By Jim Donovan

By Jim Donovan: Wells Fargo is hosting a free Home Preservation Workshop for customers who may be facing financial hardships and unable to pay their mortgage. The event will be held on Thursday, November 20 from 9 a.m. to 7 p.m. at the Sheraton Downtown – Liberty Ballroom, 201 North 17th St. in Philadelphia.

Local nonprofit credit counseling agencies – including Clarifi, Neighborhood Housing Services of Camden, and Urban League of Philadelphia – will be onsite to provide assistance to homeowners who have credit challenges that extend beyond their mortgage payments.

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 certain 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.

Walk-ins are welcome although registration is strongly recommended in order to guarantee the ability to meet one-on-one with a representative. Customers can call 1-800-405-8067 for more information.

Where possible, borrowers will receive an on-site decision on a workout, loan modification or other options, 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 will be the fifth Home Preservation Workshop Wells Fargo has held in Philadelphia, where specialists have met with more than 2,000 customers seeking assistance with their mortgage payments.

Customers facing mortgage payment difficulties also can call 1-800-678-7986 for more information about potential options to avoid foreclosure.

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