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.

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!