Wells Fargo & Hope For Homeowners

I have Lost 270K in Equity in the past 2 years My Mortgage was a 3/27 and I had a prepay for 2 years , well sure enought the house prices tanked in my area ( Stockton, ca 95206) and everyone in my neighborhood ran away and forclosed and dropped the value of my house to 160K according to zillow I have wells fargo and they converted my loan to a 28 year fixed and keep the interest rate @ 8.375% which is 2653.90 a month , I cannot AFFORD this on a month to month basis and I was looking to do a Short Refi , but Wells Fargo does not do them ?

What is going to happen with the Project HOPE that was Signed into law this Oct ? how can this help me get out from under this Expensive loan ?

Joseph

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Hello Joseph,

Project Hope has to do with Healthcare and has been around for fifty years.  I’m guessing you meant Hope For Homeowners. 

Don’t let Wells Fargo tell you they are not participating in the program.  I’d recommend contacting Ms. Mary Coffin, Executive Vice President, of Wells Fargo Home Mortgage who made the following comments on September 17, 2008 at the Committee on Financial Services U.S. House Financial Services:

And now, before us is yet another solution – Hope For Homeowners.  To prepare for the program’s launch, we have already established both a team of experts who understand what we believe the criteria will be and a dedicated toll-free customer hotline.

In response to your request for a moratorium for those who could potentially benefit from this program, we mailed letters to our customers we believe could be eligible and were scheduled to enter foreclosure this month.  We told them their foreclosure sale would be stopped until at least October 15.  By then, we intend to reconnect with them to confirm their qualifications and see if they are interested in the program. 

Based on assumptions about the final criteria, we estimate as many as 30,000 to 40,000 customers who might not reach affordability from other solutions, may qualify for Hope For Homeowners.  You have our commitment that we will work with our borrowers to find the optimal solution for affordability, and we will use this program where it is needed.

Read: FHA Short Refinance

Thanks for the questions and hope this helps.

Paul