Doesn't always take them forever - wells fargo mortgage

[enuffznuff]

I just wanted to post because I've seen some people ask about loans with wells fargo. obviously it varies by region, but I live in a VERY high-foreclosure area (was one of the big boom areas and a very big bust area).
I got the foreclosure notice after 120 days, sheriff's sale is set for 120 days after that.

I have friends in my town with other lenders who are going on 2 years with no foreclosure action from the lender. My realtor (house is for sale) has one other client that's a wells fargo mortgage who got their foreclosure and notice of sale after 120 days.

Soo, although like I said, it's going to depend on the market and what they are doing in your area, if you have Wells Fargo, don't COUNT on getting a year or better of no payment living in your home, be prepared to be out in whatever the shortest allowable schedule in your state is. Wells Fargo has also stated clearly they don't think they have any issues with their foreclosure practices and have no plans to halt any foreclosures (obviously unless a state puts a moratorium on the whole state)

[Freddy03]

Do you have any equity in the house?

I'm in FL and with WF. Last year I got a little late and never heard from them (not even a phone call until I was pushing the 60 mark). This past month I was 10 days late and they called me up to 3 times a day. I think they are starting to move a little faster. Maybe because the other bigger companies are halting FC right now, the court systems might have some freed up time.

[free2breathe]

Wells Fargo moved very fast on us. We also lived in a very high foreclosure climate. We were 90 days behind, caught up in March, had no jobs so couldn't pay again in April. The foreclosure auction was scheduled for July. If I'd known we would still both be unemployed, I'd have never used that money to catch the mortgage up. The auction was postponed twice and then in September of that year it was all over. WF was also very uncooperative in trying to work out any sort of agreement. I had a wonderful realtor who worked hard to sell prior to the auction, but WF wouldn't even discuss a short sale.

[CCsAreEvil]

Yeah, I'm wondering if CitiMortgage is trying to be quick, too. Foreclosures are rampant in Arizona. However, they requested Lift of Automatic Stay at the 90 day mark. It has now been lifted. Now, I feel edgy daily because the next step is receiving that Notice of Trustee Sale notice (then we have 90 days left).

Although, in the Lifting of the Stay documentation, it had some weird verbiage (is this normal?) saying lender now has the right to contact debtor by phone or mail, and also allowed to try to provide loan mods, rearrangements and such.

My guess is they'll still go with foreclosing. I actually owe what zillow claims it's worth (to the 1st), but it's value is under by over $100k if you include the 2nd heloc. Also, a house 2 houses down (same model and all) is going for $30k less than what zillow says it's worth (foreclosure also).

We'll see..

[bladerunner]

We are strategic defaulting on our home of seven years. The house is 125% underwater and all mortgage mediation plans have either failed or we do not qualify due to job loss. Citi Mortgage owns the note(?) to our home.(we do not have a second) We stopped making payments Jan 2010. We had the foreclosure notice and notice of trustee sale.(heard from a real estate agent a backlog of 10,000 homes+ waiting to be auctioned) posted on our door in July 2010. We are trying to do a short sale but three offers have already been rejected. Last week we received in the mail a notice stating that our Citi mortgage has been sold to a company named NationStar?????go figure...We are still living in the home...and we live in foreclosure city...Vegas...

good luck everyone...

[justbroke]

This highly depends on your State. Even if your lender were to "move quickly" in Florida, it's still 7-11 months for you to be foreclosed, and that's if you do not file an answer to the lis pendens, and the lender's attorney is on the ball for a quick summary judgment of foreclosure.

In non-judicial states, the foreclosure can happen real fast, but in judicial states, like Florida, the process just drags on.

[ryan]

You really have to divide FC's into judicial and non-judicial states as far as timetables go. Then you probably should further segment according to how bad the market is, how overwhelmed the FC's dockets are already.

In IL, its judicial, and its taking 9-12 months even if the debtor does very little to contest anything. If you aggressively fight and happen to be a BofA loan, you can do considerably better, I'm finding.

To the OP, I never liked Wells Fargo anyway...its sounded like you'd be getting a covered wagon instead of a loan! lol

[enuffznuff]

Yes, I live in a non-judicial state. totally different animal in judicial states.

However, the house is in a VERY overwhelmed FC market, one of the worst in the country (doesn't make some lists bc it's not an urban area, it's a resort area)
The house is underwater.
Nothing slowing WF down! (except, it sounds like, being required to do a judicial foreclosure, lol)

[cory1848]

This highly depends on your State. Even if your lender were to "move quickly" in Florida, it's still 7-11 months for you to be foreclosed, and that's if you do not file an answer to the lis pendens, and the lender's attorney is on the ball for a quick summary judgment of foreclosure.

In non-judicial states, the foreclosure can happen real fast, but in judicial states, like Florida, the process just drags on.

I can attest to this. Last payment August 09, LP file April 2010, hired lawyer to fight it which bought us 6 months time, then let lawyer go cause we decided not to continue. He filed answers to the LP before signing off on the case. That was September. I expected to hear something 20 days after that for a hearing but haven't heard anything yet. So I am still waiting on a hearing for the Answers. I wont attend that. I assume MSJ will be requested then and I will have to wait for a hearing on that as well. Then once that is granted, have to wait on a sale date. It is November now and I am thinking I might have another 4-6 months if it were to start moving today. That would put us at 2 years. Not complaining....

[Freddy03]

I can attest to this. Last payment August 09, LP file April 2010, hired lawyer to fight it which bought us 6 months time, then let lawyer go cause we decided not to continue. He filed answers to the LP before signing off on the case. That was September. I expected to hear something 20 days after that for a hearing but haven't heard anything yet. So I am still waiting on a hearing for the Answers. I wont attend that. I assume MSJ will be requested then and I will have to wait for a hearing on that as well. Then once that is granted, have to wait on a sale date. It is November now and I am thinking I might have another 4-6 months if it were to start moving today. That would put us at 2 years. Not complaining....

Is this with Wells Fargo?

[cory1848]

Is this with Wells Fargo?

Yes

[pathfinders]

With Wells Fargo last payment 8-2009, Have been fighting it on our own till recently, Have a hearing set for our motion to dismiss based on not being able to produce the note and a few other basic things. ( assignment amounts owed not audited)

the Lawyer we hired will be able to kick the can down the road, she predicts another 6 months before we will go to MSJ.

Goal is to move just after the kids get out of school in June, that would put me at about 22 months.

[MSbklawyer]

I just wanted to post because I've seen some people ask about loans with wells fargo. obviously it varies by region, but I live in a VERY high-foreclosure area (was one of the big boom areas and a very big bust area).
I got the foreclosure notice after 120 days, sheriff's sale is set for 120 days after that.

Understand the difference, though, between the foreclosure sale and actually having to move out. In most cases, the bank is going to be the buyer at the foreclosure sale. They then have to sell the house to someone who actually wants to own it. That's a whole other deal, and that's usually where your 'free' time comes in -- between the foreclosure sale and the resale. If the house is going to be slow to sell, most lenders would rather have you there keeping the grass mowed and warding off vandalism than having the house just sit there empty.

[cory1848]

Understand the difference, though, between the foreclosure sale and actually having to move out. In most cases, the bank is going to be the buyer at the foreclosure sale. They then have to sell the house to someone who actually wants to own it. That's a whole other deal, and that's usually where your 'free' time comes in -- between the foreclosure sale and the resale. If the house is going to be slow to sell, most lenders would rather have you there keeping the grass mowed and warding off vandalism than having the house just sit there empty.

This depends on what state you are in. In Florida, most lenders want you out. The "free" time is also from when you stop paying until the sale, NOT from the sale to the resale.

[enuffznuff]

They want you out at the sale date, here. You cannot stay after the sale date.

Yeah, it's fast here because it's non-judicial, so there's no place for the legal wrangling that some people are using.