By Murray Wennerlund published 11-3-2022 updated 11-3-2022
Do you have a Wells Fargo Home Mortgage?
Did Wells Fargo Home Mortgage apply your NFIP Flood Insurance or Disaster Insurance toward your mortgages unpaid balance?
Did Wells Fargo Home Mortgage forget to email you or mail to you the letter stating their intentions of not giving your NFIP back and applying it to pay the unpaid balance of your mortgage?
If so, you need to write to the following address and ask them to provide you a copy of the letter that goes like this.
Dear Borrower:
This letter is in reference to the flood loss (the "Loss") to your property located at 123 Maple Ave. Good Town USA (the "Property") upon which Wells Fargo Bank, N.A. ("Wells Fargo") holds or services a loan secured by a deed of trust (the "Deed of Trust").
As the mortgage servicer, Wells Fargo Bank, N.A. has a secured investment in the property. In order to fulfill your obligations of the mortgage contract, it is your responsibility to work with Wells Fargo to restore the property to its original value prior to the loss.
In lieu of restoring the value of the property it is your obligation to pay the mortgage in full. The total amount due on your loan is $123,456.78. This payoff figure is good through May 14, 2023.
If you have additional questions, please contact us at 1-866-826-4902 Monday-Friday, 9 am-5 pm Eastern Standard Time.
Mail your demand letter to:
Wells Fargo Home Mortgage
Property Loss Department
PO Box 100522
Florence, SC 29502-0522
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For Disaster Victims using HUD CDBG-DR programs you will need to ask for an Exceptions Panel Review. Once you get this letter back or a refusal to provide this letter send your Exceptions Panel Review request to your state.
TO: Your Case Worker / Case Manager / CTA
SUBJECT: Acct# 123456 Forced Mortgage Payoff Exceptions Panel Review Request
RE: Exceptions Panel Review
To Whom It May Concern:
My mortgage servicer Wells Fargo Home Mortgage did not offer any option but to apply my NFIP Flood insurance to the unpaid balance of my home mortgage.
Attached is a copy of the letter from Wells Fargo Home Mortgage.
Sincerely,
Name
Account
Address
Phone
***********************
Research Resources
With the two provided links you will find all of the "BEST CASE" scenarios. You will not find an example as provided above. Be sure you get this letter when your bank tells you over the phone they would like for you to apply your insurance money to the unpaid balance of your home. This is the wrong method and hundreds suffer losses even greater than the disaster itself from this practice. Be sure you get an email and a letter on Wells Fargo letterhead before you agree to any payment method they suggest.
Research Resources:
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