Reply
Platinum Super Contributor
buyinghouse
Posts: 5,890
Registered: ‎04-23-2011
0

Wells Fargo giving $20K to first time homebuyers in the Bay Area!

Gold Regular Contributor
lexa
Posts: 1,995
Registered: ‎05-13-2009
0

Re: Wells Fargo giving $20K to first time homebuyers in the Bay Area!

i like that settlement which set this conspiracy give away...

 

why not give it back to taxpayers or shareholders? Nope, they'll give it to those selected borrowers who are in the know and able to spend those particular 2 days with them...

 

why Government accepted this deal? why has it denied compensation to all others? Ocne answer - criminal crony capitalism we have here.

Gold Super Contributor
Jil
Posts: 3,209
Registered: ‎10-24-2011
0

Re: Wells Fargo giving $20K to first time homebuyers in the Bay Area!

There is a catch, if they are new buyer (2012 buyer) and the property is valued less than loan (like short sale), they will be given 20k free. Those who gets it needs to maintain their mortgage, not to file short sale, for next five years. Otherwise, they won't get it free.

 

This condition was not so clear, but it is mainly to stop people filing short sale in future.

 

This was told in ABC news.

Platinum Super Contributor
buyinghouse
Posts: 5,890
Registered: ‎04-23-2011
0

Re: Wells Fargo giving $20K to first time homebuyers in the Bay Area!

  Well, this is a down payment assistance. Strict guidelines for whoever applies, good credit history and they are going to use it if they buy a home. That is if they find one, even though I noticed the cities these people are coming from are not having the bidding wars we have over here.