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    If you have a mortgage with Wells Fargo, and you’ve ever had a problem making your payments, then you may have heard from the Wells Fargo loss mitigation department. This is a department that typically comes into play if you are behind on your payments only for a few months. If you’ve been contacted by this department, you can just about bet that the mitigation process is already taking place. However, for many, there are a number of options available to you if you’re having trouble making your payments on time.

    Below you’re going to discover some important information about Wells Fargo loss mitigation, and how you can use this department to help you keep your home by working through a number of options that they offer. Before getting started, there are some important items that you’ll need to understand and consider.

     

    Loss of a Job and Wells Fargo Loss Mitigation

    There are a number of reasons why a person might lose their job; however, it’s important to understand that unless you get another job right away, you may end up missing mortgage payments as a result. If you’ve lost a job and you are experiencing difficulty making your mortgage payments on time, it’ll be important to contact the Wells Fargo loss mitigation department in order to work out a repayment solution.

    Medical Issues and Wells Fargo Loss Mitigation

    Medical issues can be a devastating issue when it comes to your financial obligations. Quite frankly, more and more individuals that have medical problems that create financial issues will find it difficult to make their mortgage payments each and every month. If you fall into this category, this is another reason it’ll be important to contact the loss mitigation department in order to work out some form of loan modification.

    Divorce and Wells Fargo Loss Mitigation

    Going through divorce can be another huge issue when it comes to your financial stability. If you find that you are unable to make your payments on time because of the divorce or some other issue that affects your financial status, this is a time to work with loss mitigation in order to find a solution for your financial responsibility in terms of your mortgage.

    Financial Hardship and Wells Fargo Loss Mitigation

    There are certain times where you may have a legitimate financial hardship. Quite frankly, if you are experiencing a hardship or you are medically unable to work and you are not receiving enough finances in order to make your mortgage payments on time, the responsible thing to do would be to contact someone from the Wells Fargo loss mitigation department and find out if there is a solution available.

     Loss of Income and Wells Fargo Loss Mitigation

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    There are a number of reasons families can end up with a loss of income. Some of these may have to do with the current economy, a death in the family, over extension on credit, a slight reduction in income, or some form of injury or illness. All of these can result in a loss of income and have a definite impact on making mortgage payments each and every month. If you are experiencing any of these, it’ll be important for you to work with your loss mitigation department to seek a solution for these issues.

    Now it’s important to understand that there are a number of options available to you when working with Wells Fargo loss mitigation. This is a department that offers a variety of different options when it comes to working with your current loan. However, with that being said, there are some things that you’ll need to do in order to get the ball moving forward. In order to be considered for any of the options listed below, there are some items that will need to be completed and turned in.

     

    * Loss Mitigation Forms

    * Financial Worksheets

    * Proof of Income Worksheets

    * Expenditure Worksheets

    * A Hardship Letter

    Once all of the appropriate information has been completed and submitted, the Wells Fargo loss mitigation department will determine whether you can qualify for any of the loan modifications listed below. These offerings will include but aren’t limited to

    * Loan Repayment Plan

    * Loan Modifications

    * Short Sales

    * Partial Claims

    * Deed In Lieu Of Foreclosure

     

    Now, it’s important to understand that you should not be afraid of any of the items listed above. If you qualify for a loan repayment plan or loan modification, this of course will be an ideal solution. However, if it’s deemed that you cannot afford your current home, a short sale or deed in lieu of foreclosure may not be a bad option. It’s important to remember that you want to do everything possible in order to keep your credit status intact. If you have to go through a short sale with your home, this may be a better option than going into complete foreclosure. You must remember that foreclosure will stay on your credit history for a minimum of 10 years.

    Moving into a smaller home or a rental may be the best choice. However, in most cases, loan repayments and modifications can be worked out if your financial crisis is a temporary issue. Some of the other options such as a partial claim may only be offered if you have an FHA loan. You’ll also want to understand that the Wells Fargo loss mitigation department may also help you qualify for additional support. This might be accomplished through the HAMP or (Home Affordable Program), or the HARP or (Home Affordable Refinance Program). Regardless of the way it goes, these are some options that will be available to you only if you choose to work with the mitigation department.

    The important thing to remember is to not let your mortgage lapse while knowing that you cannot afford to make the payments. If you know that you are having financial difficulty, you’ll definitely want to contact the Wells Fargo loss mitigation department in order to work out a plan that is right for you. These individuals will do their best to help you keep your home, or do what’s necessary to help you relieve this debt burden so you can move on with your life without worrying about this massive financial responsibility.

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