Wells Fargo
Wells Fargo is the second largest mortgage servicer in the country, and manages a portfolio of 12.3 million home loans.
In addition to mortgage servicing, Wells Fargo also provides banking, insurance, investments, mortgage and consumer finance through more than 10,400 stores, over 12,000 ATMs and the Internet across North America and internationally.
Wells Fargo, which has $1.3 trillion in assets, acquired Wachovia in a transaction completed in January 2009.
What’s Being Done:
Wells Fargo has said that it supports the spirit of the Obama Administration’s mortgage refinancing and foreclosure prevention plan and states that it is working closely with the administration to put it into action.
Wells Fargo offers the following assistance to qualified borrowers:
- Repayment plans that distribute your delinquent payments over a period of time, usually no more than 10 months. The monthly amount is added to the usual mortgage payment.
- Loan Modifications, which add any past-due interest and escrow amounts to the unpaid principal balance, which are then re-amortized over a new term.
- Partial Claims, only for FHA loans, where The Department of Housing and Urban Development , HUD advances a loan to repay the past-due interest and escrow amounts.
- Short Sales, which allow you to sell your home and use the proceeds to pay off the mortgage if you are unable to maintain payments, even if the home’s market value is less than the total amount owed.
- Deed in Lieu of Foreclosure, which allows you to transfer your property voluntarily to Wells Fargo if you are unable to maintain payments and cannot sell the home at market value.
Next Steps:
If you are currently delinquent, or think you might fall behind on your payments on a loan that’s being serviced by Wells Fargo, Wells Fargo advises preparing the following information prior to contacting the bank to discuss options:
- A brief explanation of your hardship. Later in the process, the bank will ask you to put your explanation into a short letter.
- A detailed list of all your expenses, loans, and bills
- Proof of all household income, including your most recent pay stub, tax return or profit and loss statement.
Contact Info:
Call toll free 1-800-678-7986 Hours: Monday - Friday 8:00 AM - 9:00 PM, CT Saturday 9:00 AM - 2:00 pm, CT
If you are unable to reach your servicer or local state program, or if you would like additional assistance in this process contact Mortgage Outreach at 1-866-408-0420. Mortgage Outreach works directly with many servicers to help find solutions for borrowers that are struggling to keep up with their payments.
