Wells Fargo Foreclosure Duration

Asked by Ajtx, San Francisco, CA Wed Mar 16, 2011

I'm about to go into default on my home in SF. Does anyone know how long Wells Fargo is taking to issue NODs and subsequently complete the foreclosure process? Will a short sale attempt by me significant time?

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Paul Rinde, Agent, Menifee, CA
Wed Mar 16, 2011
I have a few questions. How many months are you behind? Have you received any mail from them you had to sign for? Have you applied for a loan modification?
1 vote
Lanamee, Agent, New York, NY
Thu Aug 20, 2015
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 Wells Fargo floreclosure process, check out: http://ForeclosureIQ.com
0 votes
rst959802, Home Owner, Ontario, CA
Fri Apr 25, 2014
We have a home loan with Wells Fargo, my husband was out of work for 4 months, we've been able to make payments every two months but we are running 2 months behind. I try to make one payment in before the 3rd month to keep us afloat. This has been going on for 4 months now. A Wells Fargo representative told me that if we are consistently late for 6 months straight, Wells Fargo will start the foreclosure process, is that true?
0 votes
Kamal Randha…, Agent, El Sobrante, CA
Fri Mar 18, 2011
Hello Ajtx,

Having worked on quite a few short sale, I know that they can be time consuming, thus letting you stay in the property longer. However, with a foreclosure, there is no saying how long you may be able to stay there before they actually evict you..it can be anywhere from 4 months to....much much longer. However, with a short sale, you may be able to purchase a new home within 2 years vs. 7-10 years from walking away.
0 votes
David Cooper, Agent, Los Angeles, CA
Thu Mar 17, 2011
"We are aware of several Home Owners that have been in foreclosure with wells and it's been over 2 yrs without being able to foreclose"

It is my experience that, if you you really are in financial trouble paying your ,mortgage, and know you are going to have to move, the less information you give the banks, the longer you get to live rent free. The banks in Las Vegas proceed without the foreclosure even in a short-sale lisitng, and your credit is still messed up.

David Cooper L:as Vegas Real Estate Foreclosure Houses Cash Flow Investors
0 votes
J Mario Preza, Agent, Daly City, CA
Thu Mar 17, 2011
All foreclosures take the same time -- 3 months Notice of Default period, then an additional 30 days for the Trustee Sale notice. If you're asking what a bank might do to mitigate the situation, you really must contact your lender directly (or with the help of some HUD counselor or other such services providers, e.g., http://www.naca.com). These agencies will advocate on your behalf, assuming you can still resolve whatever you financial difficulty may be. On the other hand, if you have determined that it isn't possible to keep the house -- perhaps you don't have sufficient income or resources, WFB has programs designed to help you "exit gracefully," and if you're eligible, they will even help with your moving costs (a HAFA short sale). We can help with more detailed information, check it out here. Hope that helps
Web Reference:  http://www.myshortsaleca.net
0 votes
Scott Godzyk, Agent, Manchester, NH
Thu Mar 17, 2011
You should contact Wells Fargo, ask for the home retention department. If you want to stay in your home and have the ability to make any sort of payment they should be able to help you with a forebearance agreement. If you have no ability to pay then you should at leat try and sell your house through a short sale. A foeclsoure can stay with you for 10 years as a negative mark while a short sale could be alot easier on your credit and nerves.

Please see my blog with tips and advice on short sales
0 votes
Bev Smucha, Agent, San Francisco, CA
Wed Mar 16, 2011
They will normally file after three months; then you have ninety days, and another twenty days to sale. Be careful with the time. Lenders will work with your Broker while your property is on the market on a Short Sale, and once there is a ratified offer, the processing will take several months. However, Wachovia loans now Wells Fargo have a shortening process, and they will actually approve Short Sales much quicker without the normal paper work. I recently received a e.mail from Wells, and it looks like they are offering this programs on all of their loans. They are one of the few lenders that will allow the Seller some cash out of the proceeds to assist in moving cost. I believe it was from $1500 to $3500.-.
If you need some assistance; I am a experienced Short Sales Broker. Also, you may have some other options. The first thing you should do is phone your lender, customer service or the lost mitigation department, and tell them your situation.

Bev Smucha
Office: 415-565-4498
Direct: 415-585-0343
Cell: 415-699-0941
DRE #00855950
e.mail: soval@att.net
0 votes
Jessica Wate…, Agent, San Francisco, CA
Wed Mar 16, 2011
Hello Ajtx,

The foreclosure process does take a minimum of 6 months. However, if you do list your home for sale as a short sale, your lender, Wells Fargo in this case, probably will work with you and give you time to sell the home rather than have it go into foreclosure. This is because the lender will usually get more of their money with a short sale rather than with a foreclosure. Also, lenders are not in the business of owning and selling property. Once they become the owner of the property, they will have to spend money to keep it in good condition, pay taxes, etc. They want to avoid this scenario if at all possible.

I have been involved in a number of short sales the last few years, and I have had great success working with lenders keeping the properties out of foreclosure while marketing and selling them.

Please feel free to call me at 415.218.6634 and I will be happy to discuss your particular situation with you.

I have been selling real estate in San Francisco for 22 years and have a lot of experience and expertise.

Sincerely yours,
Jessica Waterston
Hill & Co.
3899 Hill St.
San Francisco, CA 94114
0 votes
David Tapper, Agent, Burlingame, CA
Wed Mar 16, 2011
It's hard to say without knowing more, but I am more than happy to see your paperwork and talk to your lender with no obligation.


0 votes
Dave Griswol…, Agent, Bridgewater, NJ
Wed Mar 16, 2011
HI Ajtx, 3 to 4 months to notice here in NJ that we've seen so far, however there are so many issues with Wells Fargo it's best if you start to educate yourself as to the laws and whats going on, in addition to speaking with an Attorney. We are aware of several Home Owners that have been in foreclosure with wells and it's been over 2 yrs without being able to foreclose. Short Sales seem to be appealing to Wells currently. You have some time, seek out a very experienced Realtor/Broker who has done short sales on both buyer and seller ends this will help greatly.
In the mean time as we've said study the internet type in the search wells fargo false foreclosures and the like. It will help you learn your rights.

All the Very Best and Good Luck
Dave & Lisa
Web Reference:  http://www.urhomerealty.net
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Mar 16, 2011
Best direct your questions to W.F. standard is 3 months of no payment approx. 3 - additional months foreclosure.... ROUGH est. only. I was listing agent on WF property 4 months since last payment foreclosed on

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes
David Cooper, Agent, Los Angeles, CA
Wed Mar 16, 2011
NOD's is 3 months, followed by Notice of Trustee Sale 21 days, then the Trustees Auction when the deed gets transferred back to Wells Fargo. Staying in the house after Wells owns it could be Free Rent for up to a year, based on war stories on Foreclosure blogs. Short sale will NOT delay the foreclosure process

David Cooper. Las Vegas Real Estate Foreclosure Houses Cash Flow Investor -cherry picked- in Top 10 Neighborhoods Call Free List +1-7024997037 davidcooper@lasvegaswinner.org
0 votes
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