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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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#301
Called but didnt qualify for the AG but was offered 4.0/30yr or 3.25/15yr refi. $407 apprisal and application and ~ 2k closing.
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#302
I just got the run around from Wells Fargo and really annnoyed! I called the original number from the website, 877-937-9357. The guy said I was eligible and to call 855-886-4869 (direct number to the Wells Fargo Attorney General Settlement) to get further information because he didn't know much about it. He also tried to sell me on a HARP refinance.

I called the number and they lady could not pull my information up at all. She said I might not be eligible and that is why it is not coming up. She said to call 800-262-7334.

I called that number and the lady now says it doesn't look like I am eligible and if I wanted to find out why (ie: who owns the loan) she would transfer me. After a while the phone just disconnected.

Really annoyed!
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#303
Quote from fangtl View Post :
Called but didnt qualify for the AG but was offered 4.0/30yr or 3.25/15yr refi. $407 apprisal and application and ~ 2k closing.
How much per month would that save you? Divide the $2400(appraisal and closing cost) by the savings per month to know how long it takes to make up the savings. Or if you can get into the 15 yr note for not much more than you are paying now, that's the best. Do a quick calculation on the interest for a 30yr and a 15yr and you'll see it's sometimes 100's of 1000's of dollars in saved interest.

Good luck!

Bub
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#304
I am biased (as I am a mortgage broker) but if you are not eligible for the AG program then check with a knowledgable mortgage broker before getting sold on a refinance with one of the big banks.

An experienced broker has a number of wholesale conduits that allow the broker to deliver a competitive loan while providing much better service to get it done quickly.

I am seeing posts of what the banks are offering and in many cases the rate should be lower, along with lower fees.

-Adam
Old Hippy & Mortgage Pro
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#305
Wellsfargo sucks. This is only a good deal if you have wellsfargo and can't get it anywhere else.

We didn't contact Chase or anyone, but chase connected us about 6 months ago to lower our interest rate to 4.25 without any fees. We didn't need to do anything at all, just the response "yes". Then 3 months ago, we contacted fremont bank to lower our interest rate to 3.25 for 15 years with no fees. It took about 3 weeks to proccess.

The interest rate is even lower now, so this is a really bad deal.
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#306
Does anyone have tips or which bank is better to refinance a Bank of America Mortgage
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#307
Quote from ileorin View Post :
Does anyone have tips or which bank is better to refinance a Bank of America Mortgage
I am not looking to be sarcastic with this answer.

As a mortgage broker, with my company licensed in 12 States, the clear majority of my refinance business is refinancing borrowers out of their Bank Of America mortgages.
Each time I hear the same thing; where the borrower called BofA (or Citi, Chase, etc) to ask about refinancing their existing loan and were offered terms that were not competitive with what an expereinced and knowledgable mortgage broker can deliver.

I am admittedly biased, but an expereinced and knowledgable mortgage broker will provide better loan terms along with significantly better and faster service than the big banks can.

-Adam
Old Hippy & Mortgage Pro
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#308
Quote from ileorin View Post :
Does anyone have tips or which bank is better to refinance a Bank of America Mortgage
Id like to know also, I have a B of A loan and interested in something like this deal! Smilie Though I did the USDA Rural Development Loan (100% finance with zero down) so im sure thatd be some reason not to find anything like this :/
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Last edited by hosic August 11, 2012 at 04:39 AM
#309
Good to know. Thanks for the info.
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#310
Quote from tiedyed1 View Post :
I am not looking to be sarcastic with this answer.

As a mortgage broker, with my company licensed in 12 States, the clear majority of my refinance business is refinancing borrowers out of their Bank Of America mortgages.
Each time I hear the same thing; where the borrower called BofA (or Citi, Chase, etc) to ask about refinancing their existing loan and were offered terms that were not competitive with what an expereinced and knowledgable mortgage broker can deliver.

I am admittedly biased, but an expereinced and knowledgable mortgage broker will provide better loan terms along with significantly better and faster service than the big banks can.

-Adam
Old Hippy & Mortgage Pro
This guy knows what he is talking about. After you refi with someone other than a big bank, cause they won't offer you competitive rates, there is a good chance that they will then buy your mortgage from the company you refi'd with. If you are current with BofA and don't have a ltv under 80% according to their system, forget about it and go somewhere else. My appraisel came in at least 125k over what BofA was telling me.
They basically used their system to say, you are screwed, we won't do anything for you, enjoy staying in your super high rate loan while we happily collect every month. Of course this was 6 weeks after I called to ask about a refi cause apparently they were too busy to get to me. I was put on a waiting list and told they would call me when they had the time.
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#311
Thanks brimorga;

For those interested, I have a few threads in the SD Finance Forum that focus on Conventional HARP2.0 loans as well as a FHA Streamline Refi thread that have proven very helpful to many SD members.

-Adam
Old Hippy & Mortgage Pro
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#312
Not trying to thread dig or whatever, so I'm sorry. But I just wanted to let you guys know that I've received my first statement after my refi with Wells Fargo. I did the Three-Step Refinance System, under the H.A.R.P. Program (not sure if this is the same with the A.G. Settlement, I think the difference is who owns your loan). Anyways, after receiving my first statement today, I noticed that my unpaid principal balance is $1,115 more than what my last principal balance was. I called and found out that it was because for the month I did not pay (they told me not to pay my August statement), they had to pay the interest to close the old loan to transfer it to the new loan.

So just giving you guys a heads up, that after you refi, your principal balance will go up slightly. I never knew this because when I asked them before if that means I will have a free payment for a month, they told me yes. Sorry if this drags, but I'm a young first-time homebuyer who is still learning how mortgages work and how to care for things around the house. Smilie
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#313
do i need good credit score for this to work?
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#314
Quote from ronk View Post :
Not trying to thread dig or whatever, so I'm sorry. But I just wanted to let you guys know that I've received my first statement after my refi with Wells Fargo. I did the Three-Step Refinance System, under the H.A.R.P. Program (not sure if this is the same with the A.G. Settlement, I think the difference is who owns your loan). Anyways, after receiving my first statement today, I noticed that my unpaid principal balance is $1,115 more than what my last principal balance was. I called and found out that it was because for the month I did not pay (they told me not to pay my August statement), they had to pay the interest to close the old loan to transfer it to the new loan.

So just giving you guys a heads up, that after you refi, your principal balance will go up slightly. I never knew this because when I asked them before if that means I will have a free payment for a month, they told me yes. Sorry if this drags, but I'm a young first-time homebuyer who is still learning how mortgages work and how to care for things around the house. Smilie
They usually give two options... Pay for that missing month, or they will spread it out over the next year's payments evenly. It's an eye opener if you aren't expecting it, and nobody discloses it.

Juan
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#315
Quote from tiedyed1 View Post :
Thanks brimorga;

For those interested, I have a few threads in the SD Finance Forum that focus on Conventional HARP2.0 loans as well as a FHA Streamline Refi thread that have proven very helpful to many SD members.

-Adam
Old Hippy & Mortgage Pro
Do you happen to know at point in your FHA you need to be to refi? Our rate is at 4.25 and we've been making payments for about a year. We got our mortgage with a smaller company, and surprise surprise, it was sold to WF in about a week.
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