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Wells Fargo Attorney General Settlement no cost Mortgage Rate Adjustment not refi

Jaynos 212 July 23, 2012 at 12:17 PM in Home & Home Improvement (6)
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I just completed a mortgage refi without any cost. I repeat NO COST. Prior to the refi my mortgage was 6.125%. I have just had this adjusted down to 4.25%. This was down without any appraisal, fees, points or anything that cost's $'s. Prior to this deal I could not find any refi option for less than 5K!. If you are a Wells Fargo customer in need of a refi then you should look into this pronto. Call the mortgage department at Wells Fargo:
https://www.wellsfargo.com/help/phone_dir

Tell them you are interested in the Attorneys General settlement (this is a sweet rate reduction).
https://www.wellsfargo.com/downlo...lement.pdf

Have your mortgage account info ready. Be persistent. Once they take your information they will tell you if you are eligible. This is not for people with hardship. I am thankfully able to pay my mortgage but I wanted the savings (who doesn't). If you are eligible then the process will take about two months so get started now. I believe they are only offering this to people who call and ask. I also believe this will work with other banks (I only tried the one that holds my mortgage). This is really a great deal. Have patience and be prepared for about 6 weeks to work through it! woot
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Last Edited by ooyler July 26, 2012 at 12:29 PM
Thank you 68droptop for providing the following clarification:

Quote from 68droptop View Post :
I finally had a few minutes to call and discuss this with Wells Fargo's Attorney's General Settlement Department (phone 855-886-4869).

To be very clear on this:

THIS IS NOT A REFINANCE

The only thing to change is the loan rate. There are no other changes to your existing mortgage. I am currently on payment 120 in my loan and will continue on as If nothing has changed. My payment will drop, but I will continue to pay what I am now and shave even more time off of what I have left.

Wells Fargo had negotiated a flat rate of 4.25% for ALL of those who meet the qualification of loan modification. Unfortunately for me, that means only a 1% drop, but I will take it since it is 100% free and only takes 30-45 days.

You are only required to give them W2's and complete tax info for 2010 and 2011, plus the most recent pay-stub. That's it.

I AM NOT underwater on my loan, but still qualified. I would suggest calling them and asking yourself if you qualify. The biggest sticking point according to the rep is that your loan must be DIRECTLY with Wells Fargo.


America (NYSE:BAC). The benchmark 30-year fixed rate mortgage is up for grabs at a rate of 3.750% and carries an annual percentage rate (APR) of 3.920%. The 15-year fixed rate mortgage may be an ideal option for those who want to refinance their existing loan with the help of a shorter-term deal, as Bank of America advertises this package for as low as 3.000% plus an APR variable of 3.280%.

Others, who are rather considering ARM loans instead of opting for fixed rate deals, will see the 7/1 ARM being offered at a rate of 2.750% with an APR amounting to 3.240%. The 5/1 ARM looks equally decent, as potential lenders can secure it at a rate of 2.375% and an APR of 3.181% as of Monday.

Among today’s best refinance packages we can mention Citibank’s (NYSE:C) 30-year fixed rate loan, which stands at 3.625% and holds an APR sum of 3.766%. Those who are more interested in the shorter 15-year version of this fixed rate deal, will need to pay 3.000% in interest and 3.267% by way of annual percentage rate.

Switching to Branch Banking and Trust (NYSE:BBT), potential borrowers can take advantage of today’s low mortgage rates, if they are able able to meet lender requirements. The 30-year FRM starts at 3.625% and features an APR figure of 3.690%. In case of the 15-year fixed mortgage, would-be borrowers can get it locked in at a daily low of 3.250% plus an APR sum of 3.385%.

Refinancing with the help of the fixed 30-year FHA loan is also an option and those who believe this would fit the bill better can expect to pay 3.250% in+
interest and an APR of 3.466%.

READ THIS FIRST:

Q4: How will I know if I qualify for the refinance program?
The vast majority of our customers can qualify for one of our current refinance programs,
even if their mortgage amount is greater than the current value of their home. You should
not delay visiting or calling one of our branch offices to talk to a home mortgage
consultant to learn more. Even if you started a refinance in advance of March 1, if you
meet all of the criteria below, we will notify you and then move you down the refinance
process for the Attorneys General settlement.
If you meet all of the following eligibility criteria, you will receive a letter in the April
through November time period as the program for your loan type becomes operational:
• You are current on your payments, with no delinquencies in the last 12 months
• You owe more than your home’s current market value (a loan-to-value ratio greater
than 100%)
• Your loan was obtained prior to January 1, 2009
• Your loan has a current interest rate of 5.25% or higher
• Your loan balance is no more than $729,750 (for a single family dwelling) in any of the
50 states and within the highest of the 2010 Fannie Mae/Freddie Mac limits for twoto-four family homes.
• Your loan is in a first lien position (it is not a second mortgage), regardless of property
type — primary residence, second home, or investment property
• Your loan has not been modified in the last 24 months
• Your loan is serviced and owned by Wells Fargo — that means it is not an FHA, VA,
Fannie Mae, or Freddie Mac loan, nor is it a loan owned by a private investor


A good site for monitoring or comparing your quote to average mortgage rates [mortgagenewsdaily.com].

348 Comments

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#3
Nice deal, but how many of these loans are actually owned by Wells Fargo as opposed to Fannie Mae or Freddie Mac?
Reply Helpful Comment? 0 0
#4
They call this a lot of different things... easy refi, 3 step refi, etc. and it's something they routinely offer to customers to lower their interest rates and keep them with WF. They actually started calling me last year about this and I thought it sounded too good to be true so I did a lot of research about it. I was hesitant because there are a lot of horror stories online about the process but we decided to go for it and it was worth it for us... we knocked almost 2% off our interest rate and there really were zero fees - nothing hidden, nothing looped into your new mortgage amount... absolutely zero fees. The whole thing was completed in about 6 weeks, like you said - and we were able to do it all by mail/fedex.
Reply Helpful Comment? 0 0
#5
OP: Change the category from "home improvement" to "money."
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L4: Apprentice
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Original Poster
#6
Quote from EHSFFL View Post :
Nice deal, but how many of these loans are actually owned by Wells Fargo as opposed to Fannie Mae or Freddie Mac?
My loan was not held by Fannie Mae or Freddie Mac. That's what had been frustrating me for the last year. Because it was not a Fannie Mae or Freddie Mac nobody would work with me unless I paid 5K?? I thought for sure I wouldn't get approved for this but I kept trying because nobody right now wants to invest 5K into a mortgage. Fannie Mae and Freddie Mac have been getting all the breaks until this. Look into it, at least call and find out.
Reply Helpful Comment? 0 0
#7
Refi'd 2 years ago with WF and I still have a stinging sensation in my rear end.

Great to hear about your success, but although we refi'd successfully we were charged an arm and a leg and it drug out almost 4 months.

Later,

Bub
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Original Poster
#8
Quote from Kristin View Post :
They call this a lot of different things... easy refi, 3 step refi, etc. and it's something they routinely offer to customers to lower their interest rates and keep them with WF. They actually started calling me last year about this and I thought it sounded too good to be true so I did a lot of research about it. I was hesitant because there are a lot of horror stories online about the process but we decided to go for it and it was worth it for us... we knocked almost 2% off our interest rate and there really were zero fees - nothing hidden, nothing looped into your new mortgage amount... absolutely zero fees. The whole thing was completed in about 6 weeks, like you said - and we were able to do it all by mail/fedex.
I did it all by email. This is not the Easy Refi, or the 3 Step. I was turned down for those for some BS excuse from Wells Fargo. I was so mad that they wouldn't give me the same service they gave some of my neighbors. I have never been late on a mortgage payment (that can work against you).
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#9
Sorry but I don't think this is a hot deal. Rates are down well into the 3s - we're closing tomorrow on refi'ing our 30yr fixed on a no-cost refi to 3 5/8 and rates dropped since we locked in so I suspect we could to better today. 4 1/4 is very high today.
Check http://www.freddiemac.com/pmms/ for an idea of where rates are - I've found our broker can typically get us close to the survey rates (we've refi'd more than 8 times in 5 years on no-cost loans as rates have dropped) on a no cost 30yr fixed. We're in MA and our LTV is ~60%.

Thanks for posting though, hopefully this spurs some of the readers to refi at a lower rate.
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#10
Quote from drboom View Post :
Sorry but I don't think this is a hot deal. Rates are down well into the 3s - we're closing tomorrow on refi'ing our 30yr fixed on a no-cost refi to 3 5/8 and rates dropped since we locked in so I suspect we could to better today. 4 1/4 is very high today.
Check http://www.freddiemac.com/pmms/ for an idea of where rates are - I've found our broker can typically get us close to the survey rates (we've refi'd more than 8 times in 5 years on no-cost loans as rates have dropped) on a no cost 30yr fixed. We're in MA and our LTV is ~60%.

Thanks for posting though, hopefully this spurs some of the readers to refi at a lower rate.
I just spent 2 years trying to find a program that would refi for free. Really it's just a rate adjustment not a refi. Good for you for doing better. Most homeowners have to pay allot of money and go through allot of hoops to refi. This is a hot deal.
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#11
I might have to look into this. I have a current mortgage with WF that has PMI through the PMI group and no other banks will touch us for a re-fi as the PMI Group is gone (taken over by Arizona) and the return is only 50 cents on the dollar to the mortgage holder.
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#12
Quote from Kristin View Post :
They call this a lot of different things... easy refi, 3 step refi,

yep, 3 step. did this last september. went from 6.25% to 5.25% for 30, and cut the total payment (escrow and all) to less than half of what it was with $0 out of pocket. last year was pretty bad, but it is refreshing to now have a mortgage payment that is lower than most 1b/1b apartments around here.

they have been offering this for quite some time now.
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#13
From the settlement details URL. I don't qualify but it looks like it would be worth the effort if you do...especially if your principal owed is more than the market value.


If you meet all of the following eligibility criteria, you will receive a letter in the April through November time period as the program for your loan type becomes operational:
• You are current on your payments, with no delinquencies in the last 12 months
• You owe more than your home’s current market value (a loan-to-value ratio greater than 100%)
• Your loan was obtained prior to January 1, 2009
• Your loan has a current interest rate of 5.25% or higher
• Your loan balance is no more than $729,750 (for a single family dwelling) in any of the 50 states and within the highest of the 2010 Fannie Mae/Freddie Mac limits for two-to-four family homes.
•Your loan is in a first lien position (it is not a second mortgage), regardless of property type — primary residence, second home, or investment property
•Your loan has not been modified in the last 24 months
•Your loan is serviced and owned by Wells Fargo — that means it is not an FHA, VA
Reply Helpful Comment? 0 0
#14
Quote from drboom View Post :
Sorry but I don't think this is a hot deal. Rates are down well into the 3s - we're closing tomorrow on refi'ing our 30yr fixed on a no-cost refi to 3 5/8 and rates dropped since we locked in so I suspect we could to better today. 4 1/4 is very high today.
Check http://www.freddiemac.com/pmms/ for an idea of where rates are - I've found our broker can typically get us close to the survey rates (we've refi'd more than 8 times in 5 years on no-cost loans as rates have dropped) on a no cost 30yr fixed. We're in MA and our LTV is ~60%.

Thanks for posting though, hopefully this spurs some of the readers to refi at a lower rate.
who did you use for a refi at no cost at 3 5/8 ?
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Original Poster
#15
Quote from JBFlash View Post :
From the settlement details URL. I don't qualify but it looks like it would be worth the effort if you do...especially if your principal owed is more than the market value.


If you meet all of the following eligibility criteria, you will receive a letter in the April through November time period as the program for your loan type becomes operational:
• You are current on your payments, with no delinquencies in the last 12 months
• You owe more than your home’s current market value (a loan-to-value ratio greater than 100%)
• Your loan was obtained prior to January 1, 2009
• Your loan has a current interest rate of 5.25% or higher
• Your loan balance is no more than $729,750 (for a single family dwelling) in any of the 50 states and within the highest of the 2010 Fannie Mae/Freddie Mac limits for two-to-four family homes.
•Your loan is in a first lien position (it is not a second mortgage), regardless of property type — primary residence, second home, or investment property
•Your loan has not been modified in the last 24 months
•Your loan is serviced and owned by Wells Fargo — that means it is not an FHA, VA
I didnt qualify for all the bullet points and I still got the deal. Call and ask, plead, go for it. It costs nothing to find out.
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