Wells Fargo Foreclosures
Wells Fargo & Company is a worldwide bank that is headquartered in San Francisco, California. The bank was founded in New York City in 1852 and is one of the “Big Four” banks along with Bank of America, Citigroup, and JP Morgan Chase.
Wells Fargo is one of many lenders throughout the United States that provides an opportunity for customers to obtain home loans. However, sometimes these individuals are unable to remain up-to-date on their mortgage payments and inevitably these homes often become Wells Fargo bank owned properties.
Below is some basic information on the Wells Fargo foreclosure process, including how you can purchase Wells Fargo bank foreclosures.
What is the Wells Fargo Foreclosure Process?
When a lender guarantees a home loan, they are putting themselves at risk. Although the lender may check the credit score, credit history, and proof of finances of those looking to obtain a home loan, the unexpected can happen and the homeowner may be unable to pay his or her monthly mortgage payments anymore.
After a homeowner misses a certain number of mortgage payments (typically three) Wells Fargo will file a Notice of Default. If the homeowner does not pay the amount owed (including associated fees), then a Notice of Sale is filed and the home is scheduled for auction. Wells Fargo will send representatives to the auction and will place an opening bid on the property (the amount that is owed on the home). If a bidder does not exceed the opening bid, then the home becomes the property of Wells Fargo.
What are Wells Fargo REO Properties?
A Wells Fargo REO is a real estate owned property; these properties are also commonly called Wells Fargo foreclosures. Once the home belongs to the bank, the Wells Fargo foreclosure department will keep an updated list of foreclosure homes that the bank currently has in their inventory.
How to find Wells Fargo Foreclosures for Sale
Many investors and potential homeowners looking to purchase properties below market value often look to purchase foreclosures - including Wells Fargo home foreclosures. Moe often than not, lenders will work with a team of realtors, who will actually market and sale the Wells Fargo mortgage foreclosure properties. Therefore, in order to purchase a Wells Fargo foreclosure, you can contact the Wells Fargo foreclosure department, check US bank foreclosure listings, or contact the lender associated with the property of interest.
In conclusion, when a homeowner is unable to pay the monthly mortgage payments, the home goes to auction and the lender becomes the owner of the property if a bid does not exceed the opening bid. These homes become USA foreclosure homes and are sold to the public. However, it is essential to keep in mind that the specific foreclosure process varies depending upon state laws.