WELLS FARGO HOSTS JAN. 25 WORKSHOP TO HELP SAN DIEGO CUSTOMERS FACING MORTGAGE PAYMENT CHALLENGES
Several workshops scheduled in 2012 to help thousands of American families avert foreclosure
Wells Fargo will host three Southern California workshops in the first quarter of 2012. Following the San Diego workshop, Wells Fargo will host the second workshop in the Inland Empire on February 14 and 15 at the Ontario Convention Center located at 2000 East Convention Center Way in Ontario. The third Southern California workshop is being planned in Los Angeles in mid-March.
- Wells Fargo originates one in every four home loans in the country, and services one of every six.
- In the third quarter of 2011, more than 92 percent of Wells Fargo’s mortgage customers remained current on their loan payments.
- Since January 2009 through November 2011, the company had 724,710 active trial and completed modifications. 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 third quarter in 2011, Wells Fargo’s delinquency and foreclosure rates remain significantly below the industry average.
- Less than 2.0 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 7.63 percent of the first mortgage and home equity loans Wells Fargo services were past due or in foreclosure in the third quarter of 2011 compared to an industry average of 10.70 percent. Wells Fargo’s totals are down from a peak of 8.96 percent in the fourth quarter of 2009.
- In San Diego County, for every customer that has gone into foreclosure, Wells Fargo says it has helped or are helping 3 or more through alternative options, including modifications.
- “We have been successful in encouraging 80% of our customers who are 60 days or more delinquent to work with us. When they do, 3 out of 4 who demonstrate an ability to make mortgage payments end up avoiding foreclosure. For those who choose to manage the challenges on their own, only 1 of every 4 avoids foreclosure,” said Amy Savicky Injaian at Wells Fargo in San Diego. “We strive to help customers achieve and sustain homeownership. When customers encounter financial difficulties, we work hard to keep them in their homes and view foreclosure as a measure of last resort.”
- 95% of Wells Fargo Home Mortgage customers are current or have missed only one payment in San Diego.
- 75 home preservation specialists will be on site including bilingual representatives.
- Over the past year, Wells Fargo has hosted three Home Preservation Workshops; in Ontario, Irvine and Pasadena. Wells Fargo home preservation specialists met one-on-one with more than 2,600 homeowners facing mortgage payment challenges.