Wells Fargo Foreclosures

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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.

Find Homes up to 60% Below Market Value!

News about Wells Fargo Foreclosures

  • Wells Fargo Foreclosures

    Wells Fargo is one of the major lenders within the United States that are being accused of wrongful actions that led to the real estate market crash. In fact, Wells Fargo’s actions are still being called into question.

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  • Wells Fargo Foreclosures

    Major lenders throughout the country, Wells Fargo included, have been accused of unethical actions including wrongful foreclosures over the last few years. Despite the foreclosure settlement agreements and compensation checks that were sent out to those who faced foreclosure throughout 2009 and 2010, there are many people who are still fed up with these major lenders getting insufficient punishment for the damages they caused.

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  • Wells Fargo Foreclosures

    If Bank of America and Wells Fargo thought they were finally done with the foreclosure settlement agreement issues once the last agreement was signed and the compensation checks hit the mail, they were wrong. Apparently Bank of America and Wells Fargo did not follow through will their part of the foreclosure settlement agreement. As a result, New York is suing them both.

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  • Wells Fargo Foreclosures

    Over the last few years the real estate market in the United States has been incredibly unstable, marked with high foreclosure rates and low home prices. In the middle of the real estate market crisis are major lenders, who most believe are mainly to blame for the crash.

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  • Wells Fargo Foreclosures

    Wells Fargo was a key player in the real estate market crash and subsequent foreclosure settlement agreements. They have been in the news for everything from wrongful foreclosures to other unethical actions over the last few years that have left many families without homes. Despite frequently being in the news for issues surrounding Wells Fargo foreclosures and numerous lawsuits, Wells Fargo economist Mark Vitner still has time to attend real estate luncheons and share his predictions for the near future of the real estate market.

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  • Wells Fargo Foreclosures

    It is not often that one hears the words good, real estate and Wells Fargo in the same sentence (or those words and any other major bank these days). But it appears that Wells Fargo, unbeknown to some, is actually working to use its vast resources for good instead of bad.

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  • Wells Fargo Foreclosures

    You would imagine that lenders who have been heavily involved in the foreclosure settlement agreements – such as Wells Fargo – would still be suffering due to their actions and inactions that essentially led to the real estate market crash. From wrongful foreclosures to robo-signing, there is no denying the involvement of these lenders.

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  • Foreclosure Help

    Support for the bill designed to help homeowners who are facing potential government and bank foreclosures, including Wells Fargo home foreclosures, has diminished in the past few weeks. Senate Bill 1275 initially had the support of majority of legislators, but has lost steam following an alleged intense lobbying effort from the banking industry.

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  • Foreclosures

    As Wells Fargo foreclosures for sale dropped in number and weakened their impact on bank finances, Wells Fargo posted an increase in profits by 12 percent in the April to June quarter.

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  • Foreclosure Crisis

    Another lawsuit has been filed against Wells Fargo for its role in subprime lending and bank owned foreclosures crisis. The city of Baltimore, Maryland has filed a lawsuit against Wells Fargo for instigating the subprime mortgage lending in the black community which led to thousands of homeowners facing bank owned foreclosures.

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