Success! Permanent Modification Paperwork Received Today!

When I saw the thick Fed Ex envelope from IndyMac/OneWest, I ripped it open, hoping against hope that it would the permanent HAMP modification documents. To my joy, that’s exactly what I found inside.

 

I immediately started dancing around the house (or hopping on one foot, since I sprained my ankle the other day, lol) absolutely giddy with happiness. I felt light on my feet, in a way I hadn’t felt in a very long time, at least since before this nightmare began. I hugged my husband tightly and both of us rejoiced: that nightmare is finally over.

 

Here are the details of my modification:

 

Principal balance: $258,780.07

Deferred principal: $16,536.08

Term: 37 years

Interest rate: 2 percent

Payment (P&I plus taxes and insurance): $997.27

Modification effective date: 7/1/2010

 

The deferred principal will be forgiven on the maturity date, so there is no balloon payment unless we pay off early, sell, or we refinance. Since I don’t plan to sell or refinance, this works for me. If I ever have the good fortune to be able to pay off the entire balance, I’m sure, I’d have enough to pay the deferred portion anyway. :)

 

While we are still underwater by more than $100K, I am not troubled by that because this house is my home, not an investment. It has intrinsic value beyond dollars and cents to me and my family, so regardless of its market value, I am content to make my payments and be secure that I am no longer in danger of foreclosure. Likewise, I am also content that I have an affordable mortgage.

 

 

As I write this, my happiness is tempered by the knowledge that there are still families out there languishing in modification hell. The HAMP program needs more work and more resources need to be brought to bear on the foreclosure menace.

HAMP Loan Modification Offer Received After A Year!

Good news! Last Thursday I received a Priority Mail package from IndyMac/OneWest. In it was a HAMP trial mod offer which would lower our payments to an affordable level, and if it is approved in the end, will result in saving my home.

 

Emotions are running amok inside me right now. I am happy to finally have the offer and I am also scared that it will end up being ultimately rejected either become somehow I have too much income or not enough income I can verify.

 

Being self-employed makes things a little harder than if I had a job with paystubs and the like, but it I can document what I earn. Whether they will accept that documentation is something I’ll have to find out.

 

I know if I get this mod, it will be a huge burden lifted off my shoulders. This past year has not been easy and has definitely taken a toll on my health and my sanity. It has also been difficult for my husband who is always calm, cool and collected. Even his temper is running remarkably short these days, no doubt due to too much stress.

 

When I think of the bankers and investors on Wall Street who created this mess and basically wrecked the economy to the point that we’re pretty much in another Great Depression, I get really angry. Most especially in light of the lack of humility and remorse among that crowd.

 

There is plenty of evidence that at the very least, these people were negligent. These guys are not unsophisticated folks who got taken for a ride. At all levels, it was known that the quality of the mortgages were not good and that their very design made them doomed to eventually fail.

 

I hope that the government takes a closer look at this and the Wall Street people are held to some degree accountable for what they’ve done. Given the climate in Washington and the amount of access to our Congressmen, Senators, and even our President that the bank lobby has, I doubt that anything will happen to them.

 

For myself, if I am able to get a permanent loan modification, I will be able to save my home. I will be happy with that and I will hope that other families will be able to do the same.

Really Bad Mod Offer Received

Well, I finally got a mod offer from OneWest. Only it doesn’t really modify anything about the loan. The only thing it does is take the arrearage and throw it into the back end of the loan. It doesn’t change the interest rate nor the terms. The loan would remain as toxic since the interest rate could increase and I could then wind up in the same exact position I am in today and I would still not be in a position to actually be paying the thing off, ever.

 

You know, had they done this back in December 2008 when they threw the escrow account in there that screwed everything up, I would have happily accepted it and I never would have gone delinquent. I would still be asking for a modification under HAMP, but there would be no rush, and my family and I would not be so stressed out.

 

So do I take a bad mod offer merely to get out from under the guns? Do I take this offer and hope that interest rates don’t go up in the near future to give my husband a chance to find work?  I don’t know. The loan itself is not sustainable. Even if interest rates were to stay the same, I would only be paying the interest and never paying down on the loan. I would effectively be renting my house, with no guarantee that the rent would not be jacked up to an unaffordable level at any time.

Obama Doesn’t Get It

I don’t know what happened to the man I elected to be president in 2008. That man is nowhere to be found…you know the one who was talking about “change” and how business as usual wasn’t going to cut in his White House.

 

Well, apparently, he is ok with JP Morgan/Chase’s CEO, Janie Dimon, and Goldman Sucks, excuse me, Sachs CEO Lloyd Blankfein’s  outrageous salaries and bonuses even though both of them basically ran their companies into the ground, and if they hadn’t been bailed out by the taxpayer last year, wouldn’t have made anything.  Obama does not begrudge them their success because “that’s what the free market is about.”

 

Free market, excuse me? I thought the free market was about allowing the weaker companies whose leadership made poor decisions fail while allowing smaller companies with smarter leaders take their place. I thought it was about competition.

 

I guess I was wrong. I guess competition and things like moral hazard only apply when you’re the middle class family who has fallen into poverty and is faced with foreclosure…because I hear all sorts of talk of moral hazard when it comes to the government helping a family like this save their home.

 

My disappointment in Obama can’t be described in words. We needed an FDR and we got a Herbert Hoover.

Apparently I Make Too Much Money

Yes, you read that right: OneWest denied my NACA mod request because they say my payment is already below 31% of my income. Huh???

All of my paperwork clearly shows my payment is in excess of 41% of my income, so my NACA negotiator is quite baffled by this response. Of course it is in line with the fact that OneWest has no interest in helping anyone.

I am now very worried that they will start the foreclosure process, which I have thus far evaded for more than a year now, by making at least one full payment a month, although never catching up on the three months I remain behind, but this month I have received no Breach letter which gives me the date by which I must make my next payment. Moreover, they’re not calling me constantly, haranguing me about payment.

I am very afraid that the process will be starting, and once that happens, options become extremely limited. If indeed they want to start foreclosure, even though I am making every effort to pay as a gesture of good will and to show how much I want to keep my house, I will be very upset.

Of course, my being upset will change nothing and won’t help me save my home. The only reason I am fighting so hard is because of my 80 year old mother who lives with us and whose home, really, at the end of the day, this is. My mother loves this house and has put in a lot of blood, sweat and tears into it. So have my husband and I. But for her, there is the additional dimension of the fact that her daughter died in this house ten years ago this February 19.

I can’t allow them to take this house. That has never been an option, but I am running out of places to turn.

I actually spoke to a lawyer who was willing to sue my servicer, but he wants $5000 to start. In my heart of hearts, I know that the courts are the only place I’ll see justice here, but where I am going to get $5000?

Well, enough of this sob story. Millions of other Americans are in my position and my heart goes out to them. I hope all of you find help soon.

Protest Takes Backseat To Water Heater Trouble

I really wanted to attend the protest, but my water heater decided that it just had to break the day before, and I had to forgo attending in order to deal with that troublesome appliance.

 

I did check  on the Internet and I checked on TV, but I did not see any media coverage of a large protest outside of IndyMac/OneWest’s  Pasadena office, so I don’t know what happened. I don’t know if anyone actually showed up. If it was only a few people, or if there wasn’t anyone there, then it would not have gotten any coverage, and that would be a shame.

 

I did receive a mass-mail out from IndyMac/OneWest inviting me to apply for a HAMP mod. This is a good thing, right? It shows IndyMac/OneWest is reaching out to its troubled borrowers, you might think.

 

Well, yes, except for the fact that when you read the list of documents that is required, there are two blatant lies right in the modification application. Two lies that would discourage certain people from applying and that make it exceedingly hard to meet the purported documentation requirements, almost impossible, you might say. The first is a requirement for self employed persons to submit an audited profit and loss statement or one signed by a CPA and the second is that if you’re using unemployment of disability income, that it must be expected to last for at least three years to be considered as income.

 

First of all, there is no requirement in HAMP for an audited profit and loss statement. Initially, this was unclear, but since then, the HAMP documentation makes it clear that while profit and loss statements are required of self employed persons, it is not required that they be audited. Such a requirement would make applying for a modification prohibitively expensive, and since people who need modifications are already in financial difficulty, it makes NO sense to require them to spend even more money that they don’t have. Lacking an audit or a compilation (where a CPA looks at your books and compiles your profit and loss statement based on your books,) no CPA will simply look at your profit and loss and sign it. There is no such thing, so IndyMac/OneWest is asking for an impossibility.

 

As for UI benefits, HAMP provisions are clear that if there are 9 or more months remaining of UI benefits,  UI counts as income. This is a recent provision, and a good one, since jobs are scarce and more and more people are out of work.

 

The application is full of lies…no, not misinformation, not mistaken information, but outright lies, for IndyMac/OneWest has no interest in modifying anyone’s loans. They make too much off of foreclosures thanks to the sweetheart deal the FDIC made with them. Thanks, FDIC!

 

Think I am making this up? Out of 1711 trial modifications, there have been ZERO permanent ones offered by IndyMac/OneWest.  While they might talk a good game and pretend to “be there to help,” nothing can be further from the truth.

How Do You Sleep At Night?

This post is aimed at George Soros, Michael Dell, and Steve Mnuchin, the owners/primary investors of IndyMac/OneWest.

The deal you struck with the government renders any effort by me or others like me to get a loan modification in order to save our homes useless. Why? Because your loss-sharing agreement with the FDIC will certainly always make it more profitable to foreclose rather than to modify.

Instead of being honest about your intentions, you hide them by signing on to the HAMP program, and with NACA. You drag homeowners like me along for a year, extracting inflated payments that I can’t afford, and for which I sacrifice or at least juggle other necessities to pay. Your customer service representatives have the nerve to try and charge me $20 for the privilege of making said inflated payment to boot.

Why don’t you just be honest about your intentions? Yes, you’ll take public flak, but you’re already extremely unpopular anyway. Don’t think we love you or are praising you simply because we’re still in our homes…we know our days are numbered and eventually we’ll be forced out.

By being honest, you can at least let us make the proper decisions to see to our best benefit, just as you are seeing to yours. Maybe our best benefit is to stop paying you a single penny and save every time to secure a new place to live. What is not in our best interests is to be kept on the loan modification merry-go-round forever, all while you suck us dry…which I guess is the point.

IndyMac Is Evil

Over the past year, I have had to field numerous collection calls from IndyMac on my cell phone. I purposely gave my cell phone number to avoid calls on my home telephone number because my elderly mother lives with us and she doesn't need to hear the harassing phone calls ten times a day.

Well, just recently, IndyMac started calling my home number and completely out of the blue. Like I am going to find all of money that I owe them because they somehow found another number to call. I specifically told them under NO circumstances to call my home number and to remove it from the contact list. I was told my home number was removed.

Tonight, IndyMac rang my home number again. I went off on the representative. I told her in no uncertain terms to remove my home number and only contact me on my cell number. I told her a few other things, too. I did not hurl obscenities at her, but I did tell her that IndyMac is a criminal bank.

I am so sick of IndyMac/OneWest. I am sick of the calls and sick of them bleeding me dry while I am on the modification merry-go-round. I am sick of their tactics and I've had enough.

I am looking forward to Monday, January 4th when I can stand in protest outside of IndyMac/OneWest's offices. I hope there are thousands of other homeowners like me who attend and I hope it gets on the news. They need to be stopped. The evil needs to end.

January 4th 2010: National Shame On IndyMac/OneWest Bank Day

It is clear that IndyMac/OneWest has no intentions of granting anyone a permanent modification. It is clear that IndyMac/OneWest will make more money EVERY time it forecloses, thanks to a sweetheart deal with the FDIC. It is clear that our government is owned by the banks and is unresponsive to the will of the people.

We don't have to sit here and take this crap any longer. We need to stand up and demand that our voices be heard, and the first step to doing that is to attend the protest outside of IndyMac/OneWest's offices in Pasadena, CA. on January 4th 2010. More info on the protest here.

But protesting outside of IndyMac/OneWest is not enough. We need to let our government know that we don't approve of the way they've handled the foreclosure crisis and that we don't approve of all of the breaks the banks are getting while homeowners are getting thrown out of their homes.

In order to do that, I propose a massive homeowner protest all across America. On the day of the protest, every distressed homeowner needs to protest outside of their local government offices. If you live in the capital of your state, protest outside the state capital buildings. If you live in Washington, protest outside of the halls of Congress.

Under the face of such a massive public outcry, our government will have to respond. The Wall Street fat cats who were the architects of the current disaster are counting on the American people to be apathetic, to care more about who Tiger Woods is sleeping with than the provisions that are being sneaked into legislation passing through Congress. Prove them wrong. Raise your voices and be heard.

The Motley Fool is more Foolish Than Ever

Ok, these arch conservative investor types need to go to hell, seriously. Even in my cold addled state, I still bristle when I think about this article.

The article states that it is a mistake to hold the bankers accountable for not doing enough modifications. Leave the banks alone, the author rails! Let them do what they do best and get tear off the scabs that are delinquent mortgage holders by foreclosing on them quickly! Read the article, I've accurately summed up this idiot's words.

First of all, let's start with "leave the banks alone" for a minute. Isn't "leaving the banks alone" what got us into this mess in the first place? Isn't the deregulation that allowed mortgages to be "securitized" and traded on the stock market the main factor in the financial pickle that we're all in? So, yeah...let's continue to leave the banks alone...that's worked out so WELL!

Secondly, let's look at what would happen if foreclosures were allowed to proceed unchecked. Housing values would continue to dive as more and more foreclosures flood the market, and with unemployment continuing to soar, there are very few buyers out there. So, homes would stand vacant and untended. Neighborhoods would deteriorate and the number of homeless would rise sharply. All of this would drive the economy into a deeper depression, which, newsflash! is good for no one, not even fat cat investor types like the author.

The author is big on letting the markets correct themselves, only this problem was not caused by free market forces. This problem was caused by governmental policies that institutionalized greed and facilitated the biggest re-distribution of wealth from the bottom to the top in United States history.

In closing, there needs to be a major economic re-balancing, and those firms that took risks that they never should have taken need to be allowed to fail. Their victims, the homeowners of America, need to have their mortgages reworked to make them sane and affordable, regardless of how they came to be, and regardless of income.

The Truth About IndyMac/OneWest

I have a cold today and my thinking is muzzy, so this post may not be as coherent as it might normally be.

The news on my modification fight is that not much has changed. NACA still reports that IndyMac has not responded to my submission as of yet. IndyMac loan resolutions employee Mike claims that IndyMac has requested updated financials through the NACA website. NACA customer service claims otherwise.

So, basically, I am still in loan modification limbo, and IndyMac still collects a payment every month (to keep me from slipping into foreclosure) although I remain 90 days behind. I don't know how long I can keep this up as it is draining me dry.

Today, I did some reading and I found out more information about IndyMac/OneWest that is very interesting and enlightening. According to this article, OneWest never plans to do any modifications whatsoever because when OneWest acquired IndyMac from the FDIC early this year, the deal included a provision that the government would subsidize losses from foreclosures to the tune of 80-90% of the original loan amount. So, this means that even if OneWest forecloses on a home and can't recoup the value of the loan in the foreclosure sale, the government will kick in and pay 80-90% of the value, on top of what OneWest receives from the foreclosure sale. This provision all but ensures that any IndyMac mortgage will end up in foreclosure because if OneWest were to modify, it would lose out on the chance to profit.

It is no wonder, then, that all through-out this year as I have been struggling to get a modification that I have met with such resistance. Indymac/OneWest has no reason to modify. They profit from foreclosure, they profit from kicking people out of their homes, they profit from the misery they inflict on others. They have no shame and they're no better than wartime profiteers. We're in an economic war right now, and these criminals are preying on the weak.

In my earlier post, I indicated that I am ready to take the fight to the next level. Well, it appears that I am going to have little choice. So, I am going to be searching for an attorney to represent me and I am going to go after IndyMac/OneWest full bore. If I need to stop making payment so I can pay attorney fees, so be it.

Furthermore, I understand there is going to be a protest outside OneWest's Pasadena offices on January 4th. If you live in the Southern California area and you are a victim of the beast with no heart, then I urge you to attend. Together we can make a difference!

Lehman Brothers & My Mortgage

The other day I found out something very interesting about my mortgage. The "investor" is a securitized Lehman Brothers trust. The servicer of that trust, Aurora Loan Services, LLC, was a wholy owned subsidiary of Lehman Brothers that somehow managed to survive the bankruptcy in tact.

What does this mean? It means that the Lehman Trust and Aurora Loan Services benefited from the government bailout and because they benefited, they MUST modify my loan pursuant to HAMP.

This entire year of hell could have been avoided had IndyMac/OneWest done the right thing. But, no, they insist on playing games. Well, I have news for them. I am newly energized and up for the fight.

If it takes allowing my home to fall into foreclosure so I can contest in in court, then so be it. I am through playing their little games and I am through waiting.

It Sucks To Be Poor

I'm going to deviate a little bit from the main subject of this blog, tonight because this must be said. Something happened tonight that made me realize that I am now poor, one of the countless millions teetering on the edge of total economic collapse.

This realization is hard to take for someone who used to live a fairly decent life before the economic meltdown. I used to be able to pay all of my bills and I had decent credit. I never worried about how I was going to pay my bills. Then, after my husband lost his job and my small business took a big hit in the economic meltdown of 2008, we found we had to prioritize our bills. The endless juggling match of delaying payment on one bill so you can pay another more important bill begins and as a result my decent credit history turned into an abysmal one.

As a result of attempting to pay my most important bill, my mortgage payment, I had to stop paying on my credit card bills, and I could not afford to pay for the registration on my car. Soon after that, the car insurance had to go, because we could not afford to keep up the payments. It was either the car insurance or the mortgage payment, utilities, and food.

In California, it is mandatory for every vehicle owner to maintain liability insurance. In order to better enforce this law, when your insurance lapses, those kind folks at the insurance company notify the Department of Motor Vehicles and your registration is suspended until you can provide proof of insurance.

If you drive your car with suspended registration and no insurance, you risk getting your car impounded if you get pulled over. To avoid this possibility, my husband and I drive as little as we can. Our luck ended tonight after we were returning from an unavoidable trip to the vet. One of my dogs had an abscessed tooth and her face had swollen up. As we were returning from the vet's office, with our dog in the car, we got pulled over. Luckily, the deputy was a nice guy and, let us go with the advice that we should try to drive as little as possible until we could get the car insured and registered. We missed getting our car impounded only by the kindness of one deputy. I doubt that our luck will hold a second time.

We are now facing the almost insurmountable task of finding at least $500 to cover the registration and insurance on our car, while still coming up with the mortgage payment that we can't afford. There is nothing left to cut as our budget is as tight as it can get. We barely make it through each month, always having to juggle the bills to get them paid, and we just don't have $500 extra dollars.

This would not be an issue if we weren't poor. When you're poor, you don't have the luxury of having a peace of mind that all of your needs and your bills are taken care of. There's always some bill that you have to set aside in order to cover your other expenses. But now, we're backed into a corner and there's no way out. The registration must be paid and we must get insurance. How we're going to manage it, I don't know.

This is the problem that millions of other Americans are facing tonight. And if you think you are immune and that poverty only happens to those who make poor decisions, then think again. Your job could be on the line next, and where will you be when you have to decide what bill to pay?

No News Yet

Well, it has been more than a month since NACA submitted the loan modification request to OneWest/IndyMac. There has been no news whatsoever. A call to the Loan Resolutions Department at IndyMac yielded no information other than I should contact NACA.

After spending two hours on hold, I finally spoke to a NACA representative, Devorah, who was singularly unhelpful. She simply told me what I already knew: that the servicer hadn't responded yet, and what I wanted to know was if NACA had followed up with them at all. All I got in return was attitude. I might as well have been speaking with a bank representative. She told me that I was not the only one, (No! Really??? I'm shocked!) and that I needed to keep making these unaffordable payments, and IF I didn't hear anything back by December 15th, then I could call them back.

I'm sorry, but that woman had no right to speak to me that way. I do realize that I am not the "only one" but I only have one house I am trying desperately to save, and it is damned well personal for me, so yes, I want some answers, and I want a timetable. I want to know the organization that I turned to for help because I was getting nowhere dealing with IndyMac on my own, is actually doing something for me.

This whole thing has been a never-ending nightmare and I am so close to losing it. It seems that the banks have all the power and we have none. They can modify or not, all on their whim. This needs to stop and they need to made to modify every toxic loan!

NACA: My Last Hope

Since I've been denied by my servicer when I tried applying for a modification on my own, I have now enlisted the aid of the Neighborhood Assistance Corporation of America (or NACA for short.)

NACA's CEO is Bruce Marks, and he is known for taking the fight directly to the bank CEO's and their families...to make them realize how personal losing your home is and the costs to neighborhoods all across America that rampant foreclosures cause. He styles himself the "banking terrorist" because he will resort to rather interesting tactics to make his point. He will organize a group of homeowners and NACA representatives and dump a truckload of furniture on a bank CEO's lawn. He will organize protests outside the school where the CEO's kids attend. He is ruthless, and as far as I am concerned, the banks have it coming.

NACA has contracts with the major servicers, including IndyMac. I have a running appointment with one of the NACA counselors as I get my documentation together. I am hopeful that something can be done, even if the only thing that can be done right now is a forebearance to allow my husband and I to get back on our feet, and then do the restructure.

NACA works a little differently than HAMP or other modification programs. They start with figuring out how much of a house payment you can afford. There is no set interest rate that it has to be, or loan amount that it has to be. The only question is how much you can afford, after deducting all of your living expenses. Then NACA takes that number and says to the bank, find a way to get the payment down to that number. Whatever is done is a permanent change. No re-sets, no adjustments. The restructure is permanent.

If you're facing foreclosure, contact NACA as soon as possible. The sooner you start the process, the easier it will be for you. Go to www.naca.com

Modification Denied: Can't Find Out Exact Reasons Why

I'm angry and this is going to be an angry post. I have reason to be angry and frustrated since it seems that there is nowhere I can turn to for help.

Well, IndyMac/OneWest, being the complete jerks that they are, denied my HAMP modification, and in their denial, the reasons were in so many words "you don't qualify" but no particulars as to why exactly I don't qualify. I've emailed Brandon Latman, the jerk who sent me the denial letter, to find out why, and no surprise, he hasn't emailed me back.

I also have tried to get an answer from loan resolutions as to why, but they can't or won't tell me. I am so sick of this bank. I am sick of all banks. They're nothing but leeches who loaned out money to folks they probably shouldn't have lent to in the first place, and now they're crying foul to the government who runs to give them help, no questions asked. But when a lowly homeowner needs help, there's all sorts of requirements and documentation you must provide before even being considered for help.

The answer to this crisis is a do over for homeowners. A nationwide loan modification program, regardless of bank or investor, where the investors and banks are forced to take the losses as we have had to eat our equity. Everyone's loan get's dropped to the value of their house, interest rate dropped to 2%, and extended out to a 40 year term. Everyone. I don't even care if the rich get to take part, too.

None of this stupid, "voluntary" crap. Of course the lenders and servicers are not willing to modify. Why should they, when they make a ton of money off foreclosure? Why should they take a loss on their balance sheet when if foreclosed on, they can show an asset valued at whatever the loan amount is? There's no incentive for them to do the right thing. The only way is to FORCE them.

Well, I am done ranting. I don't feel much better, but at least I got that off my chest!

Introduction: This Is going To Be Long

Well, I suppose I should start from the beginning. Back in December of 2008, IndyMac added an escrow account to pay for my property taxes. Yes, I had not paid them for the year, but that was because my husband had lost his job and we had been struggling to make our mortgage payments on top of all our other bills.

We were current, and would have stayed current, but for the addition of the escrow account, and I explained this to IndyMac even before the payments were increased. I told them I could not afford the new payment under any circumstances, and was there anything available to help...would they be willing to forebear the escrow amount for at least 6 months, etc. They refused to do a thing.

I'm not going to say that the property taxes should not have been paid, but when you have to choose between paying for the mortgage, utilities, and food, or paying the property taxes, well, which would you choose? In California, the property taxes would not have been an issue anyway, unless they'd gone unpaid for five years, so it's not like the investors' interests were in jeopardy.

Anyway, we fell behind, because while I had the money for my old payment, I could not afford the additional $350 tacked on by the escrow account. I've been able to keep my house out of foreclosure by scraping together payments, one or two at a time, but at a huge cost. There are some months when I don't know how we manage to find the money to buy groceries, and all the while my husband and I are looking for work. (I operate a tiny home business that has also suffered due to the recession.)

In the meantime, we have also been trying to get a loan modification worked out with them. Unfortunately, they don't want to cooperate. My first application took them well over 90 days and a complaint to the OTS to learn was denied based upon a lack of income. It seems they did not even bother to take into account my year to date profit and loss statement because even though I submitted bank statements to back up the numbers, it wasn't verified enough for them, according to some new requirements of which they never bothered to inform me.

I have just applied for a loan modification for a second time, and this time I'd like them to try and tell me they don't have enough documentation. I submitted every last bank statement for this year, two years tax returns, verification letters, and contribution letters from my retired mother who lives in the house with me and my husband, and a contribution letter from my husband as well. I submitted to them a modification proposal that is in line with the Obama plan.

I know they're going to end up denying this one again, for one trumped up reason or another, because that's the way they work. They are profiting hugely on keeping people just on the brink of foreclosure for as long as possible because once the foreclosure happens, they get huge fees.

IndyMac, now owned by OneWest got a a sweetheart deal when they purchased it from the FDIC in March, and are now reaping a 182 million dollar profit. Meanwhile, struggling homeowners are losing sleep and eventually their homes because this evil cesspool of a bank is playing a shell game with modifications.

Laws in California, where I live, and one of the hardest hit states for foreclosures, impose tough sanctions on banks who foreclose without having a "modification program" in place. The law does not specify what the modification program needs to consist of, just that a modification program is in place. So, IndyMac, in order to be able to do business as usual, is going through the motions of evaluating loans for modifications when they never actually intend to offer any.