Foreclosure Info

Short Sale                 

With a short sale you may have the option to sell your home for less than the amount owed on your mortgage. By doing this, you may be released from your obligation to pay back your primary mortgage under its original terms. And as your mortgage servicer, WellsFargo Home Mortgage may accept the proceeds of the sale as payment in full. This option can help you avoid a foreclosure sale and may be considered even if the foreclosure process has started.

Depending on your situation, you may be eligible for a short sale through the federal government’s Home Affordable Foreclosure Alternatives program, or through a different program.

 

As the homeowner, you:

  • Avoid a foreclosure sale — in some cases the foreclosure sale may be postponed once a written, signed offer is received and approved by Wells Fargo Home Mortgage
  • Can live in your home until the new owner closes, giving you time to make other living arrangements
  • May be released from your obligation to repay your mortgage balance

Deed in Lieu of Foreclosure

With a deed in lieu of foreclosure, you have the option to voluntarily transfer ownership of your home to your mortgage servicer, Wells Fargo Home Mortgage, if you cannot sell your home at fair market value or prefer to have your servicer sell your home.

A deed in lieu of foreclosure may release you from the obligation to repay your primary mortgage and may help you avoid a foreclosure sale, even if the foreclosure process has already started.

Depending on your situation, you may be eligible for a deed in lieu of foreclosure through the federal government’s Home Affordable Foreclosure Alternatives program, or through a different program.

As the homeowner, you:

  • Avoid foreclosure and the hassle of court proceedings, and can move on more quickly
  • May be released from liability for the remaining balance on your primary mortgage

Foreclosure

Mortgage assistance and foreclosure
The foreclosure process and the mortgage assistance process may take place at the same time. Because foreclosure is a legal procedure that begins after you miss a specific number of mortgage payments, it may move forward even as you’re seeking mortgage assistance to keep your home.

The foreclosure process
Foreclosure is the legal process by which a lender or servicer takes ownership of your property after you don’t make the agreed-upon payments and don’t seek or receive mortgage assistance. The terms, steps, and timing of the foreclosure process vary based on state laws. Get more information about foreclosure laws in different states.

Important considerations
Be sure to work closely with us throughout the mortgage assistance process and the foreclosure process. Review all communications closely and comply with all requests – timing and taking action are extremely important.

 

Information Provided by Wells Fargo Bank