Mortgage assistance from Wells Fargo.
Wells Fargo offers a variety of assistance programs to homeowners who are struggling with their monthly mortgage payments. They always stress that the earlier a customer notifies them of a problem, that the more options Wells Fargo will have available to help the homeowner. Details on the lenders assistance programs are below.
They can lower interest rates, reduce payments, stop a foreclosure, and more. However, the sooner a borrower contacts them, the more options they will have to find a solution, and the more programs they can offer. It can’t be stressed enough that timing is critical for borrowers who are experiencing financial difficulty and who may be faced with foreclosure.
If you need assistance, customers should contact the appropriate Wells Fargo office. The contact numbers are below.
- Wells Fargo Financial: (800) 275-9254
- Wells Fargo Home Mortgage Customer Service: (800) 678-7986
- Wells Fargo Home Mortgage ARM Reset Help: (866) 398-7556
- Wells Fargo Home Equity: (800) 944-4601
If for some reason these phone numbers do not put you in contact with the correct people, the customer's most recent payment coupon or statement will also provide additional information about which number to call, or it may provide alternate numbers.
They do their best to work with the homeowner, and they are usually successful in providing assistance to the vast majority of customers who need help. While they are able and successful with helping most customers, unfortunately they are not able to help all of them. But you should always try.
Even if for some reason they can’t offer you an assistance program today, customers should continue to contact them and stay in touch to see if new solutions or options become available that might work for their situation in the future. As oftentimes the program terms may change, or new programs may be initiated.
Wells Fargo will usually not charge any fees for their assistance programs, however it can vary based on individual cases and the customers personal situation. Wells Fargo Home Mortgage has several programs and options that can be used to assist homeowners who may have financial difficulties, and they will use a foreclosure filing as a very last resort, and only if there are no other options. Some of the Wells Fargo mortgage assistance programs include:
This is one of the more common options offered, and is usually very successful. A repayment plan allows the homeowner to cure the delinquency in their payments over time, while also working with the customer to help them still make their regular mortgage payments. While the exact terms will vary, by Wells Fargo allowing the missed payments to be made up over months or years, this will provide the homeowner more time to get back on their feet and get their financial situation settled.
Wells Fargo Loan Modifications
Those customers who are facing a default, or that are currently in a default situation, may be provided with the option to modify their current mortgage. Wells Fargo modifications are very flexible, and they do what they can to modify the mortgage to something that the customer can pay monthly and keep up with. A loan modification will change the terms of the original loan. For example, there can be a change to the interest rate, such as a reduction in it. Fees and charges may be waived. Or they can modify the unpaid principal balance. A loan modification will almost always bring a delinquent account current because if there have been any missed payments, they will usually be added to the unpaid principal balance and the new balance will oftentimes be extended, so the customer has longer to pay it off.
Over the course of the last year, Well Fargo has cut the principal that is owed by delinquent homeowners for some loans by as much as 30 percent. They have forgiven an average of $45,000 in principal on these mortgages, which equated to about 15 percent of the balance owed. Almost 50,000 option-ARM loans have been modified, as well as thousands of other mortgages. Read more on Wells Fargo principal reduction.
Short sale from Wells Fargo
If the value of your home is less than the amount you owe on your mortgage, a short sale is another option that you should explore. After you sell your home, the proceeds of the sale will then be used to pay off the mortgage. Any amounts that are still remaining that are due on the loan will be waived by Wells Fargo.
This is usually a good option to explore when market conditions place the home's value at an amount less than the total amount owed and proceeds that result from the sale of the house are short of total amount owed to pay off the mortgage obligation. So if your home is worth 150K, and your loan has 200K due in principal, Wells may allow you to sell your home for 150K, and the funds will be used to pay off the mortgage. They will not try to collect the 50K shortfall. The federal government also created a program to facilitate the short sale process, the Home Affordable Foreclosure Alternatives program.
Partial Claim of Claim Advance
If your loan is insured by a private mortgage insurance company or the Housing and Urban Development (HUD) this program may be able to help you.
This program allows HUD or the mortgage insurer to advance funds that will allow the mortgage to be reinstated, and all or part of the past-due payments will be waived or resolved. Under this option, the homeowner would need to sign a note to the mortgage insurer or HUD for the amount of the advance that is provided to them. After this occurs, the borrower would resume regular monthly payments on their mortgage and they are now responsible for the repayment of the note to the insurer. Also, in many cases the repayment of the new note is not required until the mortgage is paid off. So this provides additional relief in that the borrower's monthly mortgage payment will not be increased.
This is a little known option that will in effect allow the borrower to transfer the ownership of the property back to the bank, an investor, or Wells Fargo rather than having them foreclose on the home.
This is an option that is really based upon the banks or investor approval and it will be a potential solution that is offered based on the reason for the hardship. The terms of this program can vary as well. For example, in some cases a borrower may need to contribute some up front cash to help facilitate and close a Deed-in-lieu transaction. Another criteria may be that the bank may require that the borrower list the property on the open market at a fair market value to try to sell the property prior to acceptance of a deed-in-lieu. Then if the home does not sell on its own, this may be an option.
The bottom line is that Wells Fargo has several mortgage assistance programs that can provide homeowners with help. If you are facing a hardship, contact them to apply, or learn more about your options.
Wells Fargo Second Lien Program
Wells Fargo is now offering its customers, as well as former Wachovia customers, a new program that can help them get assistance with second lien mortgages. While there are restrictions in place, it is an innovate solution. Read more on Wells Fargo mortgage lien program.
Historically a second mortgage on a home has reduce the number of options and limited the amount of help that someone could receive, and this new program should alleviate that problem.
Counseling from Home Preservation Centers
Dozens of offices and centers have been opened across the nation by Wells Fargo. Individuals and families who may soon fall behind on their loan payments, or who are facing a foreclosure, can get free foreclosure counseling and advice from home loan specialists at these locations. Get advice on loan modifications, government mortgage and foreclosure prevention programs, and extensive information on assistance programs that may be able to help you in your situation. Get more details on Wells Fargo home preservation centers.