Wells Fargo to host 100thHome Preservation Workshop in Newark, NJ
While housing market shows signs of improvement, Wells Fargo to continue helping mortgage customers facing financial hardships at 10 more Home Preservation Workshops
DES MOINES, Iowa--(BUSINESS WIRE)-- Wells Fargo & Company (NYS: WFC) will host its 100th Home Preservation Workshop in Newark, NJ. This event is among 10 additional workshops hosted by Wells Fargo in 2013 for customers facing financial hardship with the goal of keeping them in their homes.
Wells Fargo will invite thousands of mortgage customers in local communities facing payment challenges to the free workshops, which offer one-on-one meetings with home preservation specialists.
Upcoming Wells Fargo Home Preservation Workshops are scheduled in:
* Newton, MA (Aug. 22)
* Washington, DC (Oct. 24)
* Brooklyn, NY (Sept. 10)
* Atlanta (Nov. 14)
* Newark, NJ (Sept. 12)
* Tampa (Nov. 20)
* Philadelphia (Sept. 19)
* Orlando (Dec. 5)
* Baltimore (Oct. 8)
* Miami (Dec. 10)
"We are deeply committed to serving our local communities and our goal is to help as many homeowners as possible avoid foreclosure," said Joe Ohayon, Wells Fargo Home Lending senior vice president and director of Community Outreach. "During these workshops, mortgage customers who are struggling with their payments can get help exploring the options available to them. While the rate of foreclosure sales of mortgages we service has declined to less than one percent in the past 12 months and our delinquency rates are significantly below the industry average, we still know there is work to be done to help keep our communities strong and our customers on the path to sustaining homeownership."
From January 2009 through June 2013, Wells Fargo has modified more than 876,000 mortgage loans through customer outreach efforts including its Home Preservation Workshops and participation in 1,070 home preservation events with community nonprofits and other local organizations.
Homeowners with loans that 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 certain 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.
Where possible, borrowers will receive a decision on a workout, loan modification 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 ModificationProgram (HAMP). About 75 Wells Fargo homepreservation specialist team members, including bilingual specialists, will be on hand at the upcoming workshops to assist customers.
How to register for Wells Fargo's Home Preservation Workshops
Walk-ins are welcome although registration is strongly recommended in order to guarantee the ability to meet one-on-one with a representative. Customers should register in advance at www.wfhmevents.com/leadingthewayhome or call 1-800-405-8067 for more information.
Customers facing mortgage payment difficulties also can call 1-800-678-7986 for more information about potential options to avoid foreclosure.
About Wells Fargo Home Loans
Wells Fargo originates nearly one in every four home loans in the country, and services one of every six.
In the second quarter of 2013, more than 93 percent of Wells Fargo's mortgage customers nationwide remained current on their loan payments.
From January 2009 through June 2013, Wells Fargo has modified more than 876,099 mortgage loans. Of those modifications, 84 percent were done through Wells Fargo's own modification programs and 16 percent were through the federal government's Home Affordable Modification Program (HAMP).
As of the first quarter in 2013, Wells Fargo's delinquency and foreclosure rates remain significantly below the industry average.
Less than 1 percent of the loans secured by owner-occupied homes and serviced by Wells Fargo resulted in a foreclosure sale in the last 12 months.
Just 6.54 percent of mortgage loans Wells Fargo services were past due or in foreclosure in the first quarter of 2013 compared to an industry average of 9.64 percent as of the first quarter. Wells Fargo's totals are down from a peak of 8.96 percent in the fourth quarter of 2009.
About Wells Fargo
Wells Fargo & Company (NYS: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune's 2013 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially. Wells Fargo perspectives are also available at blog.wellsfargo.com.
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