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Wells Fargo Mortgage Foreclosure
|Delinquency in mortgage payments may lead to the foreclosure of the property concerned. You should try out the options available to stay current with your payments and save your home from Wells Fargo Mortgage Foreclosure. The bank offers a variety of options in this regard and invites a troubled borrower to meet its official in order to discuss an alternative that works well in the given situation. The following documents are usually required when you call for Wells Fargo Homeowners Assistance.
- A hardship letter
- A list of all your expenses, bills and loans
- Proof of household income which must also include tax return or P/L Statement and most recent pay stub
Wells Fargo Mortgage Foreclosure Process
Wells Fargo offers a variety of methods to help you pay your overdue amount in the most convenient manner. For example, you can make one time payment on the same day using Wells Fargo Easy pay option or you can use a credit card or a debit card to pay off your debt through Western Union Quick Collect. Other options include MoneyGram Express Payment and payment through overnight mail.
If you find difficulty in making payments due to your current financial condition, you can try one out of the several repayment options that the bank offers to help you avoid foreclosures without losing much on credit rating. These options are as follows:
It is only after all these options fail that your lender may consider to foreclose on your property. Wells Fargo mortgage foreclosure process begins with the issuance of a notice of default by the lender, which usually happens about 60-90 days after the last payment made by the borrower. The rest of the process runs according to a scheduled foreclosure timeline.
- Repayment Plan
- Loan Modification
- Partial Claim (for FHA loans only)
- Short Sale
- Deed in Lieu of Foreclosure
The notice, which sets a maximum period for the payment of all outstanding dues, must be sent by a certified mail. Upon the expiry of the term, the matter is referred to Wells Fargo Home Mortgage Department, which appoints a local attorney to formally begin the proceedings of a mortgage foreclosure. The entire process can take a very long time to complete with the property being sold in the end through a public auction.
Wells Fargo Mortgage Foreclosure Listings
The foreclosed properties come under the possession of the bank that has initially lent money to the homeowners for buying the same. These properties are now referred to as REO Properties (Real Estate Owned), which are made available for sale in the open market usually in cooperation with a company that specializes in selling these properties. Wells Fargo takes the help of Premium Asset Services (PAS) to sell foreclosed homes and properties.
If you are a buyer interested in buying Wells Fargo REO properties then you should visit the website www.passreo.com to get a view of the current Wells Fargo Mortgage Foreclosure Listings. The offer to purchase a property that you like from the listings can be made through listing agent. If your offer is accepted then you will be invited to get a home inspection and complete the sale procedure. If you need financing solutions from Wells Fargo Home Mortgage then you are offered an opportunity to partner with a WFHM mortgage consultant.
Wells Fargo Home Mortgage Foreclosure Department
Wells Fargo Home Mortgage Foreclosure Department works on ways to assist troubled borrowers and those homeowners who are likely to face foreclosures in the event of a mortgage default. Currently, the department has three programs to assist you. These are
For further information, Wells Fargo Home Mortgage Foreclosure Department can be contacted. The details are as follows:
- Project LifeLine: You can stop the foreclosure process for up to 30 days by calling 866-488-2028.
- Fast Track Subprime ARM Solution: Under this program, a five-year freeze on the introductory interest rate can be sought by eligible homeowners by calling 1-866-398-7556.
- HOPE NOW Alliance: The homeowners facing foreclosures or higher payments because of adjustable-rate mortgage resets can seek the help from HOPE NOW Alliance.
Wells Fargo Home Mortgage
P.O. Box 10335
Des Moines, IA 50306-0335
Phone Number: 800-678-7986