What should I do if I think I may qualify for a principal reduction or refinanced mortgage? Contact your lender/servicer and ask them to review your case.So just ask [Wells Fargo} to review your case! And I'm sure they will be perfectly happy to help you and to get less money for themselves! Because banks aren't bad people!
I'm really not sure how it works that "depending on the banks that fucked everyone over to not continue fucking people over" constitutes a remotely sane idea. The banks must be laughing all the way to themselves.
Quick overview: if you're $50k underwater on your $175k mortgage but are up to date then you get a lower interest refi (iff the banks find you "worthy") but if you stopped paying a few months back, then you may get a $20k principal reduction, and if the bank illegally foreclosed on you--even if you were current and whether or not you were underwater...even had equity, even if you were in the last year of payments!--then you may get as much as $2k!
...So the people who got the best deal are those who are underwater and behind in payments, but haven't been foreclosed on yet? While those who had their houses stolen by the bank may get up to $2k, and those who are underwater but have managed to make ends meet get next to nothing? WTF?!?