Comments on: Making Home Affordable Plan http://mcarforum.com/2009/03/making-home-affordable-plan/ MCAR Blog & Forum Mon, 28 Sep 2009 21:14:11 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Alex http://mcarforum.com/2009/03/making-home-affordable-plan/comment-page-1/#comment-154 Alex Wed, 22 Apr 2009 16:58:42 +0000 http://mcarforum.com/?p=59#comment-154 Based on the questionnaire on http://makinghomeaffordable.gov/refinance_eligibility.html I am eligible for refinancing, however Wells Fargo has rejected my request to refinance; they said they did so because I am paying PMI. They said they have added additional eligibility requirements (on top of government requirements) which does not make sense at all because apparently this program was designed for those people who cannot refinance because they do not have 20 % (or more) equity in their homes. By creating conditions like this effectively Wells Fargo has eliminated millions of people from the program which originally were supposed to benefit from it. The funny thing is that afterwards someone from Wells Fargo contacted me and offered “regular” refinancing, which of course means paying several thousand dollars as closing costs! Unfortunately Wells Fargo has refused to make these additional requirements publicly known (their related web site does not mention anything regarding this at all; see https://www.wellsfargo.com/mortgage/account/stabilityplan) I have a few questions and appreciate if someone could answer: 1- Is Wells Fargo allowed to add additional eligibility criteria such as this one? 2- Is there any where in the Government (related to this program) that I can complain about this? Based on the questionnaire on http://makinghomeaffordable.gov/refinance_eligibility.html I am eligible for refinancing, however Wells Fargo has rejected my request to refinance; they said they did so because I am paying PMI. They said they have added additional eligibility requirements (on top of government requirements) which does not make sense at all because apparently this program was designed for those people who cannot refinance because they do not have 20 % (or more) equity in their homes. By creating conditions like this effectively Wells Fargo has eliminated millions of people from the program which originally were supposed to benefit from it. The funny thing is that afterwards someone from Wells Fargo contacted me and offered “regular” refinancing, which of course means paying several thousand dollars as closing costs! Unfortunately Wells Fargo has refused to make these additional requirements publicly known (their related web site does not mention anything regarding this at all; see https://www.wellsfargo.com/mortgage/account/stabilityplan)

I have a few questions and appreciate if someone could answer:
1- Is Wells Fargo allowed to add additional eligibility criteria such as this one?
2- Is there any where in the Government (related to this program) that I can complain about this?

]]> By: Raye Ann Houx http://mcarforum.com/2009/03/making-home-affordable-plan/comment-page-1/#comment-113 Raye Ann Houx Sat, 21 Mar 2009 16:02:42 +0000 http://mcarforum.com/?p=59#comment-113 Is this exclusively available to only Fannie Mae and Freddie Mac existing loans? Is this exclusively available to only Fannie Mae and Freddie Mac existing loans?

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