Here is why they don't modify. The agreement the FDIC made with Onewest was that Onewest will take over Indy's loan portfolio but ANY losses incurred will be 100% guaranteed by the FDIC. So, do they want to get a few bucks on each loan each month or do they want to foreclose and get 100% of the face value of the note on a depreciating asset? The agreement is posted on the fed reserve website for all to cherish. I've been trying to get this publicized for months.
You are spot on IndyMac/OneWest Bank gets 100% on foreclosure and a big minus for almost any loan Mod. Thanks to TARP IndyMac/OneWest Bank gets the taxpayers to pay them the difference between what they get in Foreclosue - "costs" (their costs are outrageous) All they have to do is fill out a few forms and voila' the dough rolls in from TARP. Pretty slick deal wouldn't you say!!
HELP what are you talking about ??? I am being royaly screwed by Indymac regarding my mod . I applied in march 09 then denied . i stopped making pymnt Nov 09 due to denial stating must be delinquent to get mod . I was then approved Dec 1st I recieved a letter and email congratualting me ,after never recieving packet I called and they said it was "A SYSTEM ERROR": im not getting it sorry would i like to make a payment ..how do they do this ??? please give me any info that you have I am not the type to let them get away with this ...HELP
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