Another “we’ll pay your mortgage contest” has been announced, the latest from Wells Fargo.
Of course, if your mortgage is interest-only, you’ll only receive 12 months of interest-only payments.
The prize also doesn’t include taxes and insurance; you’re on your own there.
And if you’re not current on your mortgage, don’t expect the prize to be honored.
The winners will receive a one-time payment at some point in the first quarter of 2010, with drawings taking place on or about October 26 and December 11.
There are three ways to win; you’ll be automatically entered in the contest if you sign up for Wells Fargo Online and simply click through to your mortgage account, or if you sign on and view your mortgage account online.
You can also enter the contest by sending in a postcard with your details via snail mail (see rules for important dates and terms).
It looks like Wells Fargo is attempting to get customers to manage their mortgages online, perhaps in the hopes that some will set up automatic payments.
Since Countrywide collapsed, Wells Fargo has been the top mortgage lender in the United States, accounting for 24.77 percent of the total market share in the first-half of this year.