having problems with refinancing with same bank / mortage company ( Wells Fargo)

[safetylea]

I bought my home in Oct 06'. I used my bank for the mortage . They were so eager to get my business. I got a 80/20 mortage. Meaning 80% of the price for the home on the first mortage and 20% of the remaining price for a 2nd mortage.

They were at 8.125% for the 1st and 8.99% for the 2nd. They told me after 1 year, if my credit score was the same or higher, I made all my payment on time and the same or better income, that they would refinance my home at a lower % rate.

 Well from Oct 06 to Oct 07, I did just that. My credit score was higher, I made 24 payments on time ( directly taken out of my checking account) and my income was higher. Well here we go, they will not refinance my home, said I did not have  stable work! I am self employeed and have been for over 21 years. I supplied them with my w-2's for the past 2 years when they told me this. Then they said well we will try a FHA loan. Then the bank called me back and said " FHA will not refinance your home because you have a water well"

Then they said they would go back to the original and try again to refinance, that was 3 weeks ago.

 I called yesterday and the right hand is not in contact with the left hand. The right hand did not know anything about the FHA attempt, and they also did not know about appra. people already came out and the value of my home is now worth more than when I bought it. Some $36,000 more.

I was not trying to get more money I just wanted to refinance at a lower rate to safe money.

 Then I even tried to get them to refinance my truck ( which was with another bank) No word on that either. They got mad at me when I told them not to run a credit check, that they already had one on the house refinanceing they were "trying to do"

So here it is now end of Feb/ start of March and no word from my bank.

 I was good enough to get the house, but not good enough to refinance at a lower % rate!!

Again my home is worth more than when I bought it $186k to $150k, asking just to refinance without any extra money, credit score is higher, have w-2's for past 2 years showing big income.

So why the big hassel from my $%%&#%% Bank??

The name of the $&&*&^ bank----- Wells Fargo.

Any reply  from others ???????????????

[Anonymous]

Hi safetylea, and welcome to the forum.

Sorry to hear of the bad news. I wish I had some words of wisdom for you. Unfortunately I'm not up to speed in the mortgage area.

I would suggest that W.F. is getting the jitters, like all other mortgage companies due to the mortgage meltdown just about everyone is facing. I don't think any lender is escaping the massive defaults....and unfortunately their wrath has trickled down to you, unjustifiably so.

It appears you are doing every thing right. Don't give up, and keep looking. There's bound to be someone out there willing to take a good look at you.

Good luck!

P.S. You might want to go over to the Mortgage forum here, and pose that question. it really belongs over there.

Message Edited by Sylviatob on 02-29-2008 03:31 AM

[Anonymous]

Sorry to say- WF is the LAST place I would go to-

Shop them-

[BallBounces]

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Timothy wrote:

Sorry to say- WF is the LAST place I would go to-

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Just curious, why?  Rates, service, inflexibilty?

[Anonymous]

Many,many reason BUT I will stick to the core items-

When I first move to AZ 10 years ago- there was this awesome little bank-

more like a CU, they knew me by name, no problems.

Then Norwest bought them- same bank, same people for a little while- then closed the branch- Norwest was OK- I delt with it

I got no service but no mess ups-

Then Wells bought Norwest- and it went down hill-

OD fees when I had over 10K availible (not just deposited - availible) in my checking account, would not post my deposits in any resonable time frame, BS charges I never agreed to. Don't even get me started with the CC-

It closed ALL of my accounts with them- NEVER again.

The only Bank IMO worse than Wells is Compass -

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VistaV wrote:

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Timothy wrote:

Sorry to say- WF is the LAST place I would go to-

---

Just curious, why?  Rates, service, inflexibilty?

---

[BallBounces]

Thanks for the reply.  I can identify with literally everything you wrote.....

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Timothy wrote:

Many,many reason BUT I will stick to the core items-

When I first move to AZ 10 years ago- there was this awesome little bank-

more like a CU, they knew me by name, no problems.

Then Norwest bought them- same bank, same people for a little while- then closed the branch- Norwest was OK- I delt with it

I got no service but no mess ups-

Then Wells bought Norwest- and it went down hill-

OD fees when I had over 10K availible (not just deposited - availible) in my checking account, would not post my deposits in any resonable time frame, BS charges I never agreed to. Don't even get me started with the CC-

It closed ALL of my accounts with them- NEVER again.

The only Bank IMO worse than Wells is Compass -

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VistaV wrote:

---

Timothy wrote:

Sorry to say- WF is the LAST place I would go to-

---

Just curious, why?  Rates, service, inflexibilty?

---

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[Anonymous]

Seriously, I would call the person that you talked to that said that they couldn't refi and tell them straight up that if they can not refi in the next week you are going to take your loan elsewhere. You are allowed to take your loan to someone else who will offer you a lower rate. The threat of them losing all that money should at least wake them up a little. Personally, I agree I hate WF. I had an account that went into the negative and even though they got rid of most of the fees I was still in the negative. I paid it off in two months and they still closed the account and said that I could never bank with them again.