Wells Fargo Helps Mortgage Customers Facing Payment Challenges

Wells Fargo & Company WFC announced it is hosting a Home Preservation Workshop for Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage and Wells Fargo Home Equity customers in the Detroit metro area facing financial hardships. The two-day workshop — to which Wells Fargo has invited southeast Michigan homeowners — will take place April 19 and 20, from 9 a.m. to 7 p.m., at the Hyatt Regency Dearborn-Detroit, Great Lakes Center, located at 600 Town Center Drive, Dearborn, Mich.

“Wells Fargo wants our customers to succeed financially and helping them stay in their homes is one of our top priorities,” said Russ Cross, regional servicing director with Wells Fargo Home Mortgage. “This workshop will offer homeowners who are facing payment challenges the opportunity to meet face to face with a representative to find options available for them.”

About 100 homeretention team members will be available to work one-on-one with mortgage customers facing payment challenges. Bilingual representatives will be available to assist borrowers during the event. In many cases, borrowers may receive a decision on a workout, loan modification, or other option, on site or shortly following the workshop. Options include the federal government’s Home Affordable ModificationProgram (HAMP) and Wells Fargo’s own loan modification program.

How to register

Walk-ins are welcome, but registration is strongly recommended in order to guarantee your ability to meet with a representative. Sign up by Sunday, April 17, at www.wfhmevents.com/leadingthewayhome. For more information call 1-800-405-8067.

This is the 24^th Home Preservation Workshop Wells Fargo has conducted. The Detroit workshop is one of more than 20 Wells Fargo will hold across the country in 2011.

About Wells Fargo’s loan modification efforts

Wells Fargo is making every effort to keep people in their homes through the federal Home Affordable Modification Program (HAMP) and the company’s own modification programs focused on mortgage payment relief. As of Feb. 28, 2011, Wells Fargo modified 649,075 mortgage loans since the beginning of 2009 – of which 86 percent (or 556,294 mortgages) were done outside of HAMP.

In the fourth quarter of 2010, about 92 percent of Wells Fargo’s mortgage customers remained current on their loan payments and the company’s delinquency and foreclosure rates were three-fourths that of the industry. As a result, fewer than 2 percent of the loans secured by owner-occupied homes and serviced by Wells Fargo proceeded to a foreclosure sale in the last 12 months.

About Wells Fargo

Wells Fargo & Company WFC is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

Wells Fargo & Company
Chris Hammond,415-222-4106
415-310-9152
hammcl@wellsfargo.com

Mortgage refinance- all your financial problems solved

Mortgage is a term used to denote the pledging of a persons property (typically) as a security when a person borrows money from the lenders. In most countries and their jurisdictions, loans secured on real estate are called mortgages. But, there are a few exceptions and few restrictions as well. There might be some jurisdictions in which only a piece of land can be mortgaged. But on the whole, mortgage generally refers to putting up your real estate as security. Thus, it is a secured loan with minimal risks to the lender.

Suppose, you have an old loan and you want to repay it. Well, then you can take a new loan to repay the outstanding debt. This, in essence, is what mortgage refinance is all about. When a person goes for a refinance loan, he/she is actually going for a secured loan. Through this process people replace an existing loan that was secured by the same assets. The most common reason why consumers go for refinancing is home mortgage. Some of the other salient reasons why people tend to go for mortgage refinance are given below:

· Refinancing goes a long way in reducing the cost of interests. Refinancing is generally done at a lower rate as compared to the other loans.

· If a person wants to pay off other debts, the refinance is the mortgage to go for.

· At times, people take a long-term loan and reduce their obligations in terms of periodic payments.

· Mortgage refinance also aids in risk reduction. Sometimes people move from a variable-rate to a fixed rate loan when they choose the refinance option.

· Many a times, people want to liquidate their entire equity, which has assimilated in real property since the time they gained ownership of their house.

Believe it or not, in some types of refinanced mortgages, you have a penalty if you repay the loan early. This can be with respect to a part repayment or the repayment of the entire loan. You are also cautioned, as far the lower interest rates are concerned. Some refinanced mortgages expose the borrower to greater risk than done so by the existing loan.

While picking a mortgage refinance you must calculate the ongoing, up-front, and the potentially variable costs that are all a part of refinancing mortgage. All these points must be considered before making a decision to go for a refinanced mortgage. Refinancing quotes also vary from region to region and depend on your credit history and other aspects like employment, duration of employment, savings history, and number of years at the existing place of residence.

Like all mortgages, mortgage refinance gives a lot of importance to credit reports. But, don't fret if you have a poor credit history. There are numerous options available in the market today that allow you to pledge your property in order to borrow cash.

About the Author

Keith Gill is an Experienced Real Estate investor and Mortgage Banking Consultant and Loan Officer. Keith Prides himself on Bring accurate and valuable information to the Real Estate and Mortgage market place. Keith Can be driectly contacted by going to his personal website at http://www.YourLenderForLife.com