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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:

Tell them you are interested in the Attorneys General settlement (this is a sweet rate reduction).

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:


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%.


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].


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Just stumbled onto this. Of course the program ended 12/31. And of course Wells Fargo did not notify me. So pissed at them right now.
Reply Helpful Comment? 0 0
Quote from narunaru View Post :
Who are you working with? I'm thinking about doing a refi on income property...
just Refi my income property with no cost with WF. It does take about 100 days to complete and they do run income, job, bank check
Reply Helpful Comment? 0 0
Quote from sean.scott View Post :
My loan is definitely owned by WF Mortgage Backed Securities, so it doesn't show up on Fannie or Freddie sites and definitely doesn't qualify for HARP (or any type of FHA refi for that matter).

After doing a lot of research, it looks like my only option is to sit around is wait to see if the private investors in WF Mortgage Backed Securities decide to allow this type of refi. I won't hold my breath...
^^ same here. i saw an article on yahoo news stating fannie/freddie may purchase the private investor loans to allow us to get loan mods. hopefully this will happen.
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Refinanced late last year, after TERRIBLE service by Wells Fargo, I had gone through 3 agents, and the 3rd one was finally actually processing my paperwork and calling me back.... I pulled out as the 4.125 interest rate was still ridiculous. Went to my original broker, offered me 3.75, took it and Wells Fargo wouldn't match it. So the broker did all the work, minor fees, and then Wells Fargo bought out my loan in the end anyways. I saved much more going through the broker. I HATE Wells Fargo. I will not do business with them ever again.
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