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mosh913
baby boy coming spring '11
Member since 5/05 3133 total posts
Name:
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The bank that we are getting the mortgate through is going under!
Anybody hear about IndyMac? Uggghhh...so we would need to close by Monday, which we can't due to reasons out of our control. So now we have to go through another bank and pray that everything goes through by the end of the month or we could lose our down paymentb
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Posted 7/10/08 10:03 AM  |
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qtdimps231
LIF Toddler
Member since 11/07 477 total posts
Name:
Diana
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Re: The bank that we are getting the mortgate through is going under!
if you need a referral let me know. my friend is a broker at chase.
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| Posted 7/10/08 10:30 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: The bank that we are getting the mortgate through is going under!
my DH can help you also - FM me for his info
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| Posted 7/10/08 10:36 AM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: The bank that we are getting the mortgate through is going under!
Posted by mosh913
Anybody hear about IndyMac? Uggghhh...so we would need to close by Monday, which we can't due to reasons out of our control. So now we have to go through another bank and pray that everything goes through by the end of the month or we could lose our down paymentb
i went to closing when a bank did this. it was b/c countrywide was already buying out the company, or taking possession of all the mortgages, are you sure something like this isn't happening?
i didn't even make one payment to my lender, the first one was to countrywide.
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| Posted 7/10/08 11:05 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: The bank that we are getting the mortgate through is going under!
Posted by mosh913
Anybody hear about IndyMac? Uggghhh...so we would need to close by Monday, which we can't due to reasons out of our control. So now we have to go through another bank and pray that everything goes through by the end of the month or we could lose our down paymentb
I have a good chunk of change deposited with them right now since they give great savings rates (over 150k on deposit) so I am following this story VERY closely.
I wouldn't worry right now. I don't think they are just going to "go under". Somebody is going to bail this bank out because if they go under, the FDIC is going to take a gargantuian hit in payouts.
Who said you have to close by Monday?
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| Posted 7/10/08 11:31 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: The bank that we are getting the mortgate through is going under!
I'll also add that if I hear anything further on this issue, i'll let you know.
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| Posted 7/10/08 11:36 AM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: The bank that we are getting the mortgate through is going under!
I read in yesterday's paper that they were still allowed to write new loans because the company that is buying them hasn't figured out what they want to do yet. I would double check with the bank and if you do have to get a new mortgage company I would have your lawyer speak to the lawyer for the seller and explain the situation as this is a situation beyond your control and you shouldn't lose your downpaymetn over it.
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| Posted 7/10/08 1:13 PM |
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jklein1323
LIF Adolescent
Member since 11/06 847 total posts
Name:
J
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Re: The bank that we are getting the mortgate through is going under!
They aren't going under, just closing their lending/mortgage department..they will still complete loans that are already in progress they just will not accept new applications.
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| Posted 7/10/08 4:32 PM |
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mosh913
baby boy coming spring '11
Member since 5/05 3133 total posts
Name:
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Re: The bank that we are getting the mortgate through is going under!
Thanks girls for all of your input. They told our broker that we HAVE to close by Monday. Right now, we're going with a different bank and it looks like we'll get a better interest rate. Thanks!
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| Posted 7/10/08 6:58 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: The bank that we are getting the mortgate through is going under!
Indymac is officially gone as of today.
http://www.fdic.gov/bank/individual/failed/banklist.html
Ugh now I have to wait for the FDIC to send me a check. Ouch. I know it's insured but why am I so nervous for?
I guess maybe because they better have all my accounts listed as joint so I get up to 200k coverage. 
Message edited 7/11/2008 7:24:18 PM.
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| Posted 7/11/08 7:24 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: The bank that we are getting the mortgate through is going under!
Actually it looks like the Feds will be running this bank starting on Monday. We'll see.
Can't log into my account, but it seems to say from the FDIC that the bank will resume operation on Monday. Hmmmm.
To the OP: I don't blame you for switching banks now.
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| Posted 7/11/08 7:29 PM |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
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Re: The bank that we are getting the mortgate through is going under!
Posted by ave1024
Actually it looks like the Feds will be running this bank starting on Monday. We'll see.
Can't log into my account, but it seems to say from the FDIC that the bank will resume operation on Monday. Hmmmm.
To the OP: I don't blame you for switching banks now.
This is from an article on cnn.com:
What now for IndyMac customers?
When a bank shuts down, traditional bank accounts are insured to at least $100,000. Some accounts such as annuities and mutual funds are not insured at all. Individual Retirement Account funds are insured to $250,000.
IndyMac customers with uninsured deposits will get at least half that money back, and they could get more back, depending on what the FDIC gets when it sells the bank, said Bair.
Customers' funds will be transferred to a new entity - IndyMac Federal FSB - controlled by the FDIC. They will have uninterrupted customer service and access to their funds by ATM, debit cards and checks.
However, customers will have no access to online and phone banking services this weekend, according to the FDIC. Service will resume on Monday. Loan customers were advised to continue making loan payments as usual.
full article from cnn.com
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| Posted 7/12/08 11:37 AM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: The bank that we are getting the mortgate through is going under!
I hope it works out for you!!
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| Posted 7/12/08 11:46 AM |
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Re: The bank that we are getting the mortgate through is going under!
I'm  for you!!! Hang in there!!!
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| Posted 7/12/08 11:49 AM |
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