Popular Deal

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)
Deal
Score
+32
126,020 Views
Get Deal

Deal Details

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
Share
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.

Community Wiki

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:
o You are current on your payments, with no delinquencies in the last 12 months
o You owe more than your home's current market value (a loan-to-value ratio greater
than 100%)
o Your loan was obtained prior to January 1, 2009
o Your loan has a current interest rate of 5.25% or higher
o 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.
o 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
o Your loan has not been modified in the last 24 months
o 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

20 21 22 23 24

Sign up for a Slickdeals account to remove this ad.

#316
does this also include home equity loans?
Reply Helpful Comment? 0 0
#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.
Reply Helpful Comment? 0 0
#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.
Reply Helpful Comment? 0 0
#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
Reply Helpful Comment? 0 0
Last edited by tiedyed1 September 4, 2012 at 04:49 AM
#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.
Reply Helpful Comment? 0 0
#321
Curious if any one had luck with a Bank of America adjustment?
Reply Helpful Comment? 0 0
Joined Jul 2003
Eat well + Travel often
281 Posts
34 Reputation
#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.
Reply Helpful Comment? 0 0

Sign up for a Slickdeals account to remove this ad.

#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%.
Reply Helpful Comment? 0 0
Last edited by twinight September 11, 2012 at 10:52 AM
#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.
Reply Helpful Comment? 0 0
#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 #.
Reply Helpful Comment? 0 0
#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.
Reply Helpful Comment? 0 0
#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...
Reply Helpful Comment? 0 0
Last edited by sean.scott October 1, 2012 at 09:43 AM
#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
Reply Helpful Comment? 0 0
#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.
Reply Helpful Comment? 0 0
#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
Reply Helpful Comment? 0 0
Page 22 of 24
20 21 22 23 24
Join the Conversation
Add a Comment
 
Copyright 1999 - 2016. Slickdeals, LLC. All Rights Reserved. Copyright / Infringement Policy  •  Privacy Policy  •  Terms of Service  •  Acceptable Use Policy (Rules)  •  Interest-Based Ads
Link Copied to Clipboard