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Answers (15)
Best Answer
- user844758
- Contributions:1
OK, I also got the same letter and called WF today (Feb 29th). After doing a detailed analysis of the loan and the offer, I computed that I should be getting about $8K back in principal payments for credit. The lady at the bank came up with about $2.3K. So I asked her to explain how the bank came up with the number. This is when things got very interesting. She said that she can't tell me how she came up with the number unless I sign and send her an irrevocable authority to go ahead and select the option they have offered! I have two Masters Degrees including an MBA. I went back to my spreadsheet and recalculated the totals and I am right. I then asked to be connected to a senior supervisor. After about 5-7 minutes, Chris came on the line and explained to me that the formula they used is "proprietary" and he can't share that with me! To make a long story short, I did not get anywhere with them. I got the Fax number where I can send a complaint Attn: Office of the President - 210-509-1174.
I am not going to switch my loan index. The Freddie Mac COF index is based on the Treasuary bill and notes, both of them will be going up after the current financial crisis. Even though the 11th District COFI index has lost Wachovia (with low rates), my guess is that its index will remain more subdued as it is essentially what the banks pay for savings, etc. to depositors. My guess is that they are not about to increase what they pay. I think that if their cost rises, they are going to reduce what they pay or at best, to compete, they will raise it a little bit.
So I will stick with the COFI of the 11th District for now and may be refinance the full loan later. Hope this was helpful.
I am not going to switch my loan index. The Freddie Mac COF index is based on the Treasuary bill and notes, both of them will be going up after the current financial crisis. Even though the 11th District COFI index has lost Wachovia (with low rates), my guess is that its index will remain more subdued as it is essentially what the banks pay for savings, etc. to depositors. My guess is that they are not about to increase what they pay. I think that if their cost rises, they are going to reduce what they pay or at best, to compete, they will raise it a little bit.
So I will stick with the COFI of the 11th District for now and may be refinance the full loan later. Hope this was helpful.
- GretchentheGardener
- Contributions:4
Ok everyone we can now refer to WF as "What the F" bank. Yes, I got the
runaround similar to user844758. I couldn't understand why they couldn't explain the banks calculation either..I didn't change my index. (gut feeling.. Master Gardener not MBA.)
We are fortunate that our values are better than most. and we will re-fi away from "W the F" sooner than later.
Good luck to all. g
runaround similar to user844758. I couldn't understand why they couldn't explain the banks calculation either..I didn't change my index. (gut feeling.. Master Gardener not MBA.)
We are fortunate that our values are better than most. and we will re-fi away from "W the F" sooner than later.
Good luck to all. g
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
Always trade if Monty gives you a chance, you'll win twice as much.
And the value of your property is...
- Clay Branch, "Georgia Loans"
- Contributions:7839
Professor, I have the donkey/straw hat algorithm, it's very similar to Zillow's.
New WF modification available...
Feeling lucky?
Disclaimer: The formula used to determine which door the donkey wearing a straw hat is behind, is proprietary.
Feeling lucky?
Disclaimer: The formula used to determine which door the donkey wearing a straw hat is behind, is proprietary.
- Clay Branch, "Georgia Loans"
- Contributions:7839
She said that she can't tell me how she came up with the number unless I sign and send her an irrevocable authority to go ahead and select the option they have offered!
the formula they used is "proprietary" and he can't share that with me
I have two Masters Degrees including an MBA.
Lol, brain power wins. You should put them on double secret probation in case they call or mail again.
the formula they used is "proprietary" and he can't share that with me
I have two Masters Degrees including an MBA.
Lol, brain power wins. You should put them on double secret probation in case they call or mail again.
- GretchentheGardener
- Contributions:4
Thank you all so much for your responses... super helpful..
I googled the 800# on the notice... It was a Wachovia #.
I called Wells Fargo# directly and Ryan "read by script" the program to me.
Here goes: Zilluminati, yes, it seems WF IS trying to lessen responses not only by looking sketchy but by not putting a date on the letter or by not postmarking the envelope... this seems fraudulent! Especially when i was told by Ryan the due date was 29FEB12.(I count 23 days). When I asked who I could complain to about the notice, dates etc.. he responded, "The Federal Housing Authority". Weird.
So, it seems Wachovia customers are being offered this due to the WF takeover last Feb. My one time reduction is $1,631.24 and it sounds like they spread it out for the remainder of the loan (228 payments) so $7.15/month. Weird
I'm still not sure what to do...
I googled the 800# on the notice... It was a Wachovia #.
I called Wells Fargo# directly and Ryan "read by script" the program to me.
Here goes: Zilluminati, yes, it seems WF IS trying to lessen responses not only by looking sketchy but by not putting a date on the letter or by not postmarking the envelope... this seems fraudulent! Especially when i was told by Ryan the due date was 29FEB12.(I count 23 days). When I asked who I could complain to about the notice, dates etc.. he responded, "The Federal Housing Authority". Weird.
So, it seems Wachovia customers are being offered this due to the WF takeover last Feb. My one time reduction is $1,631.24 and it sounds like they spread it out for the remainder of the loan (228 payments) so $7.15/month. Weird
I'm still not sure what to do...
- Andrew Adams, "203K Specialist"
- Contributions:9349
Call customer service from your last statement. Any number on what you received could be bogus.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Mortgage Experts, Aren't those two indexes as nearly interchangeable as any two existing ARM indexes? Most of the mail I ever received, from being involved in a Class Action against Countrywide, was fairly well recognizable. Maybe Wells Fargo is trying to lessen responses by looking sketchy. Interesting question.
- sunnyview
- Contributions:25139
I would call the customer service number on the notice, but I would give them NO private information to start with. If you are part of a class action, they should already have your basic information to contact you and should be able to give you basic information. Ask a lot of questions and do a gut check with everything they tell you. Hang up, ruminate on it and then wait a day before you decide whether or not call them back. I would also call Wells Fargo directly and ask them if they know anything. They may, they may not, but you need to run it past them. The whole thing about the principal reduction sounds fishy, but check it out for yourself.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
Suspicious, but COULD be part of the Pick a Pay class account Settlement. Definitely worth calling customer service to inquire further.
- Ray Blindauer, "SigmaWealth"
- Contributions:246
I would trust your instincts. I would also call Wells Fargo.
- Clay Branch, "Georgia Loans"
- Contributions:7839
There are multiple PO boxes with the same zip code relating to class action lawsuits. Do you have a Neg Am loan, aka Pick a Payment?
- Dave Skow, "daveskow"
- Contributions:1105
agreed
What is this? Notice of Option to Change The Index On Your Adjustable Rate Mortgage Today I recei
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