Couple does what it takes to delay foreclosure after Wells Fargo denies Payment

The Holmes family was behind on their mortgage by more than $9,900; they worked out an agreement with their lender, Wells Fargo. The proceedings were stopped a day before the foreclosure sale. The couple had the $10,000 to bring their mortgage payments current and avoid foreclosure; they were willing to pay the foreclosure amount they owed.

After working out an agreement, the lender foreclosed on the couple’s $430,000 home. The bank kept the couple’s $10,000 payment. The couple tried to keep a timeline, so they could save their house. They did what they thought they had to do and what it takes to delay foreclosure. They had a written agreement with Wells Fargo, so they did not ask a third party. The couple did nothing, until the bank representatives were ready to foreclose. The couple lost their home in foreclosure and sued Wells Fargo; the bank would not accept the couple’s mortgage payment. The bank kept the mortgage payment. Bank representatives told the couple they were behind on the mortgage. As a result, the couple could not stay current on a mortgage loan agreement.

A judge sided with the Holmes. He noted they would have been current in their payments. If the bank had applied the payment to their account, they may have not appeared to be delinquent. He concluded the mortgage lender should not have taken the payment if it was not going to apply to the amount the couple owed. Once Wells Fargo took the payment, the judge ruled the couple was not behind on the mortgage; the bank should not have seized the couple’s house. The couple was not delinquent. The couple should not have lost their home. They followed all of Wells Fargo’s requirements to keep the house.

Proper paperwork is small piece of what it takes to delay foreclosure

In a typical foreclosure process, do you know what it takes to delay foreclosure? A borrower needs to talk to a third party, a specialist. A specialist can act as an investor, of sorts. The investor talks to the bank on the borrower’s behalf. It is the specialist’s job to make sure a borrower has to proper paperwork to show both the lender and mortgage holder. Borrowers must have proper paperwork on file before a third party can speak with a bank. A third party may offer a lower mortgage payment over a longer timeframe.

What does it take to delay foreclosure? What paperwork do you need? It is important to have a conditional loan approval, current appraisal, underwriting summary, loan application and the loan number, previous lender’s address, and telephone number. These are vital pieces of information, which you need. When it comes to doing what it takes to delay foreclosure, these are the most important pieces. These are pieces of information that a bank needs; they cannot process a loan without the information. Wells Fargo is no exception. It may be hard for a third party’s specialist can help without having the correct paperwork on file. A specialist can tell you what paperwork you need to delay foreclosure and save your home from Wells Fargo. It is your responsibility to see the bank has the paperwork, so that you can do what it takes to delay foreclosure and stop the bank from taking your home.

Biggest mistake borrowers make when it comes to a mortgage

Some borrowers may think it is easy to avoid foreclosure. They may think all they have to do is show what funds are in a Wells Fargo bank. The process to get a bank foreclosure delay can be far more complicated. Bank employees, at Wells Fargo, may see the records of your account funds. They want more than a paper trail that points to how you received the funds and from whom; they want to know if the funds were a gift or part of your take-home pay from a job, etc. It may make a difference as to if they allow those funds to be counted as income. If they do allow the funds as income, you could use them to pay off your mortgage loan debt.

Have a specialist provide a letter saying payment is a gift. This may be one way to stop the foreclosure process. It is a way for families to have a record of the money they use to pay a mortgage. Borrowers would not have to wait two months before they access funds placed in their own bank accounts; it can take two months. Lenders have to verify where the funds originated. If the paperwork is in place, this process may be shorten to two to five business days.

Having a foolproof plan for dealing with Wells Fargo

Mortgage lenders, such as Wells Fargo, want to know borrowers have a foolproof plan to continue to afford a house and make their mortgage payments on time. They need to see a written contingency plan. They want to know borrowers can stay current on their mortgage, if they fall behind on payments. A borrower can catch up, but it is important not to fall behind on payments. A borrower must stay up-to-date. It is important every borrower have a detailed plan to show how he, or she, will stay current on the mortgage. This is needed once there are delays in the foreclosure process. It allows couples can keep their houses.

It is important to understand what it takes to delay foreclosure. What are the consequences? What it takes to delay foreclosure is as important as what happens after a short sale or auction ends. Once you understand the process, you will be better able to prepare yourself. You will not have to go through a foreclosure process again. You can save your home from foreclosure. It is possible to join the ranks of many people who own their houses.

Organizations, such as Save My Texas Home, have helped hundreds of Texas families to save their homes. It is a good option for homeowners who want to have foreclosure alternatives, but they do not know where to look. This organization works with government and non-government agencies. If you need help saving your Texas home, you can call Save My Texas Home, today, at 512-271-5044.

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