the package the next day at IndyMac. I continued to receive calls from the bank everyday at work for the past two and a half months. I called my Credit Union to see if the cashiers' check had cleared. It hadn't and they said in order for me to place a stop payment on the lost $500 check, I would have to have an indemnity bond issued. I called my insurance company and they quoted $20 for the bond and told me that I couldn't do it now anyways because it cannot be issued until 90 days has past.

Indymac has been harassing me daily. I gave them the tracking number of the UPS package, the name of their employee and the day it was signed for. Still, they will not take any responsibility for the missing check. I am beyond frustrated and need to know what I am to do now. They supposedly sent my account to their investigations department, but I have not heard back from them. It has been two weeks.

I am a single mother on a very fixed monthly budget. I have not only spent the five hundred dollars that is trapped in this cashiers' check, but also $18 to overnight it. I have spent $860 to catch up on my payments for September and October, $11 to Western Union the money so I wouldn't have to deal with this situation again, nor live in fear of having my home repossesed. Now I am going to have to spend $20 for the bond and $13 for the stop payment. Again, Indymac will not accept any responsibility for their part. I don't have another $500 to send them for my November 2001 payment, it is stuck in the cashiers' check I have no control over until November 23, 2001. Also, I have been charged interest and late fee penalties. I had to also fight with them to take the negative credit reporting off of my credit bureau. I take much pride in being able to pay my monthly expences on time and their irresponsibility has been frustrating. I feel I am being taken advantage of.

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