Indymac Reviews

I was served with a "civil action summons" on June 30, 2008 by Indymac for being late a few months on my payments. As most peopleknow, the aforementioned bank was taken over by the FDIC. My question is: what effect this has on the case. Do they have to refile the suit under the new name.

FYI: Supposedly they sold the loan to Freddie mac a while back but they still service the loan and the summons states IndyMac as the only plaintiff. Today i heard they announce they are temporarily halting foreclosure on IMB owned properties for a while and i want to know if this will include mine being that FreddyMac really owns it.

I am desperate and must stall the foreclosure as long as possible. any advice and/or assistance would be greatly appreciated.

IndyMac Bank is the second largest financial institution to fail in US history.

Regulators feared the California-based bank did not have enough cash to cope after panicked investors withdrew more than $1.3bn in 11 days and seized its assets.

The business will reopen on Monday as IndyMac Federal Bank, under supervision of the Federal Deposit Insurance Corporation, which will try and find a buyer.

IndyMac was founded in 1985 by David Loeb and Angelo Mozilo, who also founded Countrywide, another big mortgage lender whose loans helped fuel the housing boom.

Countrywide was taken over last week by Bank of America Corp.

IndyMac collapsed as shares in two of America's home loan institutions - Freddie Mac and Fannie Mae - saw their share prices slashed in half.

I have bought property with Indy Mac and then we had our construction loan with them, and when we went to roll into perm. financing from the construction they were terrible with us. We were getting close to finishing our home and we couldn't get a loan officer on the phone to save our lives. When we call the 1-800# we were on hold for 45min, and then they couldn't help us! when we finally got a loan officer, she was very helpful, but they never talked to us about what kind of loan options we had they just threw us in a loan!! They never talked to us to see if we wanted a 30 year fixed, if we wanted taxes and insurance included with our monthly payment, nothing!! They pretty such said this is your loan and for the time being you don't have a choose! Now that is poor customer service if I've ever herd it!!
About a month after we had signed the last of our loan papers I called my home owners insurance company to talk about my home owners policy. They informed me that we had no coverage with them and our policy had expired a month ago! So we were living in our new home for one month without home owners because Indy Mac never informed us that we were paying for home owners threw our monthly mortgage payment. That is unfair. We have been with Indy Mac for almost 3 years and thats how they treated us.

I have never been more frustrated with any company's lack of customer service than I have with IndyMac's.

My husband and I got a construction loan through IndyMac to build a second home, and two months later, they ended their construction loan program and laid off 55 employees in this department. Their customer service was extremely poor to begin with, and now it's non-existent. It has taken as long as 42 minutes of hold time to just get my phone call answered by IndyMac, and when they do, no one can give you any kind of intelligent answer. This is true of their checking and online banking as well.

We also opened a regular checking account with them so that our construction draws on the loan could be deposited directly into an account, because they told us this would save us transfer fees and we'd be able to pay for construction costs right from their online banking. It took me a whole week of calls just to get IndyMac's automated phone system and online banking system to recognize my loan or checking account number. Then, their system put a defective "cookie" on my computer that would give me an error message telling me my account was "unavailable." When I called about that, they told me they didn't have a technical support department, and to try re-booting my computer (12 times). After being transferred all over the place and disconnected twice so that I had to call back and hold for another half hour, I finally got someone who knew what to do, but if I hadn't been insistent and infuriated, their answer was going to stick with, "Sorry, I guess you can't use our online banking system anymore. Your computer must have a problem. Try writing a check." They have loaned us over $700,000 to build a house, but actually being able to get to the money to use it, is a major pain. We’ve had to wait up to 9 days to access the money in a draw.

Because of all the nightmares with accessing online banking, we asked for a Visa Debit card to use in order to access our funds and pay for purchases related to construction. The first purchase we tried to make (kitchen appliances) was denied because it turns out the standard per-transaction limit is $2,500. I had to call four times and spend over two hours on the phone to get someone who could increase the transaction limit, and then I’m told that it's increased to $5,000, but this means we can only make one purchase per month, because they also have a $5,000 per month limit. This is not credit, its the limit on accessing money in our checking account! If we decide to stick with the $2,500 limit, we get to use the card a whopping 6 times per month (their policy, can’t be changed, don’t even try). Now I have to keep a tally in my purse of when the last time I used my debit card was, and if it’s been 30 days yet so I can use it again. Almost all construction purchases now have to be made with a check (you can’t buy anything for major construction for under $5,000) -- try buying kitchen cabinets at Home Depot and writing a $14,000 check.

You would think that they'd like to help me spend as much of my available funds as easily as possible so they can start earning interest on it, but that's way too logical. I really despise this company, and thank God we're getting close to the end of construction. The fact that they’ve now assigned a specialist to help me convert my construction loan to a 30-year loan with them makes me want to double-over laughing. Unless you really like gray hair, I'd skip doing business with IndyMac.

Our story begins probably around the 2nd wk of July. I discovered Indymac through the Costco-Lending Tree website, because Costco will give you a gift card once you complete your transaction and also Indymac claims to drop their "fee" from $995 to $495 because of their relationship with Costco. The real story is that they sweet talk you in with their low rates, fees, etc... but they drop the ball once you are a customer and it gets worse and worse from that point.

From our first conversation with Indymac they tell you their "Sales pitch" about how they are highly rated by such and such magazine and that they've been in business for 30 some odd yrs (but under a different name that I cannot remember) and they have the highest % of on time closings. Lies, Although they did stay in touch and gave me a fixed rate of 5.75% for 30 yrs with a 1/2 pt credit which made our closing costs come out to just paying our pre-paids and really no other fees, they don?t communicate very well

At first, they call me back right away (this was before I sent in our loan docs) then once all the paperwork was received, it felt as I they didn't give a hoot. It took forever to get our appraisal. Finally the appraisal co. calls, after I complained to numerous people at indymac, one morning and said that they wanted to come the very next morning and inspect the property. I told them that we worked full time and have 3 small kids and that we'd need more advance notice than that. So they said we'll call you back to reschedule. A week goes by and no phone call. I finally call them to find out what's going on and they said, "we were going to call you today but you beat us to it." Nope.

Finally I get the inspection done, it took them a whole 6 minutes. This seemed odd as I've had other property inspected and it took them at least forty-five minutes. After a week or so went by, I called Indymac to find out about the appraisal and they said they are still waiting for it to come in. The next week I call and email Indymac and they say they are still waiting on the appraisal co. I then told Indymac that if this loan doesn't close by the expiration date, I'll call me credit card company and dispute any charges they make on my credit card for canceling the loan. So, as of yet I'm still waiting to complete this loan and I'll update you if and when it is completed or if anything new comes about..

Indymac has increased my fees and my payments several times now. I feel that they take advantage of people at their weakest point.

I have a construction loan with Indymac and will unfortunately miss the deadline by about week. I had 12 months to build my house and barely missed it. Now, they will only extend my loan 1 month with a .5% of the total loan "fee". This is a total scam and I regret ever using Indymac. I would stay away.

IndyMac Bank is a pretty aggressive home lender. They offer great flexible rates, and have a great relationship with lending tree and have been rated among the top ten mortgage lenders They have above average customer service and loan agents; however, their website is not the easiest to navigate. The basics such as payment are fairly easy but trying to find other pertinent information to your account, even things such as payment history is hard to find. Overall, I would say that Indy mac is a reputable lender.