Wells Fargo and Company seeks to assist mortgage customers in the greater Philadelphia region who are facing financial hardships.
Wells Fargo is hosting free home preservation workshops on August 15 and 16 from 9 a.m. to 7 p.m. at the Pennsylvania Convention Center, Hall C, 1101 Arch Street.
More than 43,000 Wells Fargo Home Mortgage, Wells Fargo Financial and Wells Fargo Home Equity customers have been invited to the event — which is geared toward helping them stay in their homes.
“This event is really for customers who are challenged with making a payment. We are willing to work with them and understand their unique situation,” says Marie Day, Wells Fargo Home Mortgage regional servicing director.
“For Wells Fargo, foreclosure is a last resort. We have one of the lowest foreclosure rates in the industry. In most instances, we’re working with our customers 16 to 17 months before they would actually go to a foreclosure sale.”
Many customers are facing foreclosure due to financial hardships resulting from job loss, change in income, medical reasons, change in marital status, or the loss of a spouse.
Customers who have been invited to the workshops are more than 31 days behind on their mortgage payments.
About 75 Wells Fargo home preservation specialist team members — including bilingual specialists — will be on hand at the workshops to assist customers. Where possible, borrowers will receive a decision on a workout, loan modification, liquidation or other options on site or shortly following the workshop. Options include Wells Fargo’s own loan modification program and the federal government’s Home Affordable Modification Program. Local nonprofit housing counselors will also be on hand to assist workshop attendees.
Customers will be matched with underwriters from the specific investor who owns their loan such as Fannie Mae, Freddie Mac, FHA, VA and private lenders.
“When the customer comes in, we match them with their right investor and that way all options available can be discussed with them at that time. It’s the investor who determines what the available options are,” says Day.
Wells Fargo services 80 percent of the nation’s home loans.
Day says Wells Fargo’s delinquency and foreclosure rates are below the industry average. Less than two percent of Wells Fargo owned-occupied properties have resulted in a foreclosure sale in the last 12 months. In Pennsylvania, an estimated five percent of Wells Fargo customers have been delinquent on their mortgage payments.
The event marks the third home preservation workshop held in Philadelphia since 2009. Last year’s workshop drew more than 700 customers. Since September 2008, Wells Fargo has met with more than 36,500 customers at 69 home preservation workshops nationwide.
Registration is strongly encouraged for the upcoming event. To register, visit www.wfhmevents.com/leadingthewayhome or call 1 (800) 405-8067. Walk-ins are accepted.