Indy Mac construction loan

[Joel Fraser]

long story - but the main point is Indy Mac devalued our home internally. Our appraisal was fine - but Indy Mac dropped it 50K and would not give us the money to finish our home. Now we have paid them over 65K in interest and with that kind of hit to our budget we have been forced to finish our home ourselves....the clock ticks and they take more money. They presented this loan as one closing cost construction rolled into regular mortgage. But, now they offer 8.75% as the final interest rate...which we cannot afford and with interst rates at 5.25% (we pre qualified with another lender at this rate) it seems like predatory lending to us. We cannot get this new loan because our house needs to be finished but we do not have the money to finish because Indy Mac lowered our value and for many many months would not fund our home. This in turn meant we lost people who were working on our house (very difficult to replace people in our market - lots of construction here). And all the while paying construction interest payments of 8.75% to Indy Mac. We sure could use some help with this. If anyone has information or ideas how we can get our house finished so we can qualifiy for a regular mortgage we will really appreciate it.