Business & Finance
Business and Finance
Business and Finance
Tue, July 12, 2011
Mon, July 11, 2011 Wells Fargo to Help Central Valley Customers Facing Mortgage Payment Challenges
MODESTO, Calif.--([ BUSINESS WIRE ])--Wells Fargo & Company (NYSE:WFC) announced today it is hosting a free workshop for Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage and Wells Fargo Home Equity customers facing financial hardships.The two-day workshop a" to which Wells Fargo is inviting thousands of Central Valley homeowners a" will take place July 20-21, from 9 a.m. a" 7 p.m. at the Double Tree Hotel in the Harvest Hall, located at 1150 Ninth St., in Modesto, Calif.
"Wells Fargo wants our customers to succeed financially and helping struggling homeowners stay in their homes is a top priority"
How to register
Walk-ins are welcome, but registration is strongly recommended in order to guarantee the ability to meet with a representative. Sign up by July 18, at [ www.wfhmevents.com/leadingthewayhome ]. For more information call 1-800-405-8067.
About 100 homeretention team members will be available to work one-on-one with Wells Fargo Home Mortgage, Wachovia, and Americaa™s Servicing Company customers facing payment challenges. Bilingual representatives will be available to assist borrowers during the event. In many cases, borrowers may receive a decision on a workout, 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 program.
aWells Fargo wants our customers to succeed financially and helping struggling homeowners stay in their homes is a top priority,a said Diana Stauffer, regional servicing director with Wells Fargo Home Mortgage. aThis workshop will offer homeowners who are facing payment challenges the opportunity to meet face to face with a representative to find options available for them.a
Wells Fargo Home Mortgage is making every effort to keep people in their homes and made the decision to organize the companya™s 18th Home Preservation Workshop in 2011 in Modesto since Central California has been hit hard by the economy and foreclosures. Modesto will be Wells Fargoa™s 34th workshop it has hosted since Sept. 2009 where Wells Fargo home retention specialists have met with 23,000 homeowners.
In the first quarter of 2011, about 93 percent of Wells Fargoa™s mortgage customers remained current on their loan payments. Wells Fargo services one out of every six mortgages in the United States, according to Inside Mortgage Finance.
About Wells Fargoa™s home preservation efforts
a Wells Fargo, the countrya™s largest mortgage servicer, is organizing 32 free Home Preservation Workshops and participating in more than 100 third-party sponsored events in 2011, and 537 since 2009, to assist customers facing mortgage payment challenges in hard-hit communities.
a January 2009 through May 2011, the company had 687,047 active trial and completed modifications. Of those modifications, 585,213, or 85 percent, were done through Wells Fargoa™s own modification programs and 101,834 have been done through the federal governmenta™s Home Affordable Modification Program (HAMP).
a As of the first quarter in 2011, Wells Fargoa™s delinquency and foreclosure rate decreased for the fourth consecutive quarter and remains significantly below the industry average.
a 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.
a Just 7.22 percent of first mortgage and home equity loans Wells Fargo services were past due or in foreclosure in the first quarter of 2011 compared to an industry average of 10.27 percent, according to the May 27 issue of Inside Mortgage Finance, and Wells Fargoa™s totals are down from a peak of 8.96 percent in the fourth quarter of 2009.
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. 23 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.
