Foreclosure in 95916>Question Details

Bsthop, Home Owner in 95916

how long does it take wells fargo to get you out of your house once you stop making payments?

Asked by Bsthop, 95916 Wed Jun 8, 2011

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The foreclosure process followed by any bank depends on the state's foreclosure laws. Depending on where you are located, find the stat's foreclosure laws and that should help you with the process. For more info about US bank foreclosed homes, check out:
1 vote Thank Flag Link Tue Aug 18, 2015
i am four mos behind in my mortgage with wells fargo how long will tit take for them to forclose. cleveland,ohio. diane
0 votes Thank Flag Link Thu Jan 16, 2014
It took Wells Fargo 32 months to foreclose on our house in Missouri. There was a Home Equity line of credit as well through Chase. We had it on the market for 2 years......last payment made was December 2009.
0 votes Thank Flag Link Mon Aug 13, 2012
Why wait for foreclosure? Get your home on the market and try to get Wells Fargo to accept a short sale. It may be a much better solution for you since a short sale does not affect your credit the same way a foreclosure will. Talk to a local short sale expert. Where are you located?
~~ Mary~~
0 votes Thank Flag Link Sat Oct 8, 2011
short sale is held up by Wells Fargo for months , I had 4 different short sales all fell thru because they do the merry go round with the paperwork.
Flag Fri Oct 23, 2015
Wells Fargo rejected an offer for 390 and instead wanted 415. They also rejected four out five attempts of a modification, with the last wanted us to front 30k.
Flag Sat Sep 6, 2014
NO, no short sell, let it go to foreclosure. Home owners need to stop paying the monthly mortgage and keep the money as seed money for their next place to live if they are hurting financially and downsizing. Only RE agents and banks make money on the short sell deal. The poor homeowner gets nothing.
Flag Sat Apr 12, 2014
This is a great way to start. Everyones case is different. Could take several weeks or many months to know what will happen?
Flag Thu Jan 16, 2014
The average time varies depending on the state you live in. It could be as little as 3 missed payments....or over a year. In any case I wouldn't advise stalling or dragging your feet in this scenario. The best plan of action is to call your lender for alternatives; loan modifications, short sale guidelines, etc. This will familiarize you with some possible options that could save you from the embarrassment of foreclosure and major impact on your credit rating. Foreclosures once reported to the 3 major credit bureaus typically reduce your credit score about 200-300 points, making another major purchase a long way off. Most people cannot buy another home after facing foreclosure for 3 years! Verify with your lender what applies to your scenario based on the loan program you have, state laws, etc. Knowledge is power. Hope this helps.
0 votes Thank Flag Link Fri Oct 7, 2011
I am not an attorney...Real Estate Foreclosure processes vary from State to State. It is nest to consult with an attorney who is familiar with the process of the courts and what the timeline would be.

I am a real estate associate broker in Staten Island, NY. I handle very many short sales. I have seen people go 2-3-4 even 5 years without making mortgage payments. It really depends on the situation. I have to agree with a previous response by recalling, "the only thing consistent about short sales, is that they are inconsistent" I agree. Some folks are very educated and have learned how to manipulate the courts/banks/process involved in the foreclosing process, therefore "buying" themselves time to plan and hold off the foreclosure/bank for the longer durations.. Others simply do NOTHING, allowing the banks to move quickly through the courts & process a foreclosure much quicker, sometimes within 18 months.

In closing... "Different strokes for different folks" is the phrase I can most relate to this question.

Joseph Lebron
Associate Broker
Excel Realty Associates
Staten Island, NY 10302
0 votes Thank Flag Link Fri Oct 7, 2011
If the loan is a Mortgaged back securities, and an Interest only loan, and it has Primary Mortgage Insurance (PMI) it is not in the investor’s interest to accept a mod, shortsale or a deed in lieu. The PMI and government will help the lender recoup its losses. Best thing to do is save the money that you have allocated for housing and put away until the bank asks you to legally leave. If the amount you save exceeds a one year worth of rent use the excess to pay off debt. Another thing, you will most likely have to pay taxes the defiencey, which is the difference the house is sold to what you owe on your loan on top of what you owe in back mortgage. Bankruptcy is inevitable. Key is to wait until the bank forecloses and give you a final number then claim bankruptcy NOT before.
Flag Sat Sep 6, 2014
I think that is depends what the lenders backlog of foreclosures are and what the law is in your state. In California, it looks like it takes about 6 months but I have known people in CA who have stayed in their house for over a year waiting for the bank to foreclose so it really depends.
0 votes Thank Flag Link Fri Oct 7, 2011
I am not an attorney ..but I would assume it has something to do with your local eviction laws..if you still own your home you may qualify for a government program that will release you from the deficiency and give you 3k in relocation assistance...~laura
0 votes Thank Flag Link Wed Oct 5, 2011
It would be great to get some feedback from you so we'll know whether or not to keep contributing to this thread.
0 votes Thank Flag Link Sun Oct 2, 2011
Dont wait to foreclosure if you can't get the modification with them ask if you are qualified for HAFA program they will give you up to 3k relocating fee if you do a short sale thru HAFA If you don't qualify you can do the standard short sale they don't want you to foreclose the standard process toward being behind is about the same with most lenders they will let you know trust me they will.
0 votes Thank Flag Link Sun Oct 2, 2011
Hello Bsthop,

The best phrase I ever heard during any of the multiple short sale training sessions I have ever heard is "The only thing consistent about short sales is that they are inconsistent!" In my experience, that's the most truthful statement I've heard. The timelines vary, and can be affected by many factors, including the communication you have with the bank's representatives.

A short sale could be an option. I always recommend that a borrower consult a real estate agent, an attorney and a CPA prior to moving forward in any non-payment situation.

Vickie Nagy

CA DRE#01363932
0 votes Thank Flag Link Sun Oct 2, 2011
Our Latest Foreclosure Delay Tactic

We’ve added a new tool to our toolbox this week in our effort to provide superior solutions to our clients. We’re now providing a method to delay the trustee sale of a property for an
indefinite period of time. It’s NOT an unlimited period of time, just an
indefinite one that is significantly long. It doesn’t cancel a foreclosure, it
just keeps the trustee from foreclosing while they meet the requirements of a
legality challenge. It only works in Trustee Sale states. (California is a
trustee sale state.) However, it can easily triple the amount of time that a
trustee can take to complete the foreclosure process. It doesn’t work from the
lender side at all, it purely focuses on the trustee side of a foreclosure sale.
The maximum dollar amount it has worked on so far is for an $8 million property.

The trustee will eventually be able to finish the Trustee Sale but this has been used to delay the sale up to 41 months. The minimum time it has worked
is 6 months and 15 days so far. That’s the minimum time so far it’s taken for
the trustee to comply and then proceed with the sale.

A client may qualify if:

â– The Trustee Sale Date is 30 days or less from now
â– You have filed Bankruptcy, been denied for a loan mod or a temporary restraining
order was lifted
â– You need more time to facilitate a short sale, regular sale or loan modification
â– If you are renting from a landlord or losing your home that you want to stay in

A Trustee Sale Legality Challenge is only a TEMPORARY solution to keep the foreclosure sale date at bay.

We can use it to only delay the sale – not cancel the foreclosure. It is a complex
tactic that focuses on stalling the sale by focusing on the trustee sale
legality. You can delay the sale for 6 months plus by using this method. This is
NOT an inexpensive route however, but it’s cheaper than paying the mortgage and
prevents a sale without doing credit damage like a bankruptcy filing. It has
delayed sales for up to 41 months. We can use this as “insurance” for a “lock
out” of trustee sale while pursuing other solutions.

Just to make it perfectly clear:
We can ONLY buy time by utilizing a trustee notice of sale challenge to push off the sale date significantly into the future. Some other
method must be used to actually resolve the foreclosure! This is a good form of
insurance to make sure the trustee doesn’t sell the property out from underneath
us while we are pursuing our final objectives.

We work all of the above solutions in conjunction with credit cleanup further down the line after our
client’s lives have stabilized. We have systems in place to help accomplish life
stabilization too – mainly due to the fact we’ve been down the foreclosure route
ourselves so we know how we fixed it long term. We also now know what we really
needed to know 20 years ago when we were going through all this ourselves.

Michael Hill
Lighthouse Consulting Group
(714) 486-0660
Web Reference:
Web Reference:
0 votes Thank Flag Link Fri Jun 17, 2011
Are you just looking for a free ride until the sheriff comes to paddle lock the door and physically throw you out? Or are you trying to make an effort to deal with your situation? Just curious. I'm doing a study on what makes distressed homeowners tick nowadays. Is it bitterness, principle, panic, business, desperation, etc. What is your motive?
0 votes Thank Flag Link Thu Jun 16, 2011
This homeowner is TICKED! My mortgage company placed us in a 3 month deferment, due to area flooding (our 3rd). 3 weeks later they sent a Sheriff to our door to serve a Notice of Foreclosure. Thousands of minutes on the phone, my file on someone's desk for a year, $6500 in fees to an attorney, two ruined Christmas', three weeks in the hospital, my 90 lbs dog sent to the pound so we could rent and all of this 8 yrs before my retirement. It's not done yet...just filing the paperwork to sue them for the most stress in my life!
Flag Mon Jun 17, 2013
Dear Bsthop

Luck plays a big part in the outcome. You're are really unlucky, you could be out of there as quickly as 9 months from today. Some clients that I know have been able to stay there without an eviction for 3 years and they're still in the house paying no mortgages or property taxes. Most that I know average a year to a year and a half. There are some things you can do to prolong the process without spending a lot of money but in most cases that lasted so long some type of litigation or bankruptcy filing is required.

Speak to an attorney who knows how the process works.
0 votes Thank Flag Link Thu Jun 9, 2011
That would depend on how backed up the court systems are where you live, and also how pro-active the bank is about proceeding with the foreclosure process. If you are struggling, you do not have to let the house go to foreclosure. There a lot of options. One of them, if you no longer want to live in the house, is to do a short sale. This would keep foreclosure off your credit. In addition, we would negotiate with the bank to try to get you off the hook for the deficiency. Feel free to call me anytime. I would be happy to explain the process to you.

Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states

MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Thu Jun 9, 2011
It take approximately 18 months to foreclose unless you leave the home.
most time wells fargo will call you harass you into leaving, Don't

Contact a Lawyer
Check your paperwork more often than not Wells has started foreclosures improperly.

All the best
Dave & Lisa
Web Reference:
0 votes Thank Flag Link Wed Jun 8, 2011
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