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Household Finances

wells fargo 3 step

12 years ago

did the WF 3 step easy refi last summer. rates kept dropping over summer. called WF in sept and they said i could do the 3 step again after 1 year. called last week and they said, nope. cannot do it again. seems it is now tied into the asset recovery, make home affordable program. or something to that affect. i may have not heard clearly what was said but i am darn sure about the 1 year waiting period. anyone else here have any info on the WF 3 step deal?

Comments (4)

sushipup1
12 years ago
It's the Golden Rule. Them with the Gold make the rules, and can change the rules, as well. And it looks like whatever rule was in place last year is no longer valid. Unless someone put it in writing last year, you're out of luck, obviously.
joe_mn
Original Author
12 years ago
1st loan specialist (ha-ha) said nope, nothing has changed. supervisor, yea right, probably just a coworker actually admitted it had changed. seems WF was getting fed money for any loans being modified. even the folks with current loans with good payment history like myself. of course i can refi on my own now, and pay all fees. its just the lying that sucks. WF could just say, yes 1 year ago we did have a 1yr waiting period but now the program has changed and you can do it only once. so piss me off with made up stories or tell me the truth.
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Well, although I'm just a small step ahead of you in the building process (getting ready to fund our construction loan) I can say that we've done a lot of research and found that the best product for us, by far, was Washington Mutual. One more thing, it really depends on the construction specialist that you work with, because the first WaMu person we were referred to was, to put it mildly, a flop. We then found Mitzie Sambueno by looking around at homes under construction (she had a lot of signs as she was doing their financing) and in a "Street of Dreams" publication. She has been absolutely wonderful to work with so far! I hope after our project is complete, I will be able to share good feedback about your other questions to others, but for now, I'd suggest at least looking into Washington Mutual to compare rates and terms. Here is a link that might be useful: Mitzie Sambueno of Washington Mutual
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"Banker told him to get a job and come back. Duh! he's trying but in mean time what can they do to save there house if bank won't even talk to them." Get a job? Hah. I wonder what this banker might be doing for a living if the government/taxpayers HADN'T loaned HIS employer TARP money..... Your niece and DH might try contacting the Homeownership Preservation Foundation at (888) 995-HOPE (4673). The foundation's counselors are part of "HOPE NOW," an alliance between counseling agents, servicers, investors and other mortgage market participants approved by the U.S. Department of Housing and Urban Development, who provide free foreclosure prevention assistance. Another person I'd recommend is Dave Donhoff, the mortgage guy. He posts here somewhat regularly and is a wealth of information. Perhaps if you address your query to him, he might be able to be of some assistance. Below is a link to some additional information that might be helpful. Its nice of you to help your niece and DH. Best of luck to them. A link that might be useful: Mortgages: Mortgage Foreclosure Timeline for Day 1 through Day 415 Homeowners have several chances to stop the foreclosure process once it's started. Here are the details to help you keep your house. Facing foreclosure? Try a Workout. If you're in trouble with your mortgage, here are steps to take to work out a solution with your lender. 8 Do's and Don'ts for Fighting Foreclosure What to do and what to avoid in order to avert a financial disaster. www.stretcher.com/critical/index.cfm
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Billl
12 years ago
If you don't like the way they do business, refi with someone else. There are some amazing deals out there right now.
joe_mn
Original Author
12 years ago
the whole banking/home loan industry is in an uproar. so many defaults. many cases of fraud. crazy home values dropping like a rock. last year bank said in 1 yr you can do this. turns out things changed. nothing was promised to me. only made aware that in the future i could do it again.

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