Mortgage refi- appraisal visit?

[LovinPooh]

We started the refi process with WF back in Feb. We got approved, locked in our rate, got the big packet in the mail, good faith estimate... the whole nine yards. The guy told us it would take 2-3 months cause they were so backed up. They even gave us a date of when the first payment would be due. All we had to do was sit and wait for a phone call from the appraiser to schedule an appt. Well after calling repeatedly over and over, the guy called a few weeks ago, now we started in Feb, adn told us that we didnt have enough equity in our house and they were backing out... no appraisal no nothing! WF was a HUGE waste of time.
I hope everythign goes well with you though

 

[Disneyjamie]

We started the refi process with WF back in Feb. We got approved, locked in our rate, got the big packet in the mail, good faith estimate... the whole nine yards. The guy told us it would take 2-3 months cause they were so backed up. They even gave us a date of when the first payment would be due. All we had to do was sit and wait for a phone call from the appraiser to schedule an appt. Well after calling repeatedly over and over, the guy called a few weeks ago, now we started in Feb, adn told us that we didnt have enough equity in our house and they were backing out... no appraisal no nothing! WF was a HUGE waste of time.
I hope everythign goes well with you though

I contacted Chase about refinancing, and they said that with their computation (area I live in and the square footage of the home), my house is worth X, which compared to my current loan, is above the 105% ratio allowed under the Making Home Affordable (MHA) plan (now it is 125%). And because of that figure, they had no programs available to us in our situation.

No appraisal, and Chase didn't care that we totally redid the entire house (baths, kitchen, all new electrical, plumbing, roof, etc.). Because my loan is through Freddie Mac, I have to go through the lender of my original loan under MHA, so in essence, thought I had no options.

So I wrote my congressman saying how MHA is not helping those that are meant to be helped, he wrote Chase (well, his aides did, but it was his letterhead/signature), and Chase called me today saying that they should not have said they couldn't help me without an actual appraisal. That contact at Chase said I should be getting a phone call on what can be done for us in the next day or so, and will update once I have this.

Lesson from this, if it doesn't sound right, do not hesitate to get congressional assistance in your matter. You never know how it could help you in the end.

 

[kydisneyfans]

We started the refi process with WF back in Feb. We got approved, locked in our rate, got the big packet in the mail, good faith estimate... the whole nine yards. The guy told us it would take 2-3 months cause they were so backed up. They even gave us a date of when the first payment would be due. All we had to do was sit and wait for a phone call from the appraiser to schedule an appt. Well after calling repeatedly over and over, the guy called a few weeks ago, now we started in Feb, adn told us that we didnt have enough equity in our house and they were backing out... no appraisal no nothing! WF was a HUGE waste of time.
I hope everythign goes well with you though

We started with Bank of America in January and have heard the same excuses. We FINALLY received a call yesterday regarding an appraisal tomorrow.

 

[Avonlady1001]

We started the refi process with WF back in Feb. We got approved, locked in our rate, got the big packet in the mail, good faith estimate... the whole nine yards. The guy told us it would take 2-3 months cause they were so backed up. They even gave us a date of when the first payment would be due. All we had to do was sit and wait for a phone call from the appraiser to schedule an appt. Well after calling repeatedly over and over, the guy called a few weeks ago, now we started in Feb, adn told us that we didnt have enough equity in our house and they were backing out... no appraisal no nothing! WF was a HUGE waste of time.
I hope everythign goes well with you though

We had a similar experience w/ WF. We have our mtg w/ them now (which went off w/out a hitch)...but that's pretty much how our refi w/ them went. Flat out rude no way in hell. Our guy there & his assistant (who both did our original mtg) were very nasty when they figured out we wouldn't qualify (this was after weeks of "No problem", "We have exciting opportunities for you", "It's almost definite", etc.). They even stopped returning our phone calls...but it did waste about 2 mths that we could've been applying elsewhere....we missed out on those great 4.xx% rates b/c of the time wasted there.

Thank goodness we got approved for an FHA...can't WAIT to get away from WF. (Haven't had any problems w/ our current mtg w/ WF...but there's really no contact. The bill comes, we pay...end of story. I'm just angry at the way we were treated w/ the re-fi.)

 

[Goofygirl17]

I'm sorry some of you have had such a bad experience. I guess I'm lucky that they called the next day to set up an appraisal. I called and rescheduled the appointment for Monday. That way I can do the things I want in the house today and tomorrow and I can have DH do some things on Sunday. I would hate to feel like things could have gone better if I put a little more time and effort into getting the house ready.

BTW, the only experience we have with Wells Fargo is sending our payment in automatically every month. They bought our mortgage from another company and it switched automatically. Although I did have a frustrating experience when I tried to refinance a few months ago when I could have gotten 5% with no fees or closing costs and nobody would call me back.

Thanks everyone!

Goofygirl