Anonymus Posted January 10, 2009 Report Share Posted January 10, 2009 After talking with a couple of banks I cannot refinance due to money owed vs. house worth. So after talking with Wells Fargo today, they guy recommended calling a company associated with them and sing a sad song. Perhaps I could get 1/2% lower. My question is:What is this called? If I do it, what should I be aware of, for example does my credit report get a note on it like you do when you are dealing with debt consolidation type people (I learned the hard way on that one). Does this work, he said he has seen mixed results. Link to comment Share on other sites More sharing options...
someonesomewhere Posted January 22, 2009 Report Share Posted January 22, 2009 Wells Fargo tends to be a very conservative lender. Place where I work is also a very conservative lender; however, I know we are working with borrowers who ain't making it to adjust loans, and these aren't even anything remotely close to some of the toxic sub prime loans out there. In really desperate times, even conservative lenders can turn into realists who conclude it's better to keep you in the house and paying something. Link to comment Share on other sites More sharing options...
jq26 Posted January 22, 2009 Report Share Posted January 22, 2009 Why are you trying to refinance? And what state? Link to comment Share on other sites More sharing options...
1time2many Posted January 23, 2009 Report Share Posted January 23, 2009 OP, you might consider calling your mortgage co and applying for a loan mod.This could reduce your interest on the loan to help reduce the monthly payments. Link to comment Share on other sites More sharing options...
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