Wells Fargo & Company is hosting a free home preservation workshop in Prince George’s County for Wells Fargo Home Mortgage, Wells Fargo Financial and Wells Fargo Home Equity customers facing financial hardships.
The workshop will be held on Oct. 24 from 9 a.m. to 7 p.m. at the Prince George’s Sports and Learning Center – Field House. Parking is free.
Homeowners who have credit challenges that extend beyond their mortgage payments will be able to obtain assistance from Kaios, HomeFree USA and HOPE, local nonprofit credit counseling agencies.
The workshops are the latest in a series of assistance sessions Wells Fargo has conducted in the Capitol Beltway region.
According to the mortgage firm, about75 Wells Fargo home preservation specialist team members, including bilingual specialists, will be at the workshop to assist customers. The company said 13,000 homeowners are expected.
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, the company said.
Participants are urged to register at www.wfhmevents.com/leadingthewayhome by Oct. 22 or call 1-800-405-8067 for more information.
“While our foreclosure and delinquency rates are below the industry average, and nationwide we have assisted more than 882,000 customers with modifications, our goal with this workshop is to help as many homeowners as possible avoid foreclosure,” said Marie Day Hayes, Wells Fargo Home Mortgage Community Outreach Manager. “During these free workshops, 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.”
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).
The company said this will be the 103rd Home Preservation Workshop Wells Fargo has hosted since September 2009, and the company has participated in more than 1,095 home preservation events during that time.