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BLOG: Wells Fargo/Wachovia Home Help Workshop

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By Jim Donovan: Wells Fargo is hosting a free Home Preservation Workshop in Philadelphia for Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage and Wells Fargo Home Equity customers facing financial hardships.

The Philadelphia workshop is scheduled for October 5-6, from 9 a.m. – 7 p.m., at the Pennsylvania Convention Center, West Hall “E”, 1101 Arch Street in Philadelphia.

Approximately 100 Wells Fargo home retention team members – including bilingual specialists – will be on hand at the upcoming workshop to work with customers. 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).

Customers should bring all of their home mortgage documents, 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)

I have to say that our 3-On Your Side Consumer Unit has received very few complaints from people dealing with Wells Fargo/Wachovia mortgage modifications. The bank seems to pretty proactive versus other large banks such as Bank of America, which as far as I can see can’t tell its right hand from its left.

Here are some interesting facts about how Wells Fargo is handling the mortgage crisis:

Wells Fargo originates one in every four home loans in the country, and services one of every six. In the second quarter of 2011, about 93 percent of Wells Fargo’s mortgage customers remained current on their loan payments.

January 2009 through July 2011, the company had 704,869 active trial and completed modifications. Of those modifications, 85 percent were done through Wells Fargo’s own modification programs and 15 percent were through the federal government’s Home Affordable Modification Program (HAMP).

As of the second quarter in 2011, Wells Fargo’s delinquency and foreclosure rates remain significantly below the industry average.
Fewer 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.

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