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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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#16
i have 4.75 so looks like no luck.
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#17
Quote from empiretc View Post :
yep, 3 step. did this last september. went from 6.25% to 5.25% for 30, and cut the total payment (escrow and all) to less than half of what it was with $0 out of pocket. last year was pretty bad, but it is refreshing to now have a mortgage payment that is lower than most 1b/1b apartments around here.

they have been offering this for quite some time now.
Lots of customers for unkown reasons did not qualify for the previous 3 Step or Easy Refi offers (I was one of them). Im also kinda thinking these have also been terminated.
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#18
refinancing, no matter what or who, always benefits the company who refinances your mortgage. you are resetting your payments and increasing interest payments. its not a win - win - win. who wins? not you.
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#19
Quote from drboom View Post :
Sorry but I don't think this is a hot deal. Rates are down well into the 3s - we're closing tomorrow on refi'ing our 30yr fixed on a no-cost refi to 3 5/8 and rates dropped since we locked in so I suspect we could to better today. 4 1/4 is very high today.
Check http://www.freddiemac.com/pmms/ for an idea of where rates are - I've found our broker can typically get us close to the survey rates (we've refi'd more than 8 times in 5 years on no-cost loans as rates have dropped) on a no cost 30yr fixed. We're in MA and our LTV is ~60%.

Thanks for posting though, hopefully this spurs some of the readers to refi at a lower rate.
What magical bank is this? I have never had luck find a true no cost refi for my situation.
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#20
Quote from janoolove View Post :
i have 4.75 so looks like no luck.
nah, current on bankrate is 3.59% on a 30 year fixed, so the best a person can hope for is 4.59%. You may be able to swing 3.5% on a 15 year fixed.



Quote from cptbarkey View Post :
refinancing, no matter what or who, always benefits the company who refinances your mortgage. you are resetting your payments and increasing interest payments. its not a win - win - win. who wins? not you.

that only applies to people who make minimum monthly payments!
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Last edited by empiretc July 23, 2012 at 12:51 PM
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#21
Quote from cptbarkey View Post :
refinancing, no matter what or who, always benefits the company who refinances your mortgage. you are resetting your payments and increasing interest payments. its not a win - win - win. who wins? not you.
This is a program that Gov Co is using to punish the banks. I know a refi always benefits a bank and lawyers with all the fee's. Then they restructure the loan so all the interest is paid up front. This deal adjust the interest rate only. My term is still the same.
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#22
Quote from empiretc View Post :
nah, current on bankrate is 3.59% on a 30 year fixed, so the best a person can hope for is 4.59%. You may be able to swing 3.5% on a 15 year fixed.
so u mean i can still will be able to use this program? they say 5.25% or higher in their qualification thing.
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#23
Quote from empiretc View Post :
nah, current on bankrate is 3.59% on a 30 year fixed, so the best a person can hope for is 4.59%. You may be able to swing 3.5% on a 15 year fixed.






that only applies to people who make minimum monthly payments!
What Bankrate and other sites quote as the current rate is usually unobtainable. It's good for showing the trend but if you want the lowest rate it will typically cost you so much that you will want to puke.
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#24
Quote from cptbarkey View Post :
refinancing, no matter what or who, always benefits the company who refinances your mortgage. you are resetting your payments and increasing interest payments. its not a win - win - win. who wins? not you.
Seriously? That is not good advice. I did a HARP 2.0 ReFi. I was 9 years into a 30 year fixed mortgage at 5% and dropped to 15 years at 3.25%. Closing costs were around $1500 that got rolled into the ReFi. My payment is $120 more per month, although I'll be saving hundreds of dollars in interest per month while also gaining on principal and shedding 6 years off the live of the loan. So, definitely win for me!
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#25
Quote from cptbarkey View Post :
refinancing, no matter what or who, always benefits the company who refinances your mortgage. you are resetting your payments and increasing interest payments. its not a win - win - win. who wins? not you.
Unless you can refi to a lower rate and pay extra toward the principal each month so that you effectively have not extended the loan period.
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#26
I called BOA and my loan is Ginnie Mae, which also doesn't work. SOB I am out on every single way.
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#27
I lose out on two counts. My interest rate is 4.75% and my loan is only serviced by Wells Fargo (owned by Fannie May or Freddie Mac, don't remember actually which one).
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#28
Quote from sdkjr View Post :
Seriously? That is not good advice. I did a HARP 2.0 ReFi. I was 9 years into a 30 year fixed mortgage at 5% and dropped to 15 years at 3.25%. Closing costs were around $1500 that got rolled into the ReFi. My payment is $120 more per month, although I'll be saving hundreds of dollars in interest per month while also gaining on principal and shedding 6 years off the live of the loan. So, definitely win for me!
The poster seems to only be thinking about refinancing into a loan with a longer term.
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#29
TU to subscribe. We're with WF. Can't hurt to try. Will TD later if unable to replicate.
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#30
Quote from TheEdge View Post :
TU to subscribe. We're with WF. Can't hurt to try. Will TD later if unable to replicate.
Thank you for trying. I think the success rate will be high! Please let us know what they tell you.
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