How To Buy A Foreclosed Home From Wells Fargo

How To Buy A Foreclosed Home From Wells Fargo

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If you are in the process of exploring homes available for purchase, you may have come across the acronym REO. This specific term stands for \"Real Estate Owned,\"which means that the property in question was previously under the ownership of an individual but is now under the control of the original mortgage provider. As an example, you could see a Chase REO, Bank of America REO and many others. It is these properties that are typically eligible for purchase under the rules and policies governing foreclosed assets.

Keep in mind that the term REO is not the only piece of information you will need to begin the process of purchasing a foreclosed home. If the property in question has been returned to the original mortgage holder, this means that one of many different banking institutions could now be the owner. Fortunately, you will likely be able to determine which bank owns the property using a simple internet search. You can also search directly through a list of foreclosed properties owned by an individual bank, typically through the use of their standard web portal.

Once you have found the perfect home that matches your needs, you will need to ensure that you have received the appropriate pre-qualification from Wells Fargo or some other lender. You can use a simple, streamlined online application form to provide Wells Fargo with all of your relevant financial information. This, in turn, will allow them to determine exactly how much money you can borrow for your home purchase. A credit check will also be used to assess your current financial health and identify any default risks you may pose.

People had their cars wrongfully repossessed by Wells Fargo and the bank took actions that resulted in borrowers wrongfully losing their homes, according to the order from the CFPB. Others customers were charged improper overdraft fees on their checking accounts.

Alvin and Pat Tjosaas, a retired couple in Woodland Hills, Calif., had the bad luck of having their home mistaken for a neighboring foreclosed home and being cleared by contractors hired by Wells Fargo -- not once but twice.

When her husband drove to the property three days later, she said the workers said they were authorized to clear out a foreclosed home. Finally, the sheriff came and escorted the workers to the intended location, 10 acres away, she said.

Tjosaas said not only had contractors cleared their belongings and those of her husband's late parents from the home, but it had appeared as though someone had been living in the home once the contractors had broken the locks. While the summer weather can surpass 100 degrees, an electric blanket was plugged in, indicating someone had been there during the evenings, she said.

Foreclosures can be difficult to find and price, so try to work with a real estate agent that specializes in them. An agent who is knowledgeable about the foreclosure process can represent your interests and keep the transaction moving. One strategy for finding the right agent is to visit websites with a database of foreclosed homes in your desired area. Look for Realtors who have specialized real estate training in this area, such as the Certified Distressed Property Expert (CDPE) or the Short Sales and Foreclosure Resource (SFR) designations.

Soffee says he runs a CMA from the last 180 days and evaluates several factors, including the pace of home sales, tax assessment history and a deeper analysis of similar properties nearby that have recently sold.

Under the NMS, for mortgages serviced by Wells Fargo, Citi and GMAC Mortgage, the identified service members will each receive $125,000, plus any lost equity in the property and interest on that equity. Eligible co-borrowers will also be compensated for their share of any lost equity in the property. To ensure consistency with an earlier private settlement, JP Morgan Chase will provide any identified service member either the property free and clear of any debt or the cash equivalent of the full value of the home at the time of sale, and the opportunity to submit a claim for compensation for any additional harm suffered, which will be determined by a special consultant, retired U.S. District Court Judge Edward N. Cahn. Payment amounts have been reduced for those service members or co-borrowers who have previously received compensation directly from the servicer or through a prior settlement, such as the independent foreclosure review conducted by the Office of the Comptroller of the Currency and the Federal Reserve Board. The Bank of America payments to identified service members with nonjudicial foreclosures were made under a 2011 settlement with the Department of Justice.

A foreclosed home is usually owned by a bank or lender. Lenders can use the foreclosure process when a homeowner stops making their regular monthly mortgage payments, meaning they take over ownership of that residence.

Short sales can also prove to be challenging. In a short sale, owners get permission from their lender to sell their residences for less than what they owe on their mortgage. For example, a homeowner that owes $180,000 on their mortgage might still list the home at $160,000 even though such a sale leaves them $20,000 short of being able to pay off their entire mortgage loan.

The traditional way to buy a foreclosed home is at a real estate auction. At an auction, third-party trustees run a sale of homes that banks or lenders have taken ownership of after the original homeowners defaulted on their mortgage loans.

Banks or government agencies will usually allow for an inspection contingency as part of an offer. This means you have the opportunity to order a home inspection after your offer is accepted but before the sale closes. Your home inspector will tour the residence, looking for everything from leaks in the roof to evidence of a shifting foundation.

Many of the individuals who received these letters and checks from Wells Fargo feel that the offered money is not enough to compensate for all the harms that come with foreclosure. Many people lost substantial home equity value when their home was foreclosed on; others suffered adverse life events from having a poor credit rating; and others experienced significant upheaval to their personal lives, including pain and suffering.

Senators Agree: Wells Fargo Computer Glitch Compensation Program Is Inadequate to Repair Damage from Wrongful ForeclosureWells Fargo says it has set aside $8 million to remediate the wrongful disclosures caused by the software miscalculation. Split amongst the 545 people Wells Fargo says it wrongfully foreclosed on, that would amount to only about $14,500 per person. But, reportedly, the checks Wells Fargo is sending out are lower than that. Wells Fargo is telling people they can go to mediation if they want more money.

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: the characteristics of our servicing portfolio, including prepayment speeds along with delinquency and advance rates; our ability to grow and adapt our business, including the availability of new loan servicing and other accretive business opportunities; our ability to successfully modify delinquent loans, manage foreclosures and sell foreclosed properties; our ability to effectively manage our exposure to interest rate changes; uncertainty related to general economic and market conditions, delinquency rates, home prices and disposition timelines on foreclosed properties; uncertainly related to acquisitions, including our ability to close acquisitions and to integrate the systems, procedures and personnel of acquired assets or businesses; as well as other risks detailed in Ocwen's reports and filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2012 and its quarterly reports on Form 10-Q for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013. Anyone wishing to understand Ocwen's business should review such filings. The forward-looking statements speak only as of the date they are made and except for our ongoing obligations under the U.S. federal securities laws, we undertake no obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise. 781b155fdc