Wells Fargo Moves to Help into Foreclosure Situation

October 22nd, 2009 | Tags: Foreclosure

Wells Fargo is concerned about foreclosure situation. The company started helping people to avoid it

As more and more houses are slipping into foreclosure many non-profit bodies and lenders too are trying to stop it. Wells Fargo is a well known name in the mortgage world. It is now inclusive of Wachovia. It has put on hold foreclosures in Atlanta city till 28th October so as to give time to the residents to work out deals that will ultimately allow them to continue to stay in their homes.

Jay Lawrence of Wells Fargo said, “We’ve been working hard on the foreclosure issue in Atlanta for months, while listening to numerous community and civic leaders,” he said. “We’re happy we’re seeing progress, in Atlanta and elsewhere, but we know the job is not done.”

Over the previous months lenders and government at all levels have declared moratoriums on the foreclosure process but it is not clear how far these measures met with success and saved the houses from being sold off at auctions.
The spokesperson of the coalition named PUSH, Janice Mathis, said it is attempting to get many banks in Atlanta metro region to stop foreclosures in October so as to give the borrowers a chance to find out options.

The coalition has programmes to operate a workshop where the lenders will directly communicate with the borrowers at its yearly meet – Creating Opportunities Conference. The workshops will take place on 16th and 17th October at Hyatt Regency Hotel. Mathis did not specify the names of the participating lenders but said that the borrowers should immediately contact their mortgage service providers and find out details.

It is vital to open communications with the lender if the home is to be saved from foreclosures said John McCosh of Consumer Credit Counseling Service in Greater Atlanta. He said, “In Georgia foreclosures can proceed from initial notice to auction very quickly, so anything that gives the homeowner more time to work out a loan modification or other solution increases the chances they will be able to stay in their home,” he said. “Putting the foreclosures on hold while giving borrowers the opportunity to attend an in-person foreclosure prevention workshop can also be helpful.”

Lawrence said that his bank, Wells Fargo had assisted 1,400 borrowers in the Atlanta region to skip foreclosures during September this year but there are still many more who need help. For this purpose the bank would be participating in two workshop events to be held so that borrowers can find out other alternatives.

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