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Home preservation workshop
By Mariana Phipps
Wells Fargo will meet homeowners facing financial difficulties
-- Wells Fargo will host a free Home Preservation Workshop for Bay Area Wells Fargo Home Mortgage, Wells Fargo Financial and Wells Fargo Home Equity customers facing financial hardships. Wells Fargo has invited more than 8,500 mortgage customers to the free workshop which will be held on Wednesday, February 13, 2013 from 9 a.m. to 7 p.m., at the Oakland Convention Center – Oakland Marriot East and West Halls located at 1001 Broadway, Oakland. Parking is free.
Homeowners whose loans are “under water” - meaning they owe more on their mortgage than the value of their home - may be eligible to refinance their loan based on criteria including demonstrating ability to repay. Depending on eligibility for a loan modification, homeowners who are behind on their payments may also receive a principal reduction on their mortgage.
Walk-ins are welcome but registration is strongly recommended to guarantee meeting one-on-one with a representative. Customers should register by Monday, February 11, 2013 at www.wfhmevents.com/leadingthewayhome or call 1-800-405-8067 for more information.
“Although less than 2 percent of homeowner-occupied loans in our servicing portfolio have resulted in foreclosure sale over the past year, we understand that some of our customers are going through difficult times during this economic recovery,” said Jim Foley, president of Wells Fargo’s Greater Bay Area region. “During this free workshop, Wells Fargo Home Mortgage customers who face payment challenges will have the opportunity to meet face-to-face with our home preservation specialists to explore the options available to them. Our goal with this workshop is to help as many people as possible preserve homeownership.”
Where possible, borrowers will receive a decision on a workout, loan modification or other options, on site or shortly following the workshop. In March 2012, at a similar workshop in Richmond, more than 500 customers facing payment challenges attended and many received a modification or other loan workout to help them keep their homes and avoid foreclosure.
Options include Wells Fargo’s own loan modification program and the federal government’s Home Affordable Modification Program (HAMP). About 75 Wells Fargo home preservation specialist team members, including bilingual specialists, will attend the upcoming workshop to assist customers.
Customers facing mortgage payment difficulties should call 1-800-678-7986 for more information about potential options to avoid foreclosure.