Josephine Norton
If you're looking to make a claim against Wells Fargo Mortgage, there are several options available. Firstly, for property damage or financial assistance due to property damage or a disaster, Wells Fargo offers disaster recovery assistance. In such cases, you should first contact your homeowner's insurance company to report the damage and then call the Wells Fargo Disaster Assistance team. Additionally, if you're facing difficulties with mortgage payments, Wells Fargo provides resources to help you explore options, including connecting you with a home preservation specialist. They also offer a Mortgage Assistance Application to assess your eligibility for assistance. It's important to reach out to Wells Fargo as soon as possible to discuss these options and avoid potential foreclosure.
What You'll Learn
Disaster assistance and property damage support
Disaster can strike at any time, and when it does, it can cause significant property damage and financial hardship. If you have a Wells Fargo mortgage and are facing property damage due to a disaster, here are some steps you can take to seek assistance and support:
Contact Your Insurance Company
The first step is to notify your homeowner's insurance company and file a claim with them. Report the property damage and provide all the necessary details. It is important to clarify with your insurance company how the check will be made out. If you have an outstanding mortgage or home equity loan, ensure that the servicer's name, in this case, Wells Fargo, is listed as a payee.
Reach Out to Wells Fargo's Disaster Assistance Team
After filing your claim with your insurance company, get in touch with Wells Fargo's Disaster Assistance team. You can call them at 1-866-826-4902 for mortgage-related inquiries or 1-877-592-0185 for home equity-related issues. They will guide you through the process and provide you with the necessary information.
Endorse and Submit the Insurance Claim Check
Once you receive your insurance claim check, you will notice that Wells Fargo is named on it as they have a financial interest in the property. You will need to endorse the check and send it to Wells Fargo. Make sure to include your mortgage loan number on the check. Additionally, if the check amount is less than what is owed on your mortgage, include a certified check for the remaining balance.
Monitor the Repair Process
Wells Fargo will work with you to restore your property to its original condition. They may release funds in partial payments as repairs are completed to ensure that the work is done satisfactorily. They may also order inspections to verify the progress and quality of the repairs. This process helps protect you from potential fraud or incomplete repairs.
Seek Additional Support
If you are facing financial difficulties due to the disaster, even if it is a complete loss of your home, Wells Fargo encourages you to contact them. They can provide a confidential review of options to assist with payment challenges and help you explore alternatives to foreclosure.
Remember, each situation is unique, and it is important to stay informed and proactive throughout the process. Reach out to the relevant departments and specialists at Wells Fargo to ensure you are taking the necessary steps to receive the assistance you need.
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Applying for mortgage assistance
If you're applying for mortgage assistance from Wells Fargo, you'll need to complete a Mortgage Assistance Application with Expenses and Debt (PDF) form. This form will ask you to provide details about yourself, any co-borrowers, and the property. It will also ask you to explain the reasons for your financial hardship and to provide information about your income sources and expenses.
You may be asked to provide copies of recent federal income tax returns (IRS 1040) or tax transcripts, as well as proof of distributions and other income verification documents. If you have loans with lenders other than Wells Fargo, you may also need to submit a statement showing how much principal, interest, and miscellaneous fees are needed to pay off those loans.
It's important to reach out to Wells Fargo as soon as possible to discuss your options and ensure that your application can be evaluated in time to stop any potential foreclosure sale. You can call 1-800-678-7986 to get started and to connect with a home preservation specialist who can review your options and let you know which documents you'll need to provide.
If you have property damage or need financial assistance due to property damage or a disaster, Wells Fargo can also help you through the disaster recovery process. You should first contact your homeowner's insurance company to report the damage and then call Wells Fargo's Disaster Assistance team at 1-866-826-4902 (Mortgage) or 1-877-592-0185 (Home Equity).
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Payment assistance
If you are facing financial hardship or are behind on your Wells Fargo mortgage payments, there are options available to help you. Firstly, it is important to reach out to Wells Fargo as soon as possible to discuss potential alternatives. You can call 1-800-678-7986 to connect with a home preservation specialist who will review your options. They will advise you on the next steps and any required documentation.
If you are still current on your mortgage payments, you may be able to refinance your mortgage to lower your payments or switch to a fixed-rate loan. Wells Fargo also offers low down-payment home loans and grants that can assist with closing costs. For example, the Homebuyer Access Grant may provide a $10,000 grant for a down payment, subject to eligibility requirements.
If you are seeking mortgage assistance, you will need to complete a Mortgage Assistance Application with Expenses and Debt. This will require you to provide details about yourself, any co-borrowers, and the property. You may also need to submit documents such as tax returns, pay stubs, and proof of income to verify your financial situation.
In the case of property damage or financial hardship due to a disaster, Wells Fargo offers disaster assistance. You should first contact your homeowner's insurance company to report the damage and file a claim. Then, you can call the Wells Fargo Disaster Assistance team at 1-866-826-4902 (Mortgage) to discuss the next steps. They will guide you through the process of restoring your property to its original condition.
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Foreclosure avoidance
Foreclosure is the loss of your home through a legal process where Wells Fargo or a third party acquires the property at a foreclosure sale. You must move out of the property or you will be evicted.
Wells Fargo may start a foreclosure process if a homeowner is unable to continue making their mortgage payments. This process can be intricate and difficult, but understanding it can make it easier to manage. After several missed payments, Wells Fargo will send a default notice. If the homeowner still cannot make the payments, a Notice of Default (NOD) is filed with the county recorder, officially starting the foreclosure process. If the homeowner doesn’t manage to pay the debt within a certain period, a Notice of Sale (NOS) is recorded, and the property is put up for auction.
Even if Wells Fargo approves you for a foreclosure alternative prior to a sale, a court with jurisdiction over the foreclosure proceeding may not be able to halt the scheduled sale. Your property will not be sold at a foreclosure sale if you accept a foreclosure avoidance option and comply with its requirements. Contact Wells Fargo as soon as possible to discuss your options and next steps.
A short sale with Wells Fargo can serve as an alternative to foreclosure. In a short sale, the bank agrees to accept less than the amount owed on the mortgage, allowing the homeowner to sell the property at its current market value. To be approved for a short sale, the homeowner must demonstrate financial hardship and submit necessary documents such as a hardship letter, financial statements, and a comparative market analysis. After the sale, the proceeds go to Wells Fargo in lieu of the full mortgage debt, and the homeowner is usually released from their mortgage obligation.
Be aware of scams and anyone offering to help you for a fee. U.S. Housing and Urban Development (HUD)-approved counselling agencies provide free services to help with payment challenges.
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Fraud claims
If you suspect fraud on your Wells Fargo account, there are several steps you can take to address the issue and file a claim. Here are some instructions and guidelines to help you through the process:
First, it is important to regularly monitor your account activity for any suspicious transactions. You can do this online or by phone, but it is recommended to set up account alerts to help you spot fraud more quickly. If you notice any unauthorized or fraudulent activity, report it immediately. You can call the number on the back of your card to file a fraud claim. Additionally, you can contact Wells Fargo's Premier Client Service at 1-800-742-4932, which is available 24 hours a day, 7 days a week.
In the case of a missing or stolen card, it is crucial to contact Wells Fargo immediately. If you are in the United States, Canada, or Mexico, you can call 1-800-289-3557. If you are calling from a country with a Universal International Freephone Number (UIFN), dial the international dialing code followed by 800-0289-3557.
It is also important to be vigilant against phishing attempts and suspicious emails or texts claiming to be from Wells Fargo. Do not respond to or click on any links in such messages. Forward suspicious emails or text messages to [email protected]. Additionally, be cautious if you receive a call from someone claiming to be from the bank's fraud department. Hang up and call the official Wells Fargo number to confirm the suspicious activity.
If you believe you have been a victim of identity theft, take immediate action by calling 1-800-869-3557. You can also visit Wells Fargo's resource page for more information on preventing identity theft and protecting your personal and financial information.
In terms of specific mortgage fraud claims against Wells Fargo, there have been instances where the bank has been accused of improper mortgage lending practices. In 2020, Wells Fargo agreed to pay $1.2 billion to settle civil mortgage fraud claims related to its participation in the Federal Housing Administration (FHA) Direct Endorsement Lender Program. This settlement resolved years-long litigation, with the bank admitting that it certified loans for FHA mortgage insurance that did not meet the necessary requirements.
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Frequently asked questions
Contact your homeowner’s insurance company to report it and file a claim with them. Then, call Wells Fargo's Disaster Assistance team at 1-866-826-4902 (Mortgage) or 1-877-592-0185 (Home Equity).
Wells Fargo is listed on your insurance claim check because they have a financial interest in the property. You’ll need to endorse the insurance claim check and send it to Wells Fargo.
Wells Fargo will send the repair checks payable to you to pay the contractors you hired. Payments are made in increments during the process.
You may be asked to provide a document to show how much principal, interest, and miscellaneous fees are needed to pay off your outstanding loans.
You may be asked to provide documents to verify your income, such as recent federal income tax returns (IRS 1040) or tax transcripts. You may also need to provide proof of distributions and expenses.
