GoFuckYourself.com - Adult Webmaster Forum - View Single Post

tony286 · 07-16-2008, 07:19 PM

Summer of discontent: Shed no tears for bumbling IndyMac

By Bill Creeden
For the Journal-Constitution
Published on: 07/16/08

Do not feel bad for IndyMac, the California-based bank seized by federal regulators Friday. I am a builder who has deeply felt the financial loss of the housing downturn.

Last August, I realized I could not afford the $1 million home I had built for my family. We moved out and put it on the market. I made the $6,000-a-month payments as long as I could ?- April. I contacted IndyMac, before the payment was late, and tried to explain my situation, and tried to work out an arrangement. All I got was, "But you're not late yet."

Now that the loan has been late, I of course receive two or three collection calls per week. I have tried to work with the loss mitigation department, but all they have to say is, "You just need to make a payment." During the entire time, I have been taking good care of the house and landscape.

As the 90-day past-due mark approached in June, IndyMac had the house "winterized." They shut off all the plumbing, disabled the air conditioners, changed the door lock, and put warning stickers everywhere. I contacted them to remind them I am trying to sell the house, which is their best bet so they would not lose money in this situation. All I got was, "Winterizing is a necessary step in protecting our collateral."

Winterizing a house that is obviously being taken care of, in Georgia, in June, is necessary? Enough said. They will probably proceed with foreclosure, I will probably lose my equity, and they will lose multiple six figures. Please, don't feel bad for a company that employs people who can't fog a cold mirror after a hot shower.

07-16-2008, 07:19 PM
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	Shed no tears for bumbling IndyMac Summer of discontent: Shed no tears for bumbling IndyMac By Bill Creeden For the Journal-Constitution Published on: 07/16/08 Do not feel bad for IndyMac, the California-based bank seized by federal regulators Friday. I am a builder who has deeply felt the financial loss of the housing downturn. Last August, I realized I could not afford the $1 million home I had built for my family. We moved out and put it on the market. I made the $6,000-a-month payments as long as I could ?- April. I contacted IndyMac, before the payment was late, and tried to explain my situation, and tried to work out an arrangement. All I got was, "But you're not late yet." Now that the loan has been late, I of course receive two or three collection calls per week. I have tried to work with the loss mitigation department, but all they have to say is, "You just need to make a payment." During the entire time, I have been taking good care of the house and landscape. As the 90-day past-due mark approached in June, IndyMac had the house "winterized." They shut off all the plumbing, disabled the air conditioners, changed the door lock, and put warning stickers everywhere. I contacted them to remind them I am trying to sell the house, which is their best bet so they would not lose money in this situation. All I got was, "Winterizing is a necessary step in protecting our collateral." Winterizing a house that is obviously being taken care of, in Georgia, in June, is necessary? Enough said. They will probably proceed with foreclosure, I will probably lose my equity, and they will lose multiple six figures. Please, don't feel bad for a company that employs people who can't fog a cold mirror after a hot shower.