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

Jaynos 212 July 23, 2012 at 01:17 PM in Home & Home Improvement (6)
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Last Edited by widgit July 23, 2012 at 04:31 PM
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

348 Comments

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#196
Quote from npatel3c View Post :
you missing my point. My comment refers to being able to be qualified for mortgage on 10 properties on 35K/yr income.
It's all about cash-flow...if previously obtained mortgages are all "profitable" then you're grossing way more than is represented by a simple $35K/yr income figure based on your property management "salary." I have personal experience with such numbers at the 4 mortgage level, but can see where 10 would be possible with the right lender relationships and business/commercial lending vice traditional mortgages...
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#197
I am having a 30 yr mortgage with Wells Fargo (started in Sep 2010) 4.375% rate, Equity is only ~30%. But if they do the appraisal again I may not have any equity as the price has went down. (Currnet loan is more than the current home price). Does this program worth for me.? Please advice.
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#198
Quote from npatel3c View Post :
you missing my point. My comment refers to being able to be qualified for mortgage on 10 properties on 35K/yr income.
And you're missing mine. If they are rentals, that $35K income is presumably after the business costs, including mortgage, upkeep, depreciation etc of those 10 houses. With depreciation figured in, you can actually be generating a lot more than $35k cash flow, with just $35k income.

So in the ideal case, not a dime of mortgage interest is depending on that $35k income (just the part of the payment that is principal). And again, to treat it like a business I believe you have to spend at least half your employment time managing it. Which brings us back to how this is easier to do with 10 houses than two.
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#199
Quote from Jaynos View Post :
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.
Hey Jaynos, I finally gave them a call. I am apparently freddie/fannie. But, according to agent - I am not eligible for any breaks in refinance cost...He offered me 15 yr at 3.625 with about 4K refina cost lumped into my mortgage, so only $22 out of pocked for credit reports..

Isn't there a way to refinance without cost if I am freddie/fannie mortgage holder? I may have negative equity (or at least not 80-20).
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#200
Quote from ileorin View Post :
Is there anything for loans owned by Bank of America?
I'm curious on this as well. Anyone have any success w/ BOA?

The first rep I called a while back didn't have any clue. I know back when the settlement first dropped they advised this could take months to roll out, and BOA is so friggin big and back-asswards it might take a while.
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#201
Quote from puddnhead View Post :
And you're missing mine. If they are rentals, that $35K income is presumably after the business costs, including mortgage, upkeep, depreciation etc of those 10 houses. With depreciation figured in, you can actually be generating a lot more than $35k cash flow, with just $35k income.

So in the ideal case, not a dime of mortgage interest is depending on that $35k income (just the part of the payment that is principal). And again, to treat it like a business I believe you have to spend at least half your employment time managing it. Which brings us back to how this is easier to do with 10 houses than two.
I understand how rental business work, I own a property that is rented out. Idea of being able to own 10 houses at once is impossible unless you are very wealthy and/or have significant set monthly income to begin with. Owning one and than eventually two and then three and ten, is time consuming process - not everything can always go as planned.

My basic problem is, someone saying, buy 10 small homes and rent them out instead of one nice house that 300K plus...Getting finance is not easy in these times. Need at least two years of history on rental income for property#1 for that income to be qualified for purchase of property # 2.
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#202
Quote from npatel3c View Post :
Need at least two years of history on rental income for property#1 for that income to be qualified for purchase of property # 2.
There are no hard and fast rules such as that. I've secured financing with nothing more than a signed lease on the subject property. If you limit your searches to the big banks with their automated approval processes you're likely to be much less successful than when dealing with a local lender, particularly one with whom you've worked before and who can look at your total financial picture and either makes the decision or can and will go to bat for you with the underwriters...it can work, but the problem statement you refer to is also a grand oversimplification...it takes work and dedication to navigate the process, but it's something that can be done by even those with the most modest of means if they set their mind to it...
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#203
Any number I have called have had no idea what I am talking about.

Any specific number or extension I can call? PM me? Help?
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#204
Quote from astromarmot View Post :
There are no hard and fast rules such as that. I've secured financing with nothing more than a signed lease on the subject property. If you limit your searches to the big banks with their automated approval processes you're likely to be much less successful than when dealing with a local lender, particularly one with whom you've worked before and who can look at your total financial picture and either makes the decision or can and will go to bat for you with the underwriters...it can work, but the problem statement you refer to is also a grand oversimplification...it takes work and dedication to navigate the process, but it's something that can be done by even those with the most modest of means if they set their mind to it...
I have no problem with what YOU just stated. It could be possible with some effort.
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#205
Quote from serialportme View Post :
Any number I have called have had no idea what I am talking about.

Any specific number or extension I can call? PM me? Help?
Homebuying or Refinancing
1-877-937-9357...Speak to the automated system for mortgage refinance type options list.
Mon - Fri: 7 am - 9 pm, Sat: 8 am - 4:30 pm, Central Time

When You mention "Attorney General Settlement" - they should understand (they did in my case). Attny gen setlmnt is meant for mortgages NOT owned by freddie or fannie and owned by BANKS like wells fargo.
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#206
Anyone here from FLORIDA who managed to refinance without any cost? I am guessing Florida residents have to pay a 'TAX' whenever they refinance and it could be a substantial cost?
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#207
Quote from stufff View Post :
Anyone here from FLORIDA who managed to refinance without any cost? I am guessing Florida residents have to pay a 'TAX' whenever they refinance and it could be a substantial cost?
WF did a no-cost refi for us under HARP a couple of months ago. I'm in central Florida...
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#208
Your loan was obtained prior to January 1, 2009 <--- knocked me out Frown
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#209
Quote from astromarmot View Post :
WF did a no-cost refi for us under HARP a couple of months ago. I'm in central Florida...

Thank you, astro... appreciate your reply!
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#210
Quote from npatel3c View Post :
Homebuying or Refinancing
1-877-937-9357...Speak to the automated system for mortgage refinance type options list.
Mon - Fri: 7 am - 9 pm, Sat: 8 am - 4:30 pm, Central Time

When You mention "Attorney General Settlement" - they should understand (they did in my case). Attny gen setlmnt is meant for mortgages NOT owned by freddie or fannie and owned by BANKS like wells fargo.
Thanks. But didn't work. Seems to route to a regional office and tried 2x and nobody knows.

Any ideas?
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