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3 On Your Side: Wells Fargo & Wachovia Mortgage Help

jim-donovan-web Jim Donovan
Jim Donovan is a 13-time Emmy Award-winning consumer reporter w...
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PHILADELPHIA (CBS) — Are you having problems paying your mortgage? You’re not alone. Over 35,000 Wells Fargo and Wachovia customers in our region are 30 days or more behind in their payments. A Homeownership Preservation Workshop is being held Wednesday and Thursday at the Pennsylvania Convention Center to help them out.

For the next two days, around 100 mortgage specialists will meet face-to-face with Wells Fargo and Wachovia customers who are having payment challenges and are looking to save their homes. Marie Day with Wells Fargo says, “We are literally picking up our servicing center and bringing it to the Philadelphia market to meet with any customer having a mortgage payment challenge who may be facing foreclosure.”

While designed primarily for homeowners who are 30 days or more late in making their payments, Wells Fargo says that even customers who are current but think they’ll have a problem down the road are encouraged to attend.

“If they bring the proper documentation with them, we can actually give them a decision on-site that day in terms of what available options are, and the goal is that they would be able to stay in their home,” Day explains.

Each mortgage customer will be assigned a mortgage specialist on-site.

“The person that they work with at these workshops will be the person that they work with throughout their entire experience in loss mitigation. They will no longer have to talk to different people every time they reach out to us,” Day says.

The workshops are being held Wednesday, October 5th and Thursday, October 6th from 9 a.m. to 7 p.m. at West Hall E at the convention center.

Customers should bring all of their home mortgage documents and recent pay stubs–essentially everything they would if they were applying for a home loan.

Specific items to bring include:

A letter explaining your situation

A list of your assets and expenses

Recent paystubs and W2s

For each self-employed borrower:

Complete tax returns (all schedules & pages)

The most recent quarterly or year-to-date profit and loss (P & L) statement

Most recent income tax return with all schedules and pages

Two most recent bank statements

Documentation of income received from other sources (e.g. alimony or child support)

Monthly mortgage statement showing our servicer information and the mortgage loan number

Information about other mortgages on your home, if applicable

Account balances and minimum monthly payments due on all of your credit cards

Account balances and monthly payments on your other debts (such as student loans and car loans)

Estimates of other monthly expenditures (such as utility bill, food expenses, insurance payments and entertainment expenses)

Reported by Jim Donovan, CBS3

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