Wells Fargo to Help West Palm Beach Area Customers Facing Mortgage Payment Challenges at Dec. 6 Home Preservation Workshop

Wells Fargo & Company (NYSE: WFC) is hosting a free Home Preservation Workshop for West Palm Beach area Wells Fargo Home Mortgage, Wells Fargo Financial, and Wells Fargo Home Equity customers facing financial hardships. Wells Fargo has invited 13,500 mortgage customers to the free workshop which will be held on Thursday, Dec. 6 from 9 a.m. to 7 p.m., at the West Palm Beach Convention Center – Exhibit Hall, located at 650 Okeechobee Blvd. Parking is free.

At the event, customers who meet basic guidelines may begin the process of applying for Florida’s Hardest Hit program, which provides up to 12 months of mortgage payments for those who are unemployed or underemployed.

Some Wells Fargo customers – those whose loans are both serviced and owned by Wells Fargo – may be eligible for options created by a settlement with attorneys general in Florida and elsewhere. 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 West Palm Beach Home 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, Dec. 4, 2012 at www.wfhmevents.com/leadingthewayhome or call 1-800-405-8067 for more information.

“Although less than 2 percent of homeowner-occupied loans in our servicing portfolio have resulted in foreclosure sale over the past year, we understand that some of our customers are going through difficult times during this economic recovery,” said Hugh Rowden, Wells Fargo Home Mortgage regional servicing director. “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. Our goal with this workshop is to help as many people as possible preserve homeownership.”

Where possible, borrowers will receive a decision on a workout, loan modification, or other options, on site or shortly following the workshop. 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.

This is the first large-scale Home Preservation Workshop Wells Fargo has hosted in the West Palm Beach area and is the 81st the company has hosted since September 2009 and 11th in Florida. The West Palm Beach event will be the 32nd workshop hosted by Wells Fargo in 2012. The company has met with more than 40,000 customers at its workshops since September 2009 nationwide.

Wells Fargo’s next Home Preservation Workshop in Florida will be in Miami on December 12-13.

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 Mortgage Loans

  • Wells Fargo originates one in every four home loans in the country, and services one of every six.
  • In the third quarter of 2012, more than 93 percent of Wells Fargo’s mortgage customers nationwide remained current on their loan payments.
  • From January 2009 through September 30, 2012, Wells Fargo has modified 812,019 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 second 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 7.14 percent of the first mortgage and home equity loans Wells Fargo services were past due or in foreclosure in the second quarter of 2012 compared to an industry average of 11.37 percent. Wells Fargo’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 $1.4 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.

Contacts:

Wells Fargo & Company
Media contacts:
Michelle Palomino
305-523-2533
michelle.palomino@wellsfargo.com
or
Chris Hammond
415-222-4106
chris.l.hammond@wellsfargo.com
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