WELLS FARGO TO HELP SAN DIEGO CUSTOMERS FACING MORTGAGE PAYMENT CHALLENGES: MARCH 21 HOME PRESERVATION WORKSHOP

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Nearly 8,000 homeowners invited to free event to receive modifications on the spot

March 19, 2013 (San Diego)— Wells Fargo & Company is hosting a free Home Preservation Workshop for Southern California Wells Fargo Home Mortgage, Wells Fargo Financial, and Wells Fargo Home Equity customers – including military service members and veterans – facing financial hardships. Wells Fargo has invited nearly 8,000 mortgage customers to the free workshop which will be held on Thursday, March 21 from 9 a.m. to 7 p.m., at the San Diego Convention Center – Hall F located at 111 West Harbor Drive, San Diego. Parking at the San Diego Convention Center for the workshop is free.

Wells Fargo will host two such workshops this year to help homeowners avoid foreclosure in Southern California. Following the San Diego workshop, Wells Fargo will host its next workshop in the Inland Empire on April 10 at Ontario Convention Center – Hall B located at 2000 East Convention Center Way in Ontario.

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 San Diego 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, March 19 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 Ernesto Arredondo, area president of Wells Fargo’s San Diego market.  “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.  Last January, at a similar workshop in San Diego more than 300 customers facing payment challenges attended and many received a modification or other loan workout to help them keep their homes and avoid foreclosure.

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 sixth   large-scale Home Preservation Workshop Wells Fargo has hosted in Southern California, the 19th in California and is the 88th the company has hosted since September 2009. It is also one of 190 home preservation events the company has participated in California in the past four years.  The San Diego event will be the sixth workshop hosted by Wells Fargo in 2013, including similar workshops in Oakland, Sacramento and Los Angeles. The company has met with more than 41,000 customers in an effort to help them avoid foreclosure where possible at its Home Preservation Workshops since September 2009 nationwide. 

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 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 December 2012, Wells Fargo has modified 841,678 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 third 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 7.32 percent of the first mortgage and home equity loans Wells Fargo services were past due or in foreclosure in the third quarter of 2012 compared to an industry average of 11.42 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 financial services company founded in 1852 and headquartered in San Francisco, serving one in three households in United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations.