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

Jaynos 493 212 July 23, 2012 at 12:17 PM in Home & Home Improvement (6)
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Last Edited by widgit July 23, 2012 at 03:31 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
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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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Joined Jan 2011
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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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Joined Jan 2011
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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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Joined Jan 2011
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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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