November 09 2011
Wells Fargo Commits up to $250,000 to Help Struggling Homeowners
Operation HOPE to participate in Wells Fargo effort to extend home preservation services to help homeowners with comprehensive face-to-face counseling
LOS ANGELES – Operation HOPE announced today that Wells Fargo, America’s largest mortgage lender, is committing up to $250,000 to HOPE for providing holistic, face-to-face, counseling and assistance to its customers including applying for mortgage modifications.
“This is a collaborative effort between Operation HOPE and Wells Fargo aligned to preserve homeownership,” said Bill Walbrecher, HOPE president and Chief Operating Officer. “Through this unique effort, HOPE will provide a scalable solution to help stabilize the housing market and bring relief to homeowners in distress nationwide.”
With the collaborative effort, Wells Fargo has approved Operation HOPE to help extend home preservation services to Wells Fargo mortgage customers through comprehensive face-to-face credit counseling and mortgage payment assistance. The program provides a Web-enabled portal for counselors to transmit the necessary documents required to successfully provide assistance to customers with mortgage modifications.
“Wells Fargo believes in the critical role HUD-approved housing counselors like Operation HOPE have in assisting homeowners facing mortgage payment challenges,” said Joe Ohayon, SVP with Wells Fargo Home Mortgage Community Relations. “This collaborative effort is another example of Wells Fargo’s commitment to help customers stay in their homes.”
As part of the effort, HOPE staff or volunteer professional will provide comprehensive mortgage counseling, loss mitigation assistance, and help with refinancing. Wells Fargo mortgage customers facing foreclosure are encouraged to apply for assistance through the 888-388-HOPE (4673) or visiting their nearby HOPE Financial Literacy Empowerment Center.
Wells Fargo customers can also receive assistance directly from Wells Fargo Home Mortgage by calling Servicing at 800-678-7986, on the Web at www.wellsfargo.com/homeassist/, and at Wells Fargo Home Preservation Workshops (a schedule is posted at www.wfhmevents.com/leadingthewayhome). From January 2009 through August 2011, Wells Fargo has conducted 716,176 active trial or completed mortgage modifications in its servicing portfolio. According to Wells Fargo executives, over the last 12 months, less than 1.3 percent of the owner-occupied mortgage loans in the company’s servicing portfolio resulted in a foreclosure sale.
About Operation HOPE
Since 1992, Operation HOPE has been America’s leading financial literacy and empowerment nonprofit. Through its four principle portfolios: Banking on Our Future, HOPE Coalition America, HOPE Financial Literacy Empowerment Centers, and HOPE Corps, the organization addresses youth and adult financial literacy, economic preparedness, bridges the digital divide and promotes home ownership and assists with foreclosure prevention. With the support of more than 400 private sector companies, 5000 nonprofit organizations and schools and government partners, HOPE has reached over 1.5 million low-wealth individuals in 70 U.S. cities and South Africa. At the core of HOPE’s mission is a Silver Rights Movement, ensuring that free enterprise and capitalism work to provide a better future for underserved communities around the world.