Wells Fargo is hosting a major foreclosure prevention event at the Georgia World Congress Center, the Atlanta Home Preservation Workshop. Nearly 9,000 customers behind on their payments will be invited to this groundbreaking effort to help homeowners who are “under water,” unemployed and underemployed.
Wells Fargo has already helped more than 1,000 Georgians. The banking institution has helped almost 40,000 Atlantans prevent foreclosures and has modified 781,099 mortgage loans since 2009. The upcoming event is their 75th large-scale workshop. Home preservation specialist team members — including bilingual specialists — will be on hand at the upcoming workshop to assist customers.
They’ve added two new major aspects this year.
Homeowners who are “under water” may be eligible to find relief based on the programs put in place by the attorneys general settlement in Georgia. Relief comes in the form of refinancing, assistance for principal reduction and short sales for those customers whose loans are serviced and owned by Wells Fargo.
The state’s Hardest Hit program — for those who are unemployed and underemployed — will also be available. This can provide mortgage payments for up to 18 months and is open to all homeowners.
Hugh Rowden, Wells Fargo’s SVP and regional servicing director, says, “This is a great opportunity for any borrower in difficulty — even before they fall behind — for us to try to help.” Read what else he has to say. –yvette caslin
If an individual is in the foreclosure process, will this workshop help?
It’s an ideal chance to meet face-to-face with a specialist. The earlier you ask for help, the better chance you have to get assistance. We want to explore options before the loan becomes delinquent, but we can work with you during the foreclosure process too.
What is the maximum delinquency allowed?
There’s not really a maximum in terms of delinquency. What’s important is that our customers sign up for an appointment on the website and bring the paperwork described on the site. Having all the proper documents is very important for the face-to-face opportunity.
Is there an income limit?
No income limits required. We want to help as many of our borrowers as we can.
Can you provide an example of a homeowner who is “under water?”
Someone who is “under water” has simply seen the value of the home decline to below the amount of the mortgage — which is unfortunately pretty common. So if your house is now valued at $100,000 and you owe $120,000 on your mortgage, that’s an example of being “under water.”
The program called HARP 2.0 is the latest version of the Home Affordable Refinance Program, which is designed to help borrowers with very little equity or negative equity [“under water”] qualify for a refinance of a loan owned or guaranteed by Fannie Mae or Freddie Mac. We’ll have loan officers on site if you are looking to refinance your loan.
Join Wells Fargo at the Georgia World Congress Center on Wednesday and Thursday, Sept. 19 and 20, 2012. Other upcoming Wells Fargo Home Preservation Workshops include Charlotte, N.C., (Oct. 3), Jacksonville, Fla., (Oct. 10), Tampa, Fla., (Oct. 18), Orlando, Fla., (Nov. 14), and Sarasota, Fla. (Nov. 29).
How to register for Wells Fargo’s Atlanta Home Preservation Workshop
Walk-ins are welcome, though registration is strongly recommended in order to guarantee the ability to meet one-on-one with a representative. Sign up by Monday, Sept. 17, 2012, at www.wfhmevents.com/
