Count me as another WF victim. I have a 6.75 with WF. In early January ‘09, for refinancing with WF I locked in a 4.5. My credit is impeccable, and in 6 years my payments to WF on present mortgage have never been a day late.
And it’s been the same story I seen above in other posts. Stall, stall, stall. “We need this, we need that.” Give them this, that, and they stall more. Finally, one day last week (second week in March ‘09), they asked for copies of my recent tax returns. Three days later, over three months after I had locked in, they said, underwriter says we can’t consider as income what you reported to IRS as interest income (no reason stated as to why not). Sorry, Lady, you don’t qualify. Refinancing rejected.
And the off-the-wall thing about this rejection, is that they already have a mortgage on my house. It’s not as if in refinancing it, they take on new risk. Whatever risk there is, they already have. If they consider my income not good enough for refinancing, then why did they consider that same income good enough for my present mortgage?
So, as I see it, what they’re doing is trying to keep from losing interest income. By refinancing me, they’d reduce their take from 6.75 to 4.5. So, they rejected me for a reason that doesn’t make sense.
I see a pattern. Only refinance other banks’ mortgages. Don’t refinance your own, because you’ll lose interest.
Someone ought to report WF to President Obama. He is trying to revive the housing market by helping home owners get better financing. In this pursuit, the Treasury Dept has given WF and other banks billions in bailout money. And banks like WF with blatant refinancing tactics are abusing the public trust they accepted when they took bailout billions. Their lending practices are making the housing market worse.
Please all, write President Obama and Tim Geithner, Secretary of Treasury. Let them know what WF, for one, is doing.
Frances Elaine |
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