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Wells Fargo Mortgage / refusal to refinance

1 Philadelphia, PA, United States Review updated:
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I had purchased a condo in January 2008 at an interest rate of 5.875%. My original mortage company had sold the mortage to Wells Fargo, and they have been servicing it for about 6 months now. Last month, I responded to an ad that Wells Fargo ran for a NO FEE refinance, that would bring my rate down to 5.25%. I thought, this is a no brainer, especially since Wells Fargo already has my loan in their possession. Well, after dealing with an appraiser who came to my place, and several customer service people over the phone, I was told that my property did not qualify for this program and I was declined - apparently too many units are still outstanding, and you need to be over 50% sold!! Needless to say, I was furious! After all, Wells Fargo already picked up my loan and is servicing it, and I have great credit and financial background!!

No wonder why Wells Fargo had a record quarter!!!

Obama - I hope you are watching!! Another example of the consumer getting screwed...

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Comments

Ke
  4th of Nov, 2009
0 Votes

I was recently denied the Wells Fargo Three-Step Refinancing. At the beginning everything looked good, excellent credit never missed a payment etc. So why was I denied, the under writers have a clause ‘if you changed jobs within the last 6 months’. In my defense I did not change jobs I was laid off from a job after 8 ½ years of service. Because your government allows companies to outsource American jobs overseas and WF you probably do as well. Yes my job was outsourced to INDIA for cheaper labor. By the way ### to congress concerning this issue!!! Again I never missed a payment because I saved money for emergencies but my job status denied me? I lost my job in May 2009 and started working new job August. So this really pisses me off WF that my job status has anything to do with refinancing my home. I never missed or was late on payments beginning 2001!

Ma
  3rd of Apr, 2010
0 Votes

I find myself in the same situation as of today. Wells Fargo is refusing to refinance my home because the value is too low compared to what I owe. The reason the value is low is because of all the foreclosures and short sales in my area in the past year. The banks created the housing bubble, refuse to renegotiate ARMs when they come due, people have to walk away from their investment, the property values are lower, and then the banks refuse to refinance people like me with excellent credit, excellent job, I have never failed to pay a loan in over 40 years, and now I have no alternative but to walk away from my home as well and lose all the money I invested in the property. When my current ARM expires, the bank can raise my interest rate up to 10% and up to 5% each year thereafter, which I am sure they will do right away.

The worst thing is that I don’t even know who to turn to get advise on this issue. I have a good job, but if I walk away from the house, the bank would be able to attach my wages, which means I am probably going to have to quit my job to avoid letting them get anything. Of course this means my credit will be completely shot after spending 43 years with a spotless record. I am seriously considering moving to another country as I am absolutely sickened by what the government allowed to happen in this country that hurts decent citizens like me.

What is a responsible person to do? I feel completely powerless.

Mad as Hell in Las Vegas

Co
  4th of Apr, 2010
0 Votes

Vegas - I am sorry to hear about your situation. I can feel your pain, and with new legislation and wage garnishment, the sinking and frustrating feeling that you are stuck in your property only adds to the pain. I get furious when I see the quarterly financial performance of companies like Wells Fargo, and such. Our government got us into this mess with relaxing the guidelines for financial institutions, who essentially were able to approve every mortgage under the sun back in the 90s through Freddie and Fannie. They lived with the risk of approving risky mortgages, and now good citizens like you and I are paying for it. This bailout was aimed at the wrong people. Instead of helping good homeowners, it helped big business. Great if you happened to buy stock in one of these companies, but it nowhere helps the average homeowner. Yes, Wells Fargo will cite 1-2 case studies where it helped people, but these are the vast minority. My biggest gripe is don't promote something if you can't deliver on it. It only adds to the frustration we are all feeling. And Mr. Obama, where is this change you are talking about? Honestly, I don't see it.

And yes, I agree, our country is in a sad state of affairs. Pretty soon, we will be the minority, with first and second generation immigrants from third world countries making up the majority. Let me know how you make out on your new country search!! Keep your head up!

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