Wells Fargo / refinancing home
To Whom It May Concern:
Please help me understand why Wells Fargo would not refinance my home. I have a 173, 000 interest only mortgage with Wachovia Bank which is now Wells Fargo Bank. I’ve had this mortgage since 2003 and I have never missed a payment. I retired last year and I have a combined monthly social security and pension income of $2300. When I bought this house it was my intention to sell before 2011 but that has changed since the downturn in the economy. I also have a condo that has a mortgage of $700 and I rent it out for $900.00 a month.
My credit score is 750 and I have about $1, 000 in credit card debt. I just set up a tutoring business that brings in a minimum of $1, 200 a month. Wells Fargo wouldn’t accept that because I just started the business this year and it is not on my 2008 taxes. I’m also in the process of setting up a dividend account with Edward Jones to receive $400.00 a month income. However this can’t be counted as part of my income because you have to show income for a year. These are my other assets:
Money Market $84, 000
CD $101, 000
Securities $101, 000
Savings $30, 000
Life Insurance (cash value) $15, 000
I asked for a conventional loan but my house only appraised for 194, 000 so I agreed to pay $20, 000 on the principle to qualify for the 80% loan-to value ratio. They said they couldn’t approve that loan but would consider the loan if I had 75% loan-to value ratio, I agreed to bring the additional money. After weeks of sending them documents they finally said I just couldn’t qualify because of my debt to income ratio. I feel this is utter nonsense and Wells Fargo is continuing to deny African Americans low interest loans. NAACP has just filed a case in court against them for similar practice. I’m sending this letter to NAACP legal department, CNN, Channel 2, and the HUD office of consumer & Regulatory Affairs.
I am closing all my accounts and changing banks!!!
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