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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

348 Comments

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#316
does this also include home equity loans?
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#317
Quote from chochocho View Post :
do i need good credit score for this to work?
well, they do check your credit report and score and then mail it to you. i'm not quite sure if a great score is necessary. i do have over 725, so mine is actually pretty decent/good.
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#318
Quote from JuanV View Post :
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
Yup. I didn't know that. I would've paid it. Now I have to pay interest on top of that interest. I know that it's "chump" change compare to the whole loan, but I'd rather pay that during that month than paying the interest on that. Thanks, though, Juan.
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#319
Quote from insyder View Post :
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.
On FHA loans, there is a Streamline Refi that does not require an appraisal, nor income documentation. However, if your loan was endorsed by HUD after May 31, 2009 then you will be subject to the current (and significantly higher) FHA MI premiums, both up front MI and monthly. (so in your case a rate of 4.25% would not be high enough to see the benefit of lower rates as the MI increases compared to your loan).

If your FHA loan was Endorsed prior to May 31, 2009 then you most certainly would benefit as the Streamline offers reduced MI rpemiums resulting in more significant benefits.

Here is the FHA Streamline thread: http://slickdeals.net/f/4033560-BIG-FHA-Streamline-Refi-news-for-FHA-loans-prior-to-June-1-2009?v=1

Plus here is one started about HARP, also in the Finance Section: http://slickdeals.net/f/5038572-HARP-2-0-updated-thread?v=1

-Adam
Old Hippy & Mortgage Pro
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#320
Anyone else who was told by Wells that their loan was owned by a "private investor" have any luck?

We're going to try again.
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#321
Curious if any one had luck with a Bank of America adjustment?
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#322
Quote from newjerseygirl View Post :
Curious if any one had luck with a Bank of America adjustment?
I'm currently in the process with B of A for this same thing.

Just turned in my documents yesterday, and they'll let me know if I'm eligible or not.

I'll update as soon as I hear back from them.
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#323
I had the old wells fargo loan officer call me up to promote this. But since I have equity, I don't qualify.

I'm in the process of a no-cost refi at 3.5% through a loan broker.
The income property however, cannot be refinanced at no cost. I would have paid 3k out of pocket for a 3.75% rate.
Bump it up to 4.1% and they'll cover 75% of the closing costs. I still save $200/mo. by dropping the rate from 4.875%.
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#324
Quote from IBJanky View Post :
I'm currently in the process with B of A for this same thing.

Just turned in my documents yesterday, and they'll let me know if I'm eligible or not.

I'll update as soon as I hear back from them.

Thanks! Appeciate it.
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#325
SUNTRUST
Anyone know if this works for Suntrust. I've called several numbers and no one has heard of the program. Even though I've seen it online (375M settlement and 20B to compensate borrowers, forgive debt, give payment forbearances, arrange short sales, and REFINANCE MORTGAGES AT LOWER RATES).
I've been calling it the "Attorney General Settlement" and no one at Suntrust knows what I'm talking about. One person asked if I could find a program #.
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#326
I just checked my mortgage account yesterday and Wells Fargo dropped my rate without letting me know they were done processing the paperwork.

As painless as it can get and almost $200 per month cheaper.
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#327
Quote from wellington View Post :
Well, finally got the right dept and found out I'm ineligible. Not because I don't meet the criteria but because my loan is owned by "Wells Fargo Mortgaged backed securities" or something and not owned by "Wells Fargo home mortgage". So even though I pay Wells Fargo and login to Wells Fargo to look at my account, the loan is not owned by Wells Fargo. WTF.

Thanks anyway, OP.
I spent about 4 hours on the phone with Wells Fargo being passed around and finally someone let me know my mortgage was owned by “Wells Fargo Mortgage Backed Securities” rather than “Wells Fargo Bank” so I don't qualify. I'm super screwed because they gave me an 80/20 loan one with 6.375 % and another with 9% so I could probably be saving over $500/month with a refi.

It really sucks that those of us who got screwed by the banks, but can still pay their mortgage get stuck paying insane rates but those who don't pay can get modifications. I understand those people need help, but it should be an all or nothing deal. Why punish those for paying on time? Just MHO...
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#328
Quote from sean.scott View Post :
I spent about 4 hours on the phone with Wells Fargo being passed around and finally someone let me know my mortgage was owned by “Wells Fargo Mortgage Backed Securities” rather than “Wells Fargo Bank” so I don't qualify. I'm super screwed because they gave me an 80/20 loan one with 6.375 % and another with 9% so I could probably be saving over $500/month with a refi.

It really sucks that those of us who got screwed by the banks, but can still pay their mortgage get stuck paying insane rates but those who don't pay can get modifications. I understand those people need help, but it should be an all or nothing deal. Why punish those for paying on time? Just MHO...

All of the reference to Wells Fargo Mortgage Backed Securities vs. Wells Fargo sounds like the differential in the Servicing division that has to do with the AG Settlement.
However, does it also mean your loans are not securitized by Fannie Mae or Freddie Mac which may make them eligible for HARP (if prior to June 2009)?

Just a suggestion, but check to see if your loan shows up on Fannie Mae or Freddie Mac's website. If so, you may qualify for a HARP refinance.
Does Fannie own my loan?: https://www.knowyouroptions.com/loanlookup
Does Freddie own my loan? http://www.freddiemac.com/mymortgage

If Fannie or Freddie own your loan prior to June 2009, then learn about HARP.
SD HARP thread: http://slickdeals.net/f/5038572-HARP-2-0-updated-thread?v=1

-Adam
Old Hippy & Mortgage Pro
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#329
Is this deal still going on? I bought in 2008 with an FHA 5.5% interest rate through WF. Do I just call up wells fargo and ask for the streamline refinance? I don't want to occur any additonal closing costs if I don't have to.
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#330
Quote from jordanz12 View Post :
Is this deal still going on? I bought in 2008 with an FHA 5.5% interest rate through WF. Do I just call up wells fargo and ask for the streamline refinance? I don't want to occur any additonal closing costs if I don't have to.
This thread is primarily focused on the AG Settlement Wells has, but if you have a FHA loan that was done in 2008 you should definitely be looking at a FHA Streamline.

Here is a SD thread in the Finance Forum that is focused on the FHA Streamline:
http://slickdeals.net/f/4033560-BIG-FHA-Streamline-Refi-news-for-FHA-loans-prior-to-June-1-2009?v=1

-Adam
Old Hippy & Mortgage Pro
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