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I got a v-mail from a Wells Fargo Home Mortgage representative. Apparently they want to offer me a no-cost refinance to lock my 5-year ARM into a new fixed rate loan. I can only presume this is at a lower rate than my current loan, but haven't talked to them yet to verify that.

Is anyone else getting these calls?

I'm a little surprised, because my credit is shot after I let another house foreclose and Wells owned the 1st and 2nd on that house (I settled the 2nd for about 17% of the balance). And I've settled multiple credit card balances, plus have two remaining unpaid credit cards that I hope to settle as soon as I can. So why are they targeting me with this offer?

Plus, one of the outstanding credit cards that I haven't been able to settle is a Wells Fargo card... So I'm extremely cautious about providing their Home Mortgage division any financial information, for fear that it will get to the credit card division and that they'd sue me for the balance instead of settling with me...

Should I not be worried about that?

Any thoughts on this would be appreciated.




This is a tricky business, whether or not the lenders would exchange the financial info is unknown. But as I am searching on internet about it, I am reading mixed feedback from customers. Compare what it would cost you against conventional refinancing and then decide. Also, keep an eye open for hidden expenses.

Sub: #1 posted on Fri, 03/12/2010 - 22:44

SC SC
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I just spoke to Wells Fargo and this is a refinance offer under HARP.

They are going to send me a package out to review, but here are my notes from the call for anyone who is interested:

1. "No Cost Whatsoever"
2. No appraisal fee. No title fee. No lender fees.
3. Outstanding balance is rolled over to the new loan with no other fees or amounts added in.
4. Loan will be a 30yr fixed rate.
5. The rate is pre-determined somehow by whatever criteria they use. I was told this ranges from 5.25% to 6% (my offer is 5.25% which he claims is the best rate he's seen in 3 months).
6. I asked for a lower rate, he said he can't change the offer and it doesn't move around daily, so there's no point waiting to try to "lock in" a lower rate. The offer is the offer.
7. Need to live in the home as a primary residence.
8. Income must be same or not having declined over last 6 months.
9. Title must be same as when purchased (i.e. not put into a trust name).
10. No foreclosures, which I told him that I had one last year, so they will get back to me on whether this excludes me from the offer.
11. Close the loan within 2 weeks with no 2nd or HELOC. Takes longer if there is a 2nd due to the subordination, but if it's also a Wells loan, it's an instantaneous approval.
12. The rate decrease is being subsidized by the government via HARP, but Wells also is absorbing a little of it.
13. They will send an application form that will be populated with my answers from the previous application (2.5 years ago), and I only need change the items that have since changed.
14. No income verification (I guess other than my assertment that my income has not declined in the last 6 months - #8 above).

Other than that, I'm going to wait for the package in the mail, and a phone call back regarding my foreclosure last year and any impact that may have on this offer...

Sub: #2 posted on Mon, 03/22/2010 - 16:01

ball_mich ball_mich

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Apparently I'm not eligible. Wells called me back today to tell me that they have to wait 24 month past my foreclosure before they can offer me a HARP refinance.

Bummer.

Sub: #3 posted on Tue, 03/23/2010 - 13:35

ball_mich ball_mich

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