Foreclosure is the legal process that allows your lender to take ownership of your property if you don’t pay your mortgage. The process usually begins after you miss 4 payments (when your account is 120 days past due). If we can’t find another solution — such as a loan modification or short sale — the process ends with your home being sold in a foreclosure sale.
We want to help you prevent that outcome. Even after the foreclosure process begins, please work closely with us to find other options.
How the process works
It’s important to understand that foreclosure follows its own path and timeline, distinct from the mortgage assistance process. That means the foreclosure process can begin and continue even while you’re actively working with us to find options that may help you avoid a foreclosure sale.
The foreclosure process:
- May begin after your loan is 120 days past due.
- Proceeds according to the laws in your state, which indicate either a judicial or non-judicial process. Check foreclosurelaw.org for the laws in your state.
- Includes communications from a third-party attorney who will let you know where you are in the process and what the next steps are.
- May result in a date being set for a foreclosure sale and your home being sold, if certain conditions are not met.
If you’re worried about foreclosure, or you’ve been notified that the process has started, please contact a home preservation specialist right away.
Contact a Home Preservation Specialist at 1-800-678-7986
Start the process by filling out an online request:
Already working with us on a loan modification?
Wells Fargo Bank, N.A. is required by the Fair Debt Collection Practices Act to inform you that if your loan is currently delinquent or in default, as your loan servicer, we will be attempting to collect a debt and any information obtained will be used for that purpose. However if you have received a discharge, and the loan was not reaffirmed in the bankruptcy case, we will only exercise our right as against the property and are not attempting any act to collect the discharge debt from you personally.