Deed In Lieu of Foreclosure is one of wells fargo Alternative Repayment Options,other Alternative Repayment include Repayment Plan,Loan Modification,Partial Claim(only for FHA loans) and Short Sale.
How wells fargo deed in lieu of foreclosure works
Allows you to transfer your property voluntarily to Wells Fargo if you are unable to maintain payments and cannot sell the home at market value.Avoids the lengthy legal process involved in foreclosure,May be less damaging to your credit rating than foreclosure
Case of wells fargo deed in lieu of foreclosure.
Can I get a mortgage right now after my deed in lieu of foreclosure? I just recently went through a deed in lieu of foreclosure onmy condo in FL secondary to having some family medical conditions that needed my attention in NH. I am able to afford a place right now with my fiance. I have no lates on my credit and my only blemish is the DILF. I spoke with a mortgage consultant at Wells Fargo and she ran my credit at 796 and said I will def be able to qualify. I am assuming that the DILF hasnt been reported to the credit bureau yet but if I am able to get preapproved which she thinks I can, will be able to continue on with the contract if the DILF is reported in the middle of negotiations? Just looking for advice and to see if there is anyway I can get into a place right now with these rates.
A mortgage banker answer:On page 4 of the universal home loan application is a declarations section with not 1 but 2 questions specific to DILF and foreclosure. If you answer no, you are committing mortgage fraud. When you answer yes it will trigger further investigation into the date of the DILF. There are also other searches an underwriter does to find this stuff out so there is no way you will get through the underwriting process without the lender finding out. Your best bet is to buy under your fiance’s name and credit only.
How to get a Wells Fargo deed in lieu of foreclosure approved
Deed in Lieu complete. Wells Fargo the lender and no liens, taxes paid and HOA paid, deed signed back over to Wells Fargo, keys sent back via express mail. No deficiency judgment or other judgment/promise to pay. Nothing except no more headache. One note on credit reports, I went to annualcreditreport.com(free) and disputed the Wells Fargo credit entry and wallah, the item was removed. That was transunion and now after 30 days I am working on experian then equifax. I just kept sending a dispute that Wells Fargo agreed to take back the property and in my opinion I should be in good standing. I really think that the lender failed to respond to my countless disputes and transunion just removed the entry.
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on Mar 10th, 2010 at 9:45 am
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on Mar 15th, 2010 at 4:24 am
for 18 month margaret and i have been fighting health problems margaret took a loan out on her paid for house ione she saved for years to buy and retire she was caught up in a scam with a local attorney whose in trial now for scaming old people the lender and attorney knew margaret had alzheimers and took advantage of her then the lender immediately sold the note to wells fargo i have offered to pay the note off for margret but wells fargo has not responded to my offer and is going ahead with forclouser forcing margaret to file bankruptcy to save her home this is the third note or comment i’ve left this week if i don’t get help i must help her file bankruptcy my name is albert bond you have my power of attorney on file
on Mar 15th, 2010 at 4:31 am
i should also say that in the fall of 08 margaret was robbed leaving her temparly broke i’m prepaired to sign on the note and help her pay off the loan what does wells fargo have to lose why take a lose when the bank can get its money back please help us if we lose this home with our age and health we will never get another chance please contact us and work something out isn’t that what the president issued the stimlus plan for
albert bond p o a for margaret
on May 15th, 2010 at 2:22 pm
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