Posted on: 24th Aug, 2010 08:08 pm
I recently applied online through my lender, IndyMac/OneWest Bank for the HAMP program and was told that my loan is inelidgable for modification. I was told that the actual owner of my loan will not do any loan mods.
This leaves me with a few concerns:
1. There was no disclosure by OneWest bank that some loans may not be elidgable ahead of time.
2. If my loan doesn't qualify, then why are they collecting permission to search my tax records, etc? I feel that they have collected that information under false pretenses...
3. Can I rescind a 4506-t? In other words, since they have not bothered to even see if i would quallify for a loan mod because the owner of my loan (whom they would not disclose unless I requested in writing) does not do loan mods, they have no need to search my tax records. I am very uncomfortable with leaving them open-ended permission to access my tax documents for the past 3 years.
Is there anything I can do? Short of writing the BBB and my Congressman, I'm stumped and pretty angry.
This leaves me with a few concerns:
1. There was no disclosure by OneWest bank that some loans may not be elidgable ahead of time.
2. If my loan doesn't qualify, then why are they collecting permission to search my tax records, etc? I feel that they have collected that information under false pretenses...
3. Can I rescind a 4506-t? In other words, since they have not bothered to even see if i would quallify for a loan mod because the owner of my loan (whom they would not disclose unless I requested in writing) does not do loan mods, they have no need to search my tax records. I am very uncomfortable with leaving them open-ended permission to access my tax documents for the past 3 years.
Is there anything I can do? Short of writing the BBB and my Congressman, I'm stumped and pretty angry.
Upon further review, I did find the disclosure that some loans may not be eligible, but it only refers to financial reasons, nothing about some loan owners "don't do modifications".
Hi charleyp,
I don't think it is mandatory for the lender to let you know that your loan is not eligible for loan modification. It is not legal for them to search your tax records if they won't modify your loan. You should contact the lender and ask them to stop searching your tax records. As the lender is not modifying the loan, then you should be able to rescind 4506-t.
Thanks
I don't think it is mandatory for the lender to let you know that your loan is not eligible for loan modification. It is not legal for them to search your tax records if they won't modify your loan. You should contact the lender and ask them to stop searching your tax records. As the lender is not modifying the loan, then you should be able to rescind 4506-t.
Thanks
Thanks for the reply. I understand that they may not be required to be upfront and tell you your mortgage isn't eligible, but if a simple request via my loan number will answer that question, shouldn't it be a first step?
They don't need my tax records, financial information and an affidavit to find out if the loan owner will modify the type of loan I have. They don't need that information until actually doing the background check to see if I QUALIFY for a loan, right? So it seems to me that demanding that information up front and then keeping it even though I am not even getting to the qualification phase is suspect at best, maybe criminal at worst.
Sorry, just a little frustrated by this whole experience. To make matters worse, they told me that the loan owner would prefer that I go into foreclosure, which I was very surprised to hear from a mortgage lending representative. I hope they record those phone calls. I can forsee a need to subpoena that recording one day...
They don't need my tax records, financial information and an affidavit to find out if the loan owner will modify the type of loan I have. They don't need that information until actually doing the background check to see if I QUALIFY for a loan, right? So it seems to me that demanding that information up front and then keeping it even though I am not even getting to the qualification phase is suspect at best, maybe criminal at worst.
Sorry, just a little frustrated by this whole experience. To make matters worse, they told me that the loan owner would prefer that I go into foreclosure, which I was very surprised to hear from a mortgage lending representative. I hope they record those phone calls. I can forsee a need to subpoena that recording one day...