Rebuilding Together Philadelphia Transforms REO into Home for First Time Homeowner

PHILADELPHIA, July 25, 2012 /PRNewswire-USNewswire/ -- Rebuilding Together Philadelphia (RTP) announced today that it has sold its Real Estate Owned (REO) property donated by Wells Fargo. The property was purchased by a first time home buyer soon to be a local police officer in training. The property was donated to Rebuilding Together Philadelphia through a partnership between Wells Fargo and the National Office of Rebuilding Together.  The property was in good condition upon RTP's acquisition, but additional repairs were made to ensure the first-time, low-income homeowner would be able to live in continued healthy and safe conditions.   

Wells Fargo has helped Rebuilding Together establish a fund to move REO properties back toward stable homeownership while helping low- and moderate-income families obtain affordable housing by funding local affiliates in support of their objectives.

"The mission of Rebuilding Together Philadelphia is to bring volunteers and communities together to improve the homes and lives of homeowners in need.  By participating in this program we are helping to transform a vacant REO property into safe and healthy housing for a new homeowner," said Carrie Rathmann, Executive Director of Rebuilding Together Philadelphia.  "The investment also helps stabilize a neighborhood."

When RT Philadelphia received the REO donation from Wells Fargo, the nonprofit made several renovations including installing new appliances and flooring, replacing the roof and weatherizing the property.

"When I was looking to purchase my first home, I wanted to make sure that it was in a neighborhood I cared about and that I could afford to stay in my home. It has been so nice to be settled in a home I own, where I think about our future," said Mr. Thompson. 

"Thanks to Rebuilding Together and Wells Fargo for offering this terrific program to transform these once vacant houses into safe and affordable homes," Mr. Thompson added.   

About Rebuilding Together Philadelphia
Rebuilding Together Philadelphia is a local, independent affiliate of a national network focused on preserving affordable homeownership using volunteer resources.  RTP concentrates much of its work in West Philadelphia, Germantown, and North Philadelphia.  Through its critical home repair projects, including energy efficiency upgrades, as well as its safe and healthy home projects, RTP has helped over 1,090 low-income homeowners and over 45 community agencies since its founding in 1988. 

For details, visit www.rebuildingphilly.org.  Follow us on Facebook via "RT Philadelphia."

About Rebuilding Together
Rebuilding Together believes in a safe and healthy home for every person. Rebuilding Together provides critical repairs to an existing home, addressing both structural issues and those that affect the health of the homeowners. House by house, block by block, we work with our nearly 200 affiliates, 200,000 volunteers, who are skilled tradespersons, corporate partners and everyday citizens, to repair homes, to stabilize and revitalize communities. For nearly 25 years, we have seen the benefits when people remain in their homes: lives are improved and communities are revived. See the difference we make at www.RebuildingTogether.org. You can also follow Rebuilding Together on Twitter @rebldgtogthr or become a fan on Facebook at Facebook.com/RebuildingTogether.

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 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 has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With approximately 265,000 full-time equivalent team members, Wells Fargo serves one in three households in United States. Wells Fargo & Company was ranked No. 26 on Fortune's 2012 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.

SOURCE Rebuilding Together Philadelphia

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