BofA says WF will re-mod to 30 yr fix @ 5.25%

beaver · 08-10-2009, 06:23 PM

A BofA negoatiator has informed me the best my investor (Wells Fargo) will re-modify my loan is a 30 year fixed @ 5.25%. If offerred, should I accept? I see some loans as low as 2.0% and some not at all. I am searching for anyone with knowledge of WF being the investor and their ability to deal. Currently, I have a negative option ARM @ 4.85%; and have experienced financial hardship.

Evan Bedard · 08-10-2009, 06:40 PM

Hi beaver welcome and thank you for joining the forum.

Quote:

A BofA negoatiator has informed me the best my investor (Wells Fargo) will re-modify my loan is a 30 year fixed @ 5.25%. If offerred, should I accept? I see some loans as low as 2.0% and some not at all. I am searching for anyone with knowledge of WF being the investor and their ability to deal. Currently, I have a negative option ARM @ 4.85%; and have experienced financial hardship.

This one is really up to you, if you feel that this modification will help you in the long run then I suggest you take it. If the payment is still unaffordable and you will not be able to make these payments then you should try to renegoitate for better terms...

beaver · 08-10-2009, 08:58 PM

Thanks for the response. The problem is I own a small lumber wholesale company and income is poor and unpredictable.

yaya01 · 08-11-2009, 08:09 AM

5.25% for the life of the loan was what they offered me back in December. The CW negotiator said that it was all WF was willing to do. I declined and went to NACA in January but still waiting.

I would have taken the 5.25% fixed a year ago but after our property value dropped more than 350K and 200K+ underwater (we purchased before the bubble) we decided it was not worth staying unless we got a really, really good deal.

So, It all depends on your situation. I have seen other people get 2% from WF but that has not been our case and still waiting.