A series of workshops designed to help troubled borrowers in stopping foreclosure process against their properties has been organized by lender Wells Fargo. The Home Preservation Workshops have been held in 19 different areas in the U.S. and will be coming to Portland, Oregon, on February 23-24.
According to officials from the lender, the program is designed to help lower the number of foreclosed homes in Portland by assisting homeowners who are delinquent in their payments and are facing foreclosure possibilities. The bank is encouraging such homeowners to immediately get in touch with their loan officers to seek alternatives like reduction of monthly payments.
Homeowners who are in danger of seeing their properties become foreclosed homes in Oregon are looking forward to the event. The lender has reported that, in past events, almost one-third of those who attended the workshops got an immediate decision right where the workshop is being held, while another one-third often get assistance within a week. Majority, Wells Fargo has revealed, have gotten their loans modified to fit their current financial status.
Another good thing the lender has cited that can help attendees in stopping foreclosure process against their homes is that, for those who do not get an immediate decision, the agent who talked to them during the event will be the same one that will be assigned to them in the coming days. This will eliminate worries that homeowners will have to start all over again every time they get in touch with the bank.
However, some critics have stated that such programs are only marketing ploys used by banks to improve their public reputation and do not really prevent properties from becoming foreclosure homes on sale. Some have also stated that a lot of those who attend such events often end up spending a year or more getting no resolution and no final decision on their attempts to get a modification or a reduction.
Despite the criticisms, most local homeowners are eager to participate in the workshops, hoping that this will help in stopping foreclosure process of their properties. Majority of them have shown willingness to give it a chance and see if they can get help from the lender in saving their homes.
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