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St. Louis Customers Seeking Home Payment Relief Offered Local Face-to-Face Help

^{Published on 2011-04-28 12:01:24 - Market Wire}
 

ST. LOUIS--([ BUSINESS WIRE ])--Wells Fargo & Company (NYSE: WFC) is hosting a workshop for Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage and Wells Fargo Home Equity customers seeking home payment relief.The two-day workshop a" to which the company has invited more than 2,800 St. Louis-area homeowners facing financial hardships a" will take place May11 and 12, from 9 a.m. to 7 p.m. at the Renaissance St. Louis Airport Hotel, West Concourse Ballroom.

"Wells Fargo wants our customers to succeed financially and helping them stay in their homes is a top priority"

This is the 25th Home Preservation Workshop Wells Fargo has conducted around the country since 2009. In total, the company has met with more than 20,000 customers at these events.

aWells Fargo wants our customers to succeed financially and helping them stay in their homes is a top priority,a said Joe Ohayon, senior vice president for community relations at Wells Fargo.

At the St. Louis workshop, nearly 200 homepreservation team members will be available to work one-on-one with mortgage customers facing payment challenges. The team members will have access, via technology, to needed data that will enable them to discuss the potential options available to each individual. Customers will be asked to bring some current financial documents with them, as well. Bilingual representatives will be onsite a" and via phone a" to assist borrowers during the event.

In past events about half of the customers who have attended, received a decision on a loan modification or other option, on site or shortly following the workshop. Options include the federal governmenta™s Home Affordable ModificationProgram (HAMP) and Wells Fargoa™s own loan modification and other foreclosure prevention programs.

How to register

Walk-ins are welcome, but registration is strongly recommended in order to guarantee the customera™s ability to meet with a representative. Customers who wish to attend can sign up by May 9 at [ www.wfhmevents.com/leadingthewayhome ]. For more information call 1-800-405-8067.

About Wells Fargoa™s loan modification efforts

Wells Fargo is making every effort to keep people in their homes. In the first quarter of 2011, about 93 percent of Wells Fargoa™s mortgage customers remained current on their loan payments. In the fourth quarter of 2010, the companya™s combined delinquency and foreclosure rates were three-fourths that of the industry according to Inside Mortgage Finance.

As of March 2011, the company had 665,000 active trial and completed modifications, started since the beginning of 2009. Fewer than 2 percent of the loans secured by owner-occupied homes and serviced by Wells Fargo proceeded to a foreclosure sale in the last 12 months.

Additional Information for Tornado Victims

While the Home Preservation Workshop has not been set up specifically to assist victims of the recent tornado in St. Louis, Wells Fargo staff on site can help customers who have been affected. However, homeowners with loans serviced by Wells Fargo who have been impacted should not wait until the event to contact the company about assistance. Borrowers who contact Wells Fargo to document that they have experienced damage to their homes or had their incomes impacted due to the severe weather will be eligible for a payment moratorium of at least 45 days. During that time, no new delinquency notices or credit bureau reports will be filed, and late charges will not be assessed.

About Wells Fargo

Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified, community-based financial services company with $1.2 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, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on Fortunea™s 2010 rankings of Americaa™s largest corporations. Wells Fargoa™s vision is to satisfy all our customersa™ financial needs and help them succeed financially.