Editor’s note: Wells Fargo has provided a special guest blog to reiterate the importance of collaboration in foreclosure prevention efforts and to detail an upcoming event where homeowners can get assistance.
By Martin Sanchez, Vice President of Wells Fargo Mortgage Market Outreach
California’s economic recovery continues to show encouraging signs and while the state’s foreclosure rate is among the lowest in the country, there are still many struggling homeowners in the Golden State.
That’s why at Wells Fargo we believe in collaboration with credit counselors such as BALANCE and programs like Keep Your Home California (KYHC) are essential to providing solutions to help struggling homeowners identify resources to stay in their home.
For instance, on April 5, we are joining BALANCE and the KYHC program to host a Home Preservation Workshop in Antioch, California to assist Wells Fargo homeowners facing payment challenges. At the Home Preservation Workshop, homeowners will have the opportunity to meet face to face with housing counselors and Wells Fargo to learn about options that may help you overcome payment challenges including:
- Understand how you may be able to keep your home and avoid foreclosure,
- Find out ways to help you get back on track with your mortgage payments,
- Determine your KYHC eligibility to accept the offer of assistance
- Connect with helpful resources such as housing counselors, and
- Learn about online tools available to you.
We have learned when we are able to work with customers we are often successful in helping them identify a solution to avoid foreclosure. We are not alone in our efforts and our collaboration with trusted nonprofits such as HUD-approved counselors and programs like Keep Your Home California makes all the difference for assisting homeowners who are coping with very real and life-changing struggles such as job loss, underemployment, health issues, divorce and even having negative equity on your home.
Such challenges may feel insurmountable for homeowners to manage on their own. Or even worse, homeowners can be victimized by unscrupulous mortgage modification scammers that create false-promises of modifications with a fee of hundreds and even thousands of dollars. As time passes, a homeowner’s difficult circumstances may become dire and opportunities to provide solutions to help keep them in their home while workout options fade away.
Call your lender or a HUD-approved counselor
My advice to homeowners is if you are facing financial difficulties, the most important action you can take is to contact your lender or a trusted HUD-approved credit counselor. That’s why the work of trusted HUD-approved nonprofits such as BALANCE and Keep Your Home California is so vital for homeowners and our country’s housing recovery. At Wells Fargo, this kind of collaboration is invaluable to assist the homeowners.
My view is the work of trusted HUD-approved counselor does for homeowners is an important complement to mortgage servicers like Wells Fargo. And even as we see signs the housing market is improving, Wells Fargo believes supporting the work of HUD-approved housing and credit counselors is the right thing to do.
Home Preservation Workshop hosted by BALANCE with Keep Your Home California and Wells Fargo.
When: Wednesday, April 5
Time: 9 a.m. – 5 p.m.
Where: Wells Fargo Branch
Somersville Town Center
2601 Somersville Road
Antioch, California, 94509
To register online go to http://www.wellsfargo.com/attend; And for more information, call 1-866-790-3276.