Baltimore Short Sale

740,359 Homeowners helped through Mortgage Modification

Wells Fargo saw an increase of active and completed mortgage modifications which ranged from 733,180 at the end of January to 740,359 in late February. These numbers include all active and completed modifications which were reported at the bank within the time period of January 2009 through February of 2012.

Wells Fargo stated that 84% of the modification efforts were done through the banks proprietary program, while 116,622 were finished through the governments Home Affordable Modification Program. Wells Fargo was able to urge 80% of its majorly delinquent customers to seek out assistance.

An estimated seven out of ten of those customers avoided foreclosure, the bank reported. In addition to this, the firm helped 5.6 million customers get low rate loans for purchases and refinancing over the past three years.

 “As a result of that success and the fact that more than 92% of Wells Fargo’s home loan customers remained current on their mortgage payments as of the fourth quarter of 2011, fewer than 2% of the loans on owner-occupied properties in its mortgage servicing portfolio have resulted in a foreclosure sale over the past 12 months,” Wells Fargo wrote in a statement. “Wells Fargo also has helped nearly 5.6 million customer’s secure new low-rate loans for home purchases or to refinance existing mortgages between January 2009 and February 2012.”

www.Short-Sale-Specialists.com

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If you are behind on your mortgage payments and would like to stop foreclosure on your Baltimore Maryland home, Our Maryland short sale Realtors offer no cost assistance for you in your short sale! Our Baltimore MD area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Maryland Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Our services are 100% FREE to you!

Copyright First Coast Realty Associates 2012

A reported income of $4.1 billion was reported in the fourth quarter for Wells Fargo, which was up 20% from the previous year. Wells Fargo earned $15.9 billion for the full year, which was up 28% from 2010. Wells Fargo’s mortgage department gained $2.4 billion in the fourth quarter which was a slight decrease from $2.7 billion a year earlier. Wells Fargo originated $357 billion in 2011 for new home loans, which was down $386 billion in the previous year.

For the mortgage listed as non accrual in foreclosure decreased to $4.08 billion at the end of the fourth quarter, a decrease from $5.2 billion a year earlier. Wells Fargo hit a loss of $ 272 million from repurchasing bad mortgages from investors, but it was almost half of the $572 million in losses for the three months concluded December 31, 2010. At the end of 2011, Wells Fargo held about $2 billion in provisions for credit losses, which was down from $3 billion at the end of the previous year.

Chief Risk Officer Mike Loughlin stated that number is decreasing at a slower pace going into 2012. “We have seen significant improvement in credit performance over the past eight quarters, and expect continued but slower improvement in 2012 as portfolio quality approaches a stable, more normal level,” Loughlin said. “Absent significant deterioration in the economy, we continue to expect future reserve releases in 2012.”

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Trying to stop foreclosure on your Baltimore Maryland home,?  Our Baltimore MD area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Maryland Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Our services are 100% FREE to you!

Copyright First Coast Realty Associates 2012

Wells Fargo, and  their impeccable short sale process

Are you having a hard time figuring out what your next step after several missed mortgage payments would be? Wells Fargo is a highly called on short sale specialist because of their ability to process the short sale efficiently and their excellent communication with the homeowner. They have the highest rating of approvals because of their dynamic intellect and superb experience. Wells Fargo short sales is combined with an assembly of dedicated and hardworking individuals.

When you first hear the words “short sale” it kind of makes sense, but kind of sounds like there could be more to the title. A short sale is for a qualified homeowner who has found themselves so far behind on mortgage payments they have reached a distressed state in their home and are now on the verge of a foreclosure.  A short sale means a lender will be willing to accept an amount less then what the property was once worth because of value on the home decreasing due to debt built on the residence.  Short sales have become a prime solution to most cases of homeowner’s in dire need of a way out from under commitment they can no longer hold on to due to financial difficulties. When applying, there will be Wells Fargo short sale requirements.

Every lender who becomes aware of the fact a short sale could be in the making, will want to know all the facts. They want to know that you are in desperate need of help and not trying to freely and falsely jump out of a very important responsibility.  They will ask you what problems have aroused and why it put you in this predicament. Hardships do happen and it isn’t a secret or much of a surprise in today’s economy.

There are lots of “issues” that happen in everyone’s lives but at as a homeowner those issues tend to affect more. When trying to qualify for a Wells Fargo short sale, the hardship will most likely have to do with the following: A drastic reduction in income because of disability, job loss, divorces and the expenses that come with it and/or one of the two refusing to
continue to participate in their portion of the bills, death of a family member who was a contributor to any housing costs, and also natural disasters such as hurricanes, flooding, and tornados.

When you are ready to talk to your lender about whatever your hardship may be, they are going to require a typed hardship letter stating the reasoning behind not being able to continue to hold on to your home. Upon typing the document, there isn’t a need to hide anything. Explaining in detail all of the present financial difficulties will only benefit you more. Alongside your hardship letter you will need one month of bank statements proving money was not being spent an anything that would have irrelevance to needing a short sale. One month of your most recent pay stub(s), along with tax returns (and W-2) from the previous year. You will also need a financial statement which will provide your expenses, savings and gross to show you are not capable of paying for your home. On all of the above documents be sure to include your loan number.

A program called HAFA, which is short for Home Affordable Alternative Program, can offer $3,000.00 towards your relocation. To learn more about this service and how to qualify click here: HAFA program guidelines .

Make sure to keep all documents together in an orderly fashion. The list of documents is: Hardship letter, last three months of bank statements, one full month of pay stubs, the previous year’s tax returns with W-2’s and your financial statement. If you are not able to provide all of the above documents then you may write a letter explaining which should be signed and dated and sent in with the package. If you need help getting your short sale package together, please click on the highlighted link. You will not have to pay for short sale services; they are 100% free to you! A short sale specialist will guide you through the procedure it will take to find a buyer for your home and work together with Wells Fargo. If you think a Wells Fargo short sale is right for then contact one now!