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SmartMoney, not sure about anyone else in the program but we are current. We spoke to the bank, the HOPE program, no one would help us BECAUSE we haven't defaulted. They said if we had missed payments maybe it would be different...so we're basically being punished for being resourceful enough to figure out how to stay current so we don't ruin our credit. We don't want to default just so they will work with us, I guess that is why we signed up with JW in the first place. Why do you ask?
Desperatehomeowner, look at your contract again. I believe it will give a range as mine does. It says 7%-25% real market value equity. The 25% was the best case scenario. And depending on how big your mortgage is, even 7% being the worst case scenario is still a significant amount. HTH!
Learning101, us sniping back and forth isn't helpful to anyone. I'm gald to hear that you want our program to work out. So do we.
TimTheGuy, We are not a scam. Once and for all. We have honored our contracts and will continue to do so.
Everyone, negotiations take time. I'm frustrated too. I paid to have my Wells Fargo mortgage reduced in Aug. of '08. Obviously, if I chose, I could get my money back but I've waited this long and I'm going to see it through. Getting $2500 back (the cost in '08) gives me $2500. Getting this negotiation done will give me thousands upon thousands back. I've already spent it, I WILL get a return on that money. I, like all of you, wish the stupid banks would just take our first offer and be done with it, but, honestly, does it really surprise any of you that these banks -that acted so recklessly only to get bailed out- wouldn't do the right and smart thing without absolutely having no alternatives? If they wait, with a housing market in a free-fall (don't believe the media spin, people are foreclosing every day), they will get even less money from us and your adjusted mortgage balance will be even smaller than we originally talked about. Think about how much more money we would have had to pay if they'd taken our offer 6 months ago.
Banks are stupid, and it pisses us off too! Fortunately, their cooperation is inevitable. Hang in there everyone.
To all posters other than Erec, has anyone requested a refund?
Learning101, us sniping back and forth isn't helpful to anyone. I'm gald to hear that you want our program to work out. So do we.
TimTheGuy, We are not a scam. Once and for all. We have honored our contracts and will continue to do so.
Everyone, negotiations take time. I'm frustrated too. I paid to have my Wells Fargo mortgage reduced in Aug. of '08. Obviously, if I chose, I could get my money back but I've waited this long and I'm going to see it through. Getting $2500 back (the cost in '08) gives me $2500. Getting this negotiation done will give me thousands upon thousands back. I've already spent it, I WILL get a return on that money. I, like all of you, wish the stupid banks would just take our first offer and be done with it, but, honestly, does it really surprise any of you that these banks -that acted so recklessly only to get bailed out- wouldn't do the right and smart thing without absolutely having no alternatives? If they wait, with a housing market in a free-fall (don't believe the media spin, people are foreclosing every day), they will get even less money from us and your adjusted mortgage balance will be even smaller than we originally talked about. Think about how much more money we would have had to pay if they'd taken our offer 6 months ago.
Banks are stupid, and it pisses us off too! Fortunately, their cooperation is inevitable. Hang in there everyone.
How do you know it is the right thing for the banks to take these offers?
It is stupid not to take someone's 1st offer?? I call that smart.
Accepting 35 cents on the dollar is what sounds stupid to me.
Their cooperation is inevitible?? maybe in your mind.
I have not requested one yet but in expressing my frustration to my rep, he did let me know all I have to do is say the word and he would get me a full refund. We have not been waiting very long and my husband wanted to wait and see what happens.
I'm not worry about not getting the money back, just that the bank might be taking too long to accept the deal. I've stop making payment on my house. They need to accept the offer soon because I'm not giving them another dime. I'd just have to rebuild my credit like everyone else out there who foreclose. There are millions out there.
Why should I ask for a refund? My money back is of little concern. However, when this goes through I will be the happiest person on earth. I have no other options. With JWFS, I actually can get equity in a home where I am currently 170K upside down. That will be a miracle. I'm waiting and I am excited for a resolution.
7/14/09.... Wells Fargo sold $600 million in loans for $0.35 on the dollar, however, I don't know if any principle reductions will be passed on to those clients or not!!
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Wells Fargo sold $600 million in mostly non-performing subprime loans to Irvine, Calif.-based Arch Bay Capital, National Mortgage News reported, citing sources familiar with the sale.
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35 cents on the dollar..... may be a good deal!!
