Chasing the Loan Modification Holy Grail -- a Real Loan
Help was not on the way...
In 2008, I had an application to refinance my 1st loan with IndyMac Bank and they suddenly went bankrupt. End of refinance. So I applied for a loan modification with the now ONE WEST BANK, but was rejected because I “was current in my payments”.
I again applied for a loan modification and it was rejected over the telephone because an IndyMac agent asserted that it was "not a Fannie Mae nor a Freddie Mac loan", and “we do not own the note, it had been sold to an investor -- Aurora”.
Flabbergasted, I filed for a third time over one year ago and was repeatedly told that a loan modification would not be considered unless I was “behind in his payments”. So, after discovering that the Note was fraudulent, I discontinued “loan payments” in December but continues to pay taxes, insurance and the 2nd Note.
It is common knowledge nationally that ONE WEST (IndyMac) is notorious for failing to follow through on loan modifications. In fact, I know first hand of an associate who was in his seventh month of a loan modification with this company only to have them sell the home out from under him with the statement that they did not want to carry the modification any longer. He was current and had not missed or been late with a single payment.
Would you trust a company that is trying to steal your home with a "loan modification" that they repeatedly told you they can't offer?
I again applied for a loan modification and it was rejected over the telephone because an IndyMac agent asserted that it was "not a Fannie Mae nor a Freddie Mac loan", and “we do not own the note, it had been sold to an investor -- Aurora”.
Flabbergasted, I filed for a third time over one year ago and was repeatedly told that a loan modification would not be considered unless I was “behind in his payments”. So, after discovering that the Note was fraudulent, I discontinued “loan payments” in December but continues to pay taxes, insurance and the 2nd Note.
It is common knowledge nationally that ONE WEST (IndyMac) is notorious for failing to follow through on loan modifications. In fact, I know first hand of an associate who was in his seventh month of a loan modification with this company only to have them sell the home out from under him with the statement that they did not want to carry the modification any longer. He was current and had not missed or been late with a single payment.
Would you trust a company that is trying to steal your home with a "loan modification" that they repeatedly told you they can't offer?
Bankruptcy - After 15 years of perfect credit!
So, after a FICO score of 753, not easy for someone self-employed, and many years of excellent credit, I had no choice but to stop throwing money down the rabbit hole and file for the "protection" of Chapter 7 Bankruptcy. Protection? Hardly.