Wells Fargo Loan Modifications and Refinancing

Wells Fargo Loan Modifications and Refinancing

     It seems that Wells Fargo Bank and Wells Fargo Home Mortgage are finally stepping up to the plate to help some of their customers through this housing crisis. They seem to have some new programs to help out some homeowners that need the help. Either by refinancing you to today's lower rates or getting you into the new HARP program and doing a modification on your loan. Now no matter how you feel about it and let me tell you I definitely have some strong feelings about this whole ordeal. I have strong feelings about the banks being bailed out and then their top executives getting huge raises while their company stock values plummeted. At least it seems like Wells Fargo is starting to do some loan modifications and refinancing.

Wells Fargo Mortgage 

Wells Fargo Mortgage has been making calls over the last two weeks to their mortgage holders that have underwater mortgages. Then they try to get them to refinance at the current market rate. For no cost out of pocket. No closing costs, no points, Nada. The only cost is a ten dollar notary fee. That has got to be the cheapest refinance you have ever done. This is a really great deal. It's basically if you have an underwater mortgage and you are current on your payments for the last twelve months which is pretty cool since this is the first deal that I have seen for people who are current on their mortgage. Usually you have to be behind on your mortgage at least three months before they will talk to you. For me this deal will not work out since my mortgage is on a rental property but if your mortgage is held by Wells Fargo Mortgage and it's owner occupied and you are current on your payments for the last twelve months you should be good to go on this deal.  

Wells Fargo Mortgage Assistance

     Wells Fargo Home Mortgage is starting to hold two day workshops. Starting in the San Francisco Bay Area. They are called Home Preservation Workshops. Wells Fargo Home Mortgage specialists will try to help people hold onto their homes. These specialist expect to try to help approximately 11,000 people with their mortgage problems. Last time they did one of these workshops about two out of three people who showed up for the workshops were able to have some type of fix for their mortgage. They will accomplish this either through the type of program above where they refinance the home for today's rates at no cost or the HARP programs which offers mortgage payment of twenty one percent of their monthly income. Also in some cases they are offering some customer new 40 year mortgages. In some cases these new loans or longer mortgages will not be able to help the customer out. However this is a sign that the big banks are trying to do more than just take your house and sell it for whatever they can get for it. Which is a really good sign.


  Building castles in Spain, a photo by Esther Gibbons on Flickr.