Wells Fargo Offers Foreclosure Relief Workshop

Wells Fargo has conducted a two-day loan modification workshop in Ontario, California. The bank’s project was held at the Ontario Convention Center during the first and second weeks of the month. The initiative was described as one of the bank’s efforts to help ease the current foreclosure crisis in the country. The workshop aimed to provide customers with more helpful and enlightening insights about managing mortgage payments, especially these days.

Wells Fargo said before the event, up to 1,200 of its home loan borrowers assured participation in the two-day workshop. Hundreds of bank representatives were assigned to one-on-one consultations with customers who participated in the project.

The lender has been staging similar events across the country since 2009. It assumed to help more than 2,000 customers from Inland Empire over the two-day event. The program was staged in collaboration with the Home Affordable Modification Program of the federal government. Well Fargo has its own home loan modification program.

The bank said different types of consumers came to the convention center to seek assistance. The participants were provided with tips and guidelines on how they could better manage their mortgage payments despite the current economic crisis, the high unemployment rate, and other external factors.

Some of the participants openly shared how Wells Fargo representatives have helped them lower their regular mortgage payments. They claim to have lowered their monthly mortgage dues by about $700 to $1,200. Such participants were amazed at how new knowledge and awareness helped them.

Wells Fargo has been stating that nobody actually wins with foreclosures. Thus, the bank says it is doing what it could do to guide customers along the way. The initiative targets not just homeowners, but also the entire community.

The bank was among the major mortgage lenders that faced the foreclosure controversy recently. Wells Fargo, along with other banks, was accused of mishandling foreclosure documents that resulted to improper and untimely evictions of troubled homeowners from their foreclosed homes.

During investigations conducted by regulators and state attorneys general, ‘robo-signing’ schemes of banks were exposed. Robo-signers are bank employees who are assigned to process and sign thousands of foreclosures a day without any legal or required review. The main goal of the practice is always to speed up a usually lengthy and prolonged foreclosure process.

Wells Fargo was also among the banks that temporarily halted their foreclosure activities after the scandal.

For more news about US foreclosures, visit ForeclosureConnections.com.