Wells Fargo Foreclosure policies are reviewed continually to ensure a process that is free from any fraudulent activities. The affidavits and other documents are found to be correct and according to the law of the state and so the bank does not want to initiate a moratorium on foreclosures. When Bank of America and other banks announced foreclosure freeze and stopped procedures in many US states it was expected that Wells Fargo would also follow the suit.
There were complaints and reports of fraud, scams and affidavit mistakes all around and the lenders were under stiff pressure. The phenomenon resulted in suspension of foreclosure process in a number of states by many mortgage servicing companies. However, Wells Fargo chose not to put on hold as long as it sees no errors and mistakes in the proceedings.
Wells Fargo Foreclosure Process
Wells Fargo Foreclosure Process follows the law of state where the property is located. Generally speaking, a judicial process requires the permission of a court of law to initiate the proceeding. On the other hand the servicer needs no prior approval from the court to send a notice of default to the delinquent homeowner in the case of a non-judicial process.
The timeline may be different and that again depends on the law of the state but usually a homeowner has 90 days to take action and put a halt on foreclosure procedure. The sooner you contact the loss mitigation department the easier it becomes for you to prevent a mortgage foreclosure. Call 1 (800) 678-7986 to know the prevention options even when the process is on.
Wells Fargo Foreclosures for Sale
A home mortgage foreclosure may be an unfortunate event for some while for others it creates opportunities to own a home at a lower-than-market price. This is the reason why Wells Fargo foreclosures for sale and REO properties are in high demand these days. One has to visit the REO website of the bank to search foreclosed properties online or contact a local real estate agent to get listings of homes owned by Wells Fargo Home Mortgage in their locality.
For more details you can contact WFHM REO Department at 866-518-2164.
Wells Fargo Foreclosure Department
You need to contact Wells Fargo Foreclosure Department once you receive a notice of default. You still have 90 days to get the process stopped and foreclosure suspended. Sometimes an option like short sale or deed-in-lieu can help save your potential to borrower in future if not the house you live in. Here is the phone number to contact Wells Fargo foreclosure department.
Phone Number: 1 (800) 678-7986