I just read the rec listed diary Obamas HAMP Saved My Home. I must start off by saying that I am SO happy for you, Lighthouse! Continued blessings to you and your family.
I am writing this diary because of an event that happened last week in Baltimore directly related to the Obama Administration's HAMP programs and Wells Fargo's involvement. Wells Fargo held a 3 day Home Preservation Workshop January 11-13th at the Baltimore Convention Center from 10am - 7pm each day. The goal - to get help to as many eligible homeowners as possible.
In full disclosure - I work for Wachovia - now a Wells Fargo company. That is why I am writing - because I can speak first hand to provide info and hopefully help others who may benefit from a loan modification stay in their homes.
Since September 2009, Wells Fargo has hosted 4 Home Preservation Workshops to help Wells Fargo and Wachovia Mortgage holders already past due on mortgages or facing future payment difficulties who may qualify for HAMP or under non-government programs through Wells Fargo.
Workshops have been held in Atlanta, Chicago,Phoenix and last week, Baltimore.
At each workshop, over 200 loan preservation specialists are on hand for 3 days from 10am - 7pm to meet indivually with Wells Fargo and Wachovia mortgage holders to discuss each person's financial situation and hopefully assist in getting a more affordable mortgage payment.
Why only targeted to Wells Fargo and Wachovia existing mortgage holders? Because the goal is to accomplish same-day loan modifications. The same-day result becomes impossible when you have to get another lender involved.
Outside community counselors were also on hand to provide debt counseling services and help any who may have come, despite their mortgage NOT being held by Wells Fargo or Wachovia to still navigate the Loan Modification process with their current lender.
Customers were able to register online or over the phone and if they pre-registered for the event, the bank also paid for their parking at the event.
Letters were mailed by Wells Fargo to over 9000 homeowners in MD, DC and Northern VA who were 60 days or more past due, inviting them to the event. There were also some radio and tv adds to advertise the event. Information was also sent to HR offices of many major MD employers for notification to employees.
Results - Phoenix saw over 2,500 homeowners during the 3 day event.
Atlanta saw over 1,500 homeowners each day of their event
Chicago only saw 500 homeowners during the entire event
Baltimore saw approx. 850 homeowners, with 86% leaving the same day
with reduced payments!
I don't know what specific percentages of homeowners were helped at the Phoenix, Atlanta and Chicago events since I only volunteered in Baltimore.
Unfortunately Baltimore and Chicago saw significanly less turn-out than Atlanta and Phoenix. Several reasons could have been the event's proximity to the holidays (causing homeowners to miss the advertising), and also a general mistrust my many that it is not some type of scheme to put them in a worse situation than they already are in. Unfortunately I too receive those "we can reduce your payment" postcards which are mostly fraud schemes.
But here's the deal - if your monthly mortgage statement says Wells Fargo or Wachovia, call, log on, or go to your nearest bank branch to find out if your loan is eligible for HAMP. The criteria is changing daily, so a loan that did not qualify last month, may qualify for a modification now.
If your loan is Fannie or Freddie - there is a VERY good chance that you could qualify for a modification. If you are not sure if your loan is Fannie or Freddie, check the lookup tool. In some cases even if you are severely under-water with your LTV, your loan can still be modified. If your credit sucks - still try. If your income is down too next to nothing, still try. If you think that you might experience hardship in the future, TRY!
If you have a conventional mortgage, still try. Although you won't qualify under HAMP, you may still be able to get a payment modification. I know that there are other Wells programs available, I just don't know the specifics. But the bottom line is that you won't know if you don't try - even if it is for the 100th time. Maybe the 100th time's the charm;-)
Just so we're clear ..I get no benefit, financial or otherwise from anybody taking or not taking action on their loans. I am not incented, in any way shape or form by folks attending these events. (other than knowing more people might stay in their homes because of access to information.) Heaven knows, if Bank of America were not holding my mortgage hostage, I would be right there in the front of the line. I just wanted to say that because I know there are no shortage of skeptics and Negative Nellies here sometimes.
So, my understanding is that Wells will continue to hold these throughout the country. Here is the info on the next scheduled event.
If you live anywhere near (or maybe not-so-near) to St. Paul, MN - that is where the next Wells Fargo workshop will be held. Details are below.
Wells Fargo Home Preservation Workshop
DATE / TIME / LOCATION
Wednesday, February 17 - Thursday, February 18, 2010
10 a.m. - 7 p.m.
Saint Paul RiverCentre - Star Tribune Grand Ballroom
Wells Fargo customers can personally meet with a Wells Fargo representative who will confidentially discuss your financial concerns and options. Plus, the opportunity to see if you're elgible for a loan modification under the government's "Home Affordable Modification Program."
For additional information, please call 800-405-8067.
PARKING
Convenient, skyway connected parking is located directly across the street in the RiverCentre Parking Ramp. Click here for a map to the RiverCentre Parking Ramp.
On the one of the days of the workshop, my colleague saw what he guessed was a mom and her 3 children holding hands, standing in a circle. Heads bowed, it appeared they were saying a prayer in advance of meeting with their loan preservation specialist. I don't know what happened with that family's loan. He lost track of them while he was assisting others. An entire family's hopes, dreams and future laying in the hands of another...Yes, for many here, it may be understandably too little, too late, but hopefully this info might reach somebody just in time.