It’s not an all-out foreclosure freeze, just “out of an abundance of caution and to provide an additional level of assurance regarding its processes.”

That’s right, Wells Fargo wants to leave no stone unturned in its quest to ensure that the foreclosure proceedings it has initiated in 23 states, which includes about 55,000 mortgages in default, are done properly.

Wells Fargo plans to have all the “supplemental affidavits” submitted by mid-November 2010.

Mike Heid, co-president of Wells Fargo Home Mortgage, explains the reason for the extra layer of caution:

“We understand the concern over foreclosure procedures on the part of homeowners in these difficult economic times, and want to do everything we can to assure that the procedures we have in place provide Wells Fargo borrowers and others with confidence that foreclosure proceedings we initiate are done appropriately…. At Wells Fargo, foreclosure is a last resort. In September 2010, borrowers who have completed foreclosure were on average 16 months delinquent on their payments. When all options have been exhausted, we believe foreclosures should not be delayed.”

In the midst of a “robo-signing” foreclosure scandal, Wells Fargo has maintained this its documents were not completed by “Burger King Kids” or other unqualified processors.

Nonetheless, to protect its interests, the bank intends to put the data that it contracted out to “external foreclosure counsel” under the microscope just in case.

Better safe than sorry.