August 8, 2011 (Jeff Alan)
Wells Fargo reports that 9,759 active trial or completed loan mortgage modifications were posted in the month of June. As of June 31, 2011, Wells Fargo says it has completed or has in active trial, 696,085 mortgage loan modifications since 2009.
Eighty-five percent of those loans, 591,941, were modified through the company’s own loan modification programs while the remaining 15 percent, 104,864, were modified through the federal government’s Home Affordable Modification Program (HAMP).
“Wells Fargo is committed to working with borrowers to help identify all available options that may help borrowers retain their home or avoid foreclosure,” said Michael DeVito, with Wells Fargo Home Mortgage Default Servicing. “To support that commitment, we are in the process of expanding the one-on-one customer contact model we initiated with loan modifications in June 2010 so that borrowers will move through all phases of loss mitigation with one dedicated home preservation specialist.”
Since January of 2009, Wells Fargo says it has helped more than 4.3 million homeowners obtain new low rate loans, either to purchase a home or to refinance their existing loan.
Wells Fargo also says that over the last 12 months less than two percent of the loans in its portfolio have proceeded to a foreclosure sale and that 93 percent of its home loan customers are current on their mortgage payments as of the second quarter of 2011.
Part of Wells Fargo’s success can be attributed to the Home Preservations Workshops that it hosts throughout the country. So far, Wells Fargo has helped over 23,000 borrowers at 35 events with their financial challenges.
The next Home Preservations Workshop will be held in Chicago on August 17th and 18th, with 12 additional workshops scheduled to follow.
Tags: Wells Fargo, trial modification, completed modifications, loan modifications, HAMP, borrowers, Home Preservation Workshops