A One West Bank loan modification (or IndyMac loan modification) is much like Santa Claus or the Easter Bunny for most homeowners…imaginary…lots of pictures and stories, but does it really exist? I think anyone in the mortgage litigation, foreclosure or loan modification industry would agree the worst lender to work with, by far, is One West Bank (formerly Indy Mac). The ironic part of this story is that IndyMac, and One West Bank are supposed to be primarily owned and operated by the US government.
One West Bank Loan Modification Process
The process to apply for a One West Bank loan modification is initially very similar to the loan modification process with any other lender. Gather up documents and information, complete One West Bank loan modification forms and proof of income and submit the package. The hard part is the aggravation and madness that follows. Although One West Bank is obligated to work with borrowers, in reality, it rarely happens that way. In fact, most loan modification attorneys don’t even take on One West borrowers. As a result, the loan modification rate for One West Bank is by far the lowest among all institutional lenders.
One West Bank Loan Modification Obligations
Although in reality, it appears otherwise, One West is obligated to follow HAMP guidelines including the following:
1. Develop affordable loan modification options for borrowers;
2. Evaluate the recovery to One West (and the FDIC) from a loan modification vs. foreclosure;
3. If the recovery for loan modification is greater, modify the loan pursuant to HAMP guidelines;
4. Loss recovery from other sources can not be factored into the decision of whether or not to modify the loan or foreclose.
Obviously these One West Bank loan modification obligations seem far from the realities of negotiating a loan modification with One West Bank. If you feel that One West Bank has not followed the guidelines and has taken action against you improperly or without properly considering you for a loan modification, you may have an actionable claim against One West Bank. If you would like to learn more about how lenders routinely violate the terms of HAMP, wrongfully foreclose, mislead homeowners, and induce payments unlawfully you are encouraged to call a mortgage litigation attorney right away. Although many firms are taking on this type of representation recently, McFarlin LLP attorney have been taking on banks for many years and can give you an excellent opportunity to keep your home.
California Mortgage Litigation Attorneys
McFarlin LLP attorneys handle all aspects of mortgage litigation and foreclosure defense for borrowers in Orange County, Los Angeles, Riverside, San Bernardino, Long Beach, San Fernando Valley and throughout California. Our attorneys are available to provide you with honest reliable advice at our Irvine office or over the phone. With a matter as important as mortgage litigation and foreclosure, it is a very good idea to consider hiring a qualified California mortgage litigation attorney to represent you and protect your interests. Call us today at (888) 728-0044.