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Wells Fargo Home Mortgage Foreclosure Process And Timeline.

The Wells Fargo Forelcosure Process on your mortgage loan can be a challenging process for any homeowner. When it comes to Wells Fargo Home Mortgage there are some valuable pointers that you should know. For starters, you should know that it all begins when you miss your first home loan payment. In the event that you do miss a mortgage payment, the home preservation deparmtnet will begin taking the first steps in the process to foreclosure.

What Are The Foreclosure Timeframes?

It is worth noting that Wells Fargo’s foreclosure process differs from state to state. The process of foreclsoing can even differ from county to county. As such, there is no steadfast rule, however, there are some foreclosure practices that govern the process in most states.  For instance, once you default on your home mortgage loan payment with Wells Fargo, you will be issued  a warning that informs you of your defaulting which will be received in writing.

Notice of Intent (NOI) To Foreclose and Accelerate “Breach Letter”

Once the Notice of Intent To Foreclosure has been issued, there will be a certain period of time that you will be given (generally, about 30 days after you have received the letter) and thereafter, you become eligible for the foreclosure process to start.

The Notice To Accerate And Foreclosure is the first step to begin the foreclosure process  that the lender often take by sending out a warning that notifies the borrower that they are in default of their loan and that if they don’t bring the account current that they will begin foreclosure. In some states this letter has to be reissued in the case where a payment is accepted by the servicer which restarts the timeline over again before they can start with foreclosure. Eventually the lender will no longer accept anything less than the total due forcing the homeowner into foreclosure if they don’t catch the loan up.

One of the mistakes that people make when they receive a Notice of Intent is that they fail to act upon it and this works against their favor. The moment that you do receive an NOI, contact us as soon as possible to start seeking a resolution to your mortgage delinquency.

Remember that the lenders do not want to take your home away from you but rather they prefer if you can pay what you owe them. In the case of Wells Fargo, we can contact their home preservation specialist on your behalf.

Another mistake that most people make when it comes to the Wells Fargo mortgage payment is that they think that the foreclosure begins after 90 days while in some states, it begins as early as 61 days,  (when your third payment comes due) and in some cases you have an expired NOI within the last 18 months.

Different Types Of Wells Fargo Foreclosures

Depending on the state that you are in and the county your property resides in will change the type of foreclosure Wells Fargo will do. There are two common types of foreclosures that are completed by Wells Fargo; the judicial foreclosure and the non-judicial foreclosure.

Non-Judicial Foreclosure Process

A non-judicial foreclosure doesn’t go through the courts but is just a process of filing documents with the local county or city. In a non-judicial foreclosure, Wells Fargo will place calls to you in the first month asking you why you have defaulted in your payment. When you miss your second payments, the mortgage company, in this case Wells Fargo will issue you an NOI. However, when you miss your third payment, at that time then you will receive a Notice of Default (NOD) from whomever is the locally appointed trustee. At that time you can only work to clear your debt or else your loan will be accelerated. This is where we can step in and help you apply for mortgage assistance relief programs.

The non-judicial foreclosure begins when the Notice of Default is fired off by the trustee to the county recorder’s office. Once this is done, the foreclosure process is officially underway.

Notice of Default (NOD)

The notice of default is the first official document filed when starting the foreclosure process.  In the state of California, a lender can only file a Notice of Default once the borrower is 90 days behind (again keep in mind this is as of the date that the third payment comes due). The NOD contains information such as the name and address of the borrower, lender and trustee. It also may contain the address of the mortgage property, a description of the defaulted amount (past due payments), the action that can be done in order to prevent foreclosure, the date which the house can be paid for or cured by the borrower and a statement that denotes that the house will go up for sale if the default is not cured.

Notice of Trustee Sale (NTS/NOTS)

In most states, the Notice of Trustee Sale is placed in the front of the house in order to alert the public that the borrower is in default of the loan and that the house will be sold at auction. Along with placing a notice at the property it’s the trustee’s job to do a publication in a local newspaper or in any public documemetation that gives notice about your default. As the homeowner, you may receive a notice of sale, a notice of default that is followed by a notice of sale or even see the notice by publication.

Once that has been accomplished, then a date and time is set and your house will be sold to the highest bidder.

Judicial Foreclosure Process

In this process, the foreclosure process may last from months to years. When it comes to the judicial foreclosure, there are some basic steps that one should be aware of.

Once you miss your first Wells Fargo mortgage payment, Wells Fargo will inform you that you are late on your payment and inquire when you will be sending your paymeny. Once you miss the second payment, Wells Fargo mortgage department will continue with their collection practies but will also issue the issue you a breach of contract letter known as the Notice of Intent (NOI). You have the opportunity to bring your mortgage current often within a period of 30 days. Thereafter the judicial process will begin on the foreclosure of your house.

Wells Fargo will proceed to hire an attorney who will prepare the complaint against you and file it with the local court. The complaint will be filed in the county where the house is located.

Once the complaint has been filed, you will receive a court summons. It is worth noting that once you have received the summons, you have a specified amount of time to respond (typically about 20-30 days). As the homeowner, you have the option of either filling an answer or not filling. By not filling, you will have allowed the lender a default judgement and hence, allowing your house to be repossed possibly sooner. However, if you do file an answer and with the proper defense you may be able to halt the foreclosure process.

Lis Pendens

Is a notice to anyone interested in the property that is currently pending litigation. Lis Pendens is latin for a suit pending. It is a written notice that is concerned with a real estate property.  The court clerk files the Lis Pendens, certifies that it has been filed and then it is recorded by the county recorder. The Lis Pendens informs the owner of the real estate property that a claim has been entered for the property and at the same time, the Lis Pendens informs all the buyers who are interested in the property that they is a potential claim against the property.

Power of Sale

In the lawsuit, the attorney will be asking the judge to grant a the power of sale which means they can set a foreclosure sale date on your home.

In the event that the lender won the case that was filed against you, then a date and time is set for the house to be sold to the highest bidder.

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