Wells Fargo Expands Use of Mortgage Payment Relief Programs
by Brittany Dunn
In an effort to reduce the number of foreclosures across the country and keep customers in their homes, Wells Fargo & Company announced Saturday that it is continuing to expand its use of the federal Home Affordable Modification Program(HAMP) and other modification programs.
“From the beginning, our goal has been to work with our customers to avoid foreclosures wherever possible while balancing the interests of the 92 percent of our customers who continue to stay current in their payments,” said Mike Heid, co-president of Wells Fargo Home Mortgage. “When a viable alternative exists, there is no incentive for us to go to foreclosure sale. It doesn’t benefit us, our customers, communities, our shareholders, or our investors.”
Heid said Wells Fargo is using every means at its disposal to move modifications forward. As part of these efforts, the company has extended the trial period for HAMP customers who are making their reduced payments but have yet to submit their documents.
From January 1 through November 30 of this year, the company had 422,001 active trials and completed modifications put in place. Of this total, 99,674 were HAMP modifications. For every one foreclosure sale on owner-occupied properties in November, Wells Fargo initiated or completed three modifications, using both HAMP and non-HAMP modification efforts.
Of the 99,674 HAMP active trial starts and completions reported, approximately 56,000 have not made all three trial payments yet, because most are not yet due for their third trial payment. According to the company, 44,000 of its HAMPcustomers have completed all three trial payment as of November 30, and approximately 40 percent of these customers either have or are ready to convert to a final modification, including the 3,537 completed modifications reported by the government.
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