I did a cash out refinance with Wells Fargo in 2006.24 hours before settlement I was told due to my numbers I had to be placed in an adjustable rate mortgage. I was told "not to worry" and that I would refinance in 2008. I already paid for the appraisal fee.
No dice! In May tried to refi into a lower fixed rate, my home appraised lower than what is owed, WF would not take a short sale to refi me. I advised due to the down swing in business the current high interest rate is unaffordable. And it will only get worse when my rate goes higher. I tried to get them to modify rate and I got denied. I went back to WF. I had to claim hardship and sent my P & L and other financial information they requested. I got denied again with real lame excuses.
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