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HARP refinance

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Jay968

Member
What is the name of your state (only U.S. law)? California

While I have no idea if this is the right place for this, let me try...

Our lender (Wells Fargo) approached us about 3 months ago, offering to refinance under Obama's HARP program. They said we qualified, and all seemed good. About a month ago, we got a letter saying "congrats, you are approved....." and that we would receive the loan docs which must be returned by Oct 24 to keep the rate locked in.

Well to make a long story short, it is now 3 months after the start of this entire process, we are a week after the date that those documents were to be returned to Wells Fargo and we still have not received those docs. We have called on almost a daily basis asking what the delay is about and all we are told is that the docs are at the underwriter and there is no way for them to contact the underwriter and that we have to just sit tight and wait for them.

We have concluded that in reality there is no way Wells Fargo wants to make this loan happen since we would be ending up paying them less for our total mortgage and that this entire HARP program, while having had good intentions is being abused by the banks who have no real interest in making it work.

So, my question is, can anyone provide any advice here? We have tried contacting our congressman, and a senator but no one really seems interested.

By not providing us with the loan docs, after having sent us that "approval" letter, is the bank under any obligation to follow through? Is this some kind of breach being that they essentially told us we qualified? Is there ANYthing at all that we can do?
 


nextwife

Senior Member
Did the letter contain any conditions? Such as clear title, verification of stated incomes, etc., which might not have been met?
 

Jay968

Member
No. The letter said something to the effect of "congratulations, your loan has been approved." We had to submit tax records, employment stubs, and I know for fact that our employment was verified. Everything was met.

Ever since then, nothing! Just responses to our calls..."it is at the underwriter, you just have to wait." So again, we are now past the deadline for when we were supposed to have gotten the loan docs signed and back to them, but we still haven't even received these loan docs.
 

nextwife

Senior Member
So have you actually gone back and read the letter carefully? Are there any mortgages/liens/judgments behind this loan?

You DO realize how totally and utterly BURIED the people in these departments are with such requests? Many of these banks and servicers are trying to get by with about the same number of personnel handling these default loans as four or five years ago? Their people can only do so many files in a day, even when putting in extra hours.
 

Jay968

Member
Yes the letter is quite clear. There is nothing whatsoever which would indicate any reason to hold up our loan. Yes I do realize what you say but we keep talking to the loan officer almost daily and we keep hearing the same song and dance, that there is nothing they can do, it is in the hands of the underwriter and we must sit tight. When asked what happens since we have missed their deadline we were told to just wait it out, submit the docs when we get them and then they will determine if we qualify (keep in mind that we have been told numerous times that we already qualify and that we are still good to go). So it appears that once we do get the docs (if ever) we will be told that the process must start over again from scratch since we missed the deadline...it's almost obvious that this is what will happen.
 

Jnzy111

Junior Member
Give up on Wells Fargo, they suck...

They have been doing the same thing to me for a year now..



What is the name of your state (only U.S. law)? California

While I have no idea if this is the right place for this, let me try...

Our lender (Wells Fargo) approached us about 3 months ago, offering to refinance under Obama's HARP program. They said we qualified, and all seemed good. About a month ago, we got a letter saying "congrats, you are approved....." and that we would receive the loan docs which must be returned by Oct 24 to keep the rate locked in.

Well to make a long story short, it is now 3 months after the start of this entire process, we are a week after the date that those documents were to be returned to Wells Fargo and we still have not received those docs. We have called on almost a daily basis asking what the delay is about and all we are told is that the docs are at the underwriter and there is no way for them to contact the underwriter and that we have to just sit tight and wait for them.

We have concluded that in reality there is no way Wells Fargo wants to make this loan happen since we would be ending up paying them less for our total mortgage and that this entire HARP program, while having had good intentions is being abused by the banks who have no real interest in making it work.

So, my question is, can anyone provide any advice here? We have tried contacting our congressman, and a senator but no one really seems interested.

By not providing us with the loan docs, after having sent us that "approval" letter, is the bank under any obligation to follow through? Is this some kind of breach being that they essentially told us we qualified? Is there ANYthing at all that we can do?
 

Jay968

Member
So today, lo and behold, we actually got our closing docs.....but the address of my employment is wrong! <groan>

Since there is a note in the docs stating that if anything in the docs is incorrect, the loan can be canceled.

Am I right in saying that we should NOT sign and demand that the docs be rewrittedn asap?
 

Jay968

Member
Just some more info...the year in which the house was built also does not match the date that Wells Fargo has in the paperwork.

We spoke with a representative this morning who told us that these mistakes are not important. They say that the page listing these is only informational, and we can even cross out the mistakes and correct them ourselves if we like.

Should I believe this and do as they say?
 

doberman8u

Junior Member
Jay968, I am about to go through the same attempt via responding to WF's letter offering to refinance my current loan with them through the HARP program. I attempted a normal refi through Wells almost exactly a year ago and was too upside down on my mortgage to qualify without a bringing a huge payment to the table.

Anyhow, did they do an appraisal on your property for your HARP refi?
 

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