No Wells Fargo Refinances for Severely Underwater Homeowners Unless Already a Customer

No Wells Fargo refinances for severely underwater homeowners unless already a customer

by Kim Miller

Wells Fargo said late Monday that because of the “current market environment” it will not offer refinances under the new Home Affordable Refinance Plan to deeply underwater homeowners unless they are already a Wells Fargo customer.

The company, which responded too late to a Palm Beach Post inquiry to make it into today’s story about the floundering HARP 2.0, said the maximum loan to value ratio it will allow for loans not serviced by Wells Fargo is 105 percent.

The loan to value ratio is how much is owed on a mortgage compared to the value of the home. To figure it out, divide your estimated home value by the remaining amount you owe on your loan.

For example, if you owe $150,000 on your mortgage, but your home is worth only $100,000, your loan to value ratio is 150 percent, meaning you owe 50 percent more on your mortgage than what your home is worth.

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6 Responses to “No Wells Fargo Refinances for Severely Underwater Homeowners Unless Already a Customer”
  1. Once upon a time, I had complete faith that our government would protect us, that going as far as federal would certainly put a stop too it! WRONG! One of my loans was owned by federal, was assisted by lender 4+ yrs ago; only to have it slap me in the face!! when it adjusted up and another injury they refused assistance for anything! their rudeness should have been recorded! their persons representing them should have all been at the least reprimanded! Instead treated homeowner like criminal! refused any assistance, claimed that I didn;t live in the home assisted??those facts were already a given. All loans have been purchased by Federal Housing/fannie mae/freddie? throw under the rug all Countrywide/BofA; , even Wells Fargo got into the act only to be repurchased by Freddie/Fannie/Hud first time buyer program/investor selling all properties well below market! forced short sell/foreclosure take your pick! If they think it is over, I am watching 2 neighbors who have held in for some time, good jobs, knowing they are going to default! approximate time; maybe another year! why?? their exact home sold for 600, 400? first time homeowners 175,000?? once upon a time this was a second home buyer neighborhood?? why would you stay!!! and with all of the loans now sold to Federal who is going to help you? ABSOLUTELY NO ONE! Agents are handing out cash for keys to get persons to move out so they can sell!! leaving empty homes for bank buy backs!! this is nothing new!! Help from the banks! Wells Fargo to only help those on their books?? Bank of America?? they have all been repurchased no one is going to help with anything!!! once again homeowners/arescrewed!

  2. Jackson Bane says:

    Ask Edward DeMarco to resign:

    Edward DeMarco

  3. John Stimph says:

    Wells Fraudo gets to do what they want, no surprise there. Obliterate TBTF. OCCUPY!


    Attention All Wells Fargo Bank Employees With Knowledge of Criminal Activity by Their Employer Wells Fargo Bank N.A.

    • 1ofthemany says:

      and when can we move on to the rest to the TBTF rips and why the heck do they just not take the public confirmed reports of fraud. jeezee so many hurdles to jump so little time to smack the crap out of them legally

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