Update 8/4/2009:
Mortgage Modifications Moving At A Snails Pace. What a surprise! But, the real story isn't being reported... why isn't anyone reporting that Wells Fargo is hurting people's credit and taking away homes by telling everyone they won't help until they are late on payments? And then, after your credit has tanked, they deny a modification!

Interest rates are the lowest in four years, foreclosures continue to skyrocket, banks continue to crumple, taxes continue to go up and I want some help.  I have a fixed 30 year mortgage with Wells Fargo at 6.375%.  I have never missed or been late for a single payment in the 3 years we've had them.  Same story for the four years in our last house with a different loan.  I'm a wet dream for a bank in this economy.  With all the bad in their portfolio they need me.  Armed with that argument I called Wells Fargo this morning. 

 

After about 15 minutes on hold they took my information and a few hours later a local refinance specialist called me back.  I explained I was looking for a lower rate at with the same 30 year fixed and he told me he could get me a 0 point loan for 5.25%!  I was skeptical since he hadn't actually asked for my account number so I said: "Does that mean we qualify for a conforming loan".  He asked what my principal was and aftwerwards he said "oh, that changes it."  He did some quick looking up and came back with "It's the same rate with the special conforming (under 729k but over 417k), 0 points for 5.5%."  I nicely pointed out that that is actually a quarter point higher and he sort of shrugged it off.  Testing my luck I asked, "Do I have to have 20% equity in the house for that rate?" to which he replied "Yes."  Oops, another strike against him - as with everyone else, I don't have 20% equity anymore.  When we bought the house we put 26% down; zillow now says the house is worth $10,000 less than we owe on the house.  So, I personally have lost over $200,000 in the past 2.5 years and haven't asked the bank for anything.  Armed with yet another piece of this puzzle, I asked the salesman what my options are.  None, nada, zip.  Wells Fargo will not help me out.  He did give me another number to talk to the Loan Modification department.

Fast forward a few hours to the rude people in the Loan Modification department...

I talked with a lady there and started out saying that my interest rate was high and I wanted them to lower it.  She laughed at me and said "did you say it was 'high'".  Assuming she was high (in another sense) I said, "Yes, it's high.  Your bank offered me 5.25% this morning for 0 points but I don't qualify because I don't have enough equity in the house anymore."  She told me there was nothing they could do since I was a good customer.  Seriously!?  "There is nothing we can do because you are a good customer."  What the hell is wrong with the corporate world?  She said I would have to be deliquent on my payments in order to qualify for them to modify my interest rate.  She made it very clear that I have to continue to be a good customer and make my payments on time but that because of that, they can't help me out.

Wells Fargo would rather me walk away from them than help me with a lower payment.  And there isn't a person in the world that cares about my "plight."  Someone from Wells Fargo, please tell me why you want to get rid of a good loan on your sheets because you don't want to give me even a 6% loan?

The Brett Jones experiment has been going swimmingly.  I went from not being listed to the 5th result searching for my name on Google.  I'm impressed!  Now the real test will see if I can slink back down to obscurity.

 

 

 

"It works like this: if you use Flickr, go to the sixth page of your photostream and pick the sixth picture there, then post it to your blog."

 This picture was taken on the Road to Hana in Maui.

I keep getting comments on my postings that say Busby SEO Test. I've been deleting them because they looked like spam.  I googled Busby SEO Test and after a little while found out it was some contest about how how you can get in the rankings with the term "Busby SEO Test".  So with coming in a month.5 late on the contest, I throw down the guantlet and will be happy with a top 20 ranking.  So be warned, I will remove all comments that mention this because I don't want to help you win my money.  ;)

 

Good luck,
Brett Jones

 

PS: One of the rules requires this blatant ad: Participant in the Busby Web Solutions Search Engine Optimisation Challenge.

For months my phone refused to sync with ANY computer.  I plug it in, it loads the drivers and then nada.  Activesync can't see the phone on any computer.  I'm also using wireless Activesync to sync up my email at work through Exchange 2003.  I googled around and couldn't find a definative fix so I followed them all.  Upgrades, downgrades, hacks and even dancing around singing Joy To The World while rubbing my belly.  Nada!

I did stumble across someone saying something about having more than 100 contacts in Outlook.  Well, I had my phone plugged in and Activesync sat there with it's defiant grey "not connected" symbol laughing at me.  I started to delete old contacts and merging some (do I really need 5 separate contacts for one person??) and after a few the Activesync turned to a happy green and started it's hypnotic spin.  Viola!  

So the fix is keep your contacts under 100.  Since I'm at 99, I'm not allowed to meet anyone ever again - I think I'll be OK with that.