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Stop Foreclosures Help Provided by Wells Fargo through Workshops

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By : John Cutts    99 or more times read
A series of workshops organized by Wells Fargo was held all around the U.S. which were designed to offer stop foreclosures help to homeowners all around the country. One of the stops was in California, at the Ontario Convention Center exhibit hall. The main aim, the lender stated, is to provide assistance to homeowners seeking a way to save their properties from foreclosures.

The bank had 16 workshops scheduled for a period of 14 months. According to officials, these events have been successful and were found to be better than dealing with borrowers' concerns over the telephone. They stated that the feeling of personalized assistance went well with the homeowners while at the same time, representatives from the bank found it easier to make immediate decisions on whether a borrower is qualified for assistance or not since they can get the information needed from the homeowners themselves.

At the Southern California two-day event, around 2,000 distressed borrowers attended to get stop foreclosures help. They were joined by 200 representatives from the bank that include people who are fluent in Spanish. Wells Fargo held publicity schemes three weeks before the actual workshop was to be held. The lender also sent letters to their customers, with particular focus on those who have already contacted the bank's foreclosure mitigation unit and those who are already 60 days or more delayed in their loan payments.

Attendees of the workshops were requested to bring all necessary documents related to their properties. Officials from Wells Fargo have stated that for those who attended, between 20% and 40% were able to find out immediately whether they qualify for assistance or not. The assistance offered by the bank ranges from mortgage modification to short sales approval. The modification option can be either a temporary payment suspension or lowered monthly loan payments.

Representatives at the workshops reported that majority of those who got assistance received it in the form of mortgage modification which is either permanent or in trial form. Modification approvals, representatives have revealed will depend on who owns a borrower's mortgage. Wells Fargo further stated that the success of the stop foreclosures help workshops made them decide to raise the number of forums in 2011.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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