WellsFargo Mortgage can be the toughest bank to obtain foreclosure prevention assistance from but with these tips you can help yourself stop foreclosure and get your payments back on track if you qualify for a Loan Modification or walk away from your property with relocation assistance before the home falls into the depths of foreclosure. WellsFargo Mortgage can be hard to deal with, and their systems tough to navigate , without the right help its very easy to lose your home to due to Foreclosure.
About Wells Fargo
Wells Fargo is an American international banking and financial services holding company founded in March 1852. It is the world’s second largest bank .Wells Fargo is the second largest bank in deposits, home mortgage servicing, and debit cards. The firm’s primary U.S. operating subsidiary is national bank Wells Fargo Bank, N.A. Wells Fargo is one of the big banks who received a bail out from the government after the mortgage crisis years ago.
WellsFargo Mortgage Foreclosure Alternatives
If you are in foreclosure and facing an auction, behind on your payments and inching your way closer to foreclosure WellsFargo Mortgage does offer alternatives to try and avoid the foreclosure.
- Wells Fargo Loan Modification : A loan modification is the process of working with your lender to modify the terms of your loan. When you are obtaining WellsFargo Mortgage Foreclosure Help through a loan modification you are restructuring the terms of your loan. You are not creating a brand new loan but you can still cut the rate and years of your loan down and in some cases defer or have an amount of the principal forgiven. An Important fact to know and understand is that WellsFargo Mortgage will not lower the Modified payment more than 10% of your current mortgage payment. If your payment is $3,100 then WellsFargo Mortgage will not allow for the new payment to drop more than $310.
- WellsFargo Mortgage Repayment Plan : Depending on how far behind you are on your payment you may also be considered for a repayment plan without restructuring the terms of the loan and providing any financial documents as long as the repayment plan is not longer than 6 months and the payment is affordable. This option is more common in accounts that are less than 12 to 6 payments past due.
- WellsFargo Mortgage Short Sale : For borrowers who cannot afford to stay in their homes through a Wells Fargo Loan Modification or for Borrower who simply want to move on from the property before its too late WellsFargo Mortgage offers options that allow the borrower to exit ownership without facing the negative impact of a foreclosure. Getting WellsFargo Mortgage Foreclosure Help through a Short Sale is only an option if the property is underwater. When you complete a WellsFargo Mortgage in some cases the deficiency would be waived, in California its always waived but there are tax consequences that we strongly recommend Borrowers speak to a CPA about. and funds to assist in relocating can be obtained.
- WellsFargo Mortgage Deed In Lieu : When obtaining WellsFargo Mortgage Foreclosure Help through a Deed in Lieu WellsFargo Mortgage will forgive the debt and waive the deficiency in exchange for transferring the deed to the property back to WellsFargo Mortgage. This is only available when there is only 1 Mortgage lien on the property. A Deed in Lieu in most cases is not available when there are additional liens on the property , not just additional mortgage liens but any other type of liens.
For assistance or questions about Wells Fargo, Wells Fargo Home Preservation, Wells Fargo Home Mortgage, Wells Fargo Loan Modifications, Wells Fargo Short Sales, HUD , Novad management consulting and any other Mortgage Assistance Relief programs please contact us at 888-572-8020 and or fill out the form below.