It’s time to fight back!
Posted by admin | Posted in Fighting back | Posted on 14-12-2009
Tags: banks, foreclosure, homeowner, indymac bank, loan modification, one west bank
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Thousands of homeowners across America are being drug through unnecessary foreclosures. This is because One West Bank (formerly Indymac) has a shared loss agreement in place with the FDIC. Since the FDIC has agreed to pay One West 80% of the losses of foreclosure and 80% of the tab on all the extra costs associated with a foreclosure (BPO’s, upkeep, maintenance, legal fees etc…) what incentive is there for One West to help homeowners stay in their home. As a result One West Bank, among others, do not participate in the President’s HAMP program and are demanding absurd short sale settlements and promissory notes from the homeowner. The FDIC pays One West 80% of the original loan balance and since the Investors of One West purchased the existing loans at 70% of the outstanding loan amounts there is no incentive for One West to do Modifications or Short Sales. They will make more money if they let the homeowner go through a painful foreclosure process rather than any type of rescue plan.
Unless Americans speak out this malicious practice will be reproduced by the other 50 banks that has a shared loss agreement in place with the FDIC. The devastating result will be millions of financially distressed homeowners being unnecessarily drug through the foreclosure process. It’s time for homeowners to fight back and unite for justice!
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-I live in CA, Ontario
- Lived in house for 8 years , stopped making payments more than a year ago
- was offered mod, accepted it – and then was rejected by onewest
- bank is playing games with us, sending irrelevant letters and POOR communication and progress
- CURRENTLY : received "notice to vacate" mid january with 90 days to react… the NEW trustee is Deuthce National trust company (a worldwide financial giant). Tried talking to Deutche, they said the ONEWEST office in Texas is still handling this if we want to work with them and that other options are still available. Spoke to an attorney very recently and he said it is possible to offer RENT to onewest to stay in the home for up to a year and work our way back…. don't know what makes sense anymore, please respond with your thoughts, thank you.
I know everyone's situations are different as it relates to foreclosures but one thing I'm getting out of reading everyone's stories and situations is we, the individual homeowner should just stop caring about staying in our homes. Let's all just walk away in mass, rent for a while, save money, pay off bills and say screw it to our mortgage. We spend so much time caring what others think about us, the Bank's, media and others scare us about poor FICO scores and we become obsessed and scared. Maybe the answer is to just stop caring about the stupid FICO score. Remember the score is only important when we want to borrow money and get into debt. Maybe we should spend less time being in debt, save money and spend less. We will ultimately get our FICO scores back to what it once was. And then we will have more power, more money and options.
Karen, AMEN! I lost all ability to make a living and that was back in 2007 when this started. I lost my home, there were no modification programs then, pay or get out. I got out. Almost 4 yrs later, I have a bunch saved and am looking to purchase a home in about 3 years in CASH. FICO is a marketing term. Live free & clear, it's the best thing that ever happened to me!