Wells Fargo and Mortgage Refis

[willbfree]

Hello all! I thought I would share something with everyone that I learned today from Wells Fargo's Home Mortgage. I was informed that Wells Fargo has recently changed their refi requirements for Chapter 7 bankruptcy customers from a 2 year period to a 4 year waiting period. So if you have a Ch 7 on file Wells Fargo is going to require you wait the full 4 years before they will work with you on a mortgage refi. This is info I learned straight from the WF rep's lips. No rumor, no gossip. Wells Fargo rep said this was a new policy.

So fair warning if you are thinking about doing a Chapter 7 bk and also want to do a refi I would suggest you do the refi first and not say a word about your Chapter 7 plans.

I wish for you all a smooth and painless bk process. Just wanting to get Wells Fargo's newest policy out on the internet and indexed so people doing searches will get this information.

[liz417]

Hmmm, I have Wells Fargo Mortgage, so thanks for the info....

[flnybk]

They make you wait 4 yrs before they will work out a refi with you? Or what? They will foreclose?

[liz417]

I was hoping to do a loan mod with them, but I doubt they'll work with me as I was discharged last month. I guess since I never reaffirmed the loan, I always have the option of "walking away" at a later time. I don't understand these loan mortgage companies, instead of working with you, it seems like they just want to foreclose on the property and get pennies for the property...

[2manybills]

I was hoping to do a loan mod with them, but I doubt they'll work with me as I was discharged last month. I guess since I never reaffirmed the loan, I always have the option of "walking away" at a later time. I don't understand these loan mortgage companies, instead of working with you, it seems like they just want to foreclose on the property and get pennies for the property...

I agree liz. It's just like the credit card companies. They almost force you into filing BK. What is the story with these guys?

[willbfree]

Wells Fargo has definitely not made friends with this latest policy change. Considering how much federal bailout money WF received it's hard to believe that the federal govt has not started pushing harder on Wells Fargo to work with existing customers. We did not reaffirm and WF had to write off our mortgage for the record yet we haven't missed a single payment. Never even been a day late on any payment. So I have issues with the new loan refi policy.