More than 11,000 homeowners across the Bay Area are invited to a two-day home preservation workshop on March 7 and 8. There, Wells Fargo specialists will give participants some ideas as to how they can hang onto their homes.
"We are typically able to provide a workout that prevents foreclosure for approximately two out of three customers who attend these events," said Jim Foley, president of Wells Fargo's Greater Bay Area region.
Specifically, Wells Fargo will provide its customers with two options, including a loan modification program, which lowers monthly payments by changing loan terms, such as the interest rate or repayment deadlines.
Another option for those of you who still have jobs but are having a hard time making payments: The Home Affordable Modification Program (HAMP), which is offered by the federal government. HAMP allows customers lower mortgage payments of 21 percent of their monthly income. Wells Fargo says this option can help homeowners save hundreds of dollars per month.
In the past two years, more than 600,000 Wells Fargo homeowners tapped into the modification program to help them with their taxing mortgage payments. Meanwhile, more than 100,000 customers used HAMP, according to Wells Fargo.
The free workshop will be held from 9 a.m. to 7 p.m., at the Craneway Pavilion, 1414 Harbour Way South in Richmond. Parking and attendance are free (Now there's a word you don't associate with Wells Fargo). You can reserve your spot by signing up online here.
Customers unable to attend the workshop are encouraged call (800) 678-7986 for more information about potential options to avoid foreclosure.