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IndyMac bank failure - Does this mean my mortgage payments are over?
By Andrew Pollack on 07/12/2008 at 04:35 PM EDTI realize the news reports all seem to make it look as though these failing financial institutions were all spending their time defrauding each other and their investors, bilking innocent unwed mothers out of their savings, and stealing houses. Clearly that doesn't tell the whole story, because our experience with IndyMac has been positive.
I can't speak for anyone else but I can say that my own mortgage is a very normal "Fixed Rate" that is quite low and has no unusual fees associated with it. When we added on to the house, IndyMac was very easy to work with. They established a construction loan that automatically rolled over into a normal mortgage as the work was completed. The rate was excellent, and was competitive with any local bank for both the construction loan and the mortgage -- but they were the most flexible in making it a one step process.
There wasn't anything strange about the financing either. At the time we did the work, we had a professional assess the value of the house based on completion of the planned work so that we knew in advance we wouldn't be taking out a loan worth anywhere close to being more than the value of the house. Its been six years now, and the value of the house has gone up even as the debt we have on it has gone down. Barbara handles the home finances (she is an accountant after all) and has always put extra money into the monthly payment so that we're now much further along toward paying off the house than we would otherwise be.
Today we read that the bank has failed and been taken over by the FDIC. The Federal Depository Insurance Corporation is a quasi-governmental agency that protects depositors assets. If you had money in an account with IndyMac, the FDIC guarantees up to $100,000 of it.
I don't have money in an account at IndyMac. I owe them money. It is the only significant debt that Barb & I have -- our home mortgage. Do I get to stop paying them? Of course not. The instructions at the FDIC's site indicate that we should simply keep making payments as usual. I'm sure at some point our mortgage will be transferred and managed by some other financial institution. I would be surprised if IndyMac even still owns the actual loan. More than likely they've been servicing it for someone else for some time.
2. i have had a fire in one of my apartments, i should recieve a check for x
amount, the problem is, the check will be made out to indymac bank and myself.
i cannot find out who to send this check to
to be signed and returned to me to make the repairs to the apt unit, any help
will be appreciated.
thank you
IndyMac.The bank failed to work with us from 12/2007 to 12/2008 and kept us in
dark and did not provide the reason as required by ECOA.The bank tells us
something else and does some thing else.We do not let them go for the crisis
they created and butchered us by the yield spread premiums. The bank has
violated TILA and other federal and state laws.
accusations there.
Do you have a web page set up somewhere that details your charges? It is hard
to make heads or tails out of a complex situation that you have only a few
sentences to describe in a blog comment.
with this bank for over 6 months to get the Loan Modification or at least fix
the interest rate (I have their infamous Flex Rate program that their Loan
officers literally thrust upon me, with promises like, you can get out anytime,
at no cost!
They keep telling me that I have 'insufficient income' to do anything. I keep
paying the mortgage each month, without fail. By modifying the loan, the
payment is not going to change, and the morons at the bank do not seem to
realize that!!
closing,again on 11/20/08 and again on 5/15/09. Thats is three insurance
payments in 7 months and no one at IMB can tell me why my money from escrow is
over paying on insurance nor can they tell me how to get my money back into
escrow. All they can tell me is that my mortgage is going uo seventy dollars a
month immediately because i do not have enough in my escrow account to cover my
insurance which is due 11/20/09, which will make it four duplicate payments in
one year. Any suggestions anyone? Lawyers welcome! HELP
in my home.
unaffiliated with the bank. I certainly have no advice to give you here,
other than to suggest you ask your lawyer. Sometimes you can go through that
process and keep your home. There are many things that affect this and only
your lawyer can tell you where you stand.
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payments were recieved, I'd use paper checks as opposed to some kind of EFT (a
paper check is stamped as it goes through the system and you can see the path
it took -- EFT's can get lost or end up in the wrong account, especially in a
situation like this. Eventually your mortgage will be taken over by another
bank, and you may need prove that you made all the payments you said you did