Wells Fargo hosts home preservation workshop July 11 - FOX13 News, WHBQ FOX 13

Wells Fargo hosts home preservation workshop July 11

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MEMPHIS, Tenn. (FOX13) -

Wells Fargo & Company is hosting a free Home Preservation Workshop in Memphis for Wells Fargo Home Mortgage, Wells Fargo Financial, and Wells Fargo Home Equity customers facing financial hardships.

Wells Fargo has invited 1250 mortgage customers to the free workshop which will be held on Thursday, July 11 from 9 a.m. to 7 p.m., at the Memphis Cook Convention Center - South Hall– located at 255 North Main Street. Parking for workshop participants is free at the underground parking garage at the Memphis Cook Convention Center.

Local nonprofit credit counseling agencies – including Binghampton Development Corporation, Financial Counselors of America, and Frayser Community Development Corporation – will be onsite to provide assistance to homeowners who have credit challenges that extend beyond their mortgage payments.

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.

How to register for Wells Fargo's Memphis Preservation Workshop
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 by Tuesday, July 9 at www.wfhmevents.com/leadingthewayhome or call 1-800-405-8067 for more information.

"While our foreclosure and delinquency rates are below the industry average, and nationwide we have assisted more than 862,000 customers with modifications, our goal with this workshop is to help as many homeowners as possible avoid foreclosure," said Hugh Rowden, Wells Fargo Home Mortgage Community Outreach Manager.  "During this free workshop, Wells Fargo Home Mortgage customers who are faced with payment challenges will have the opportunity to meet face-to-face with our home preservation specialists to explore the options available to them."   

Where possible, borrowers will receive a decision on a workout, loan modification, or other options, on site or shortly following the workshop.  This is the second time Wells Fargo has hosted a Home Preservation Workshop in the Memphis area. More than 230 customers attended a similar Wells Fargo workshop in August 2010.

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 be on hand at the upcoming workshop to assist customers.

The Memphis event will be the 13th workshop Wells Fargo will host this year. This will be the 95th large-scale Home Preservation Workshop Wells Fargo has hosted since September 2009, and the company has participated in more than 1150 home preservation events since 2008. Since September 2009, the company has met with more than 42,000 customers at its Home Preservation Workshops in an effort to help them avoid foreclosure.  
    
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 first quarter of 2013, more than 93 percent of Wells Fargo's mortgage customers nationwide remained current on their loan payments.
  • From January 2009 through April 2013, Wells Fargo has modified more than 862,028 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 fourth quarter in 2012, Wells Fargo's delinquency and foreclosure rates remain significantly below the industry average.
  • Less than 2 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 10.59 percent as of the fourth quarter. Wells Fargo's totals are down from a peak of 8.96 percent in the fourth quarter of 2009.
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