I got an email today from my loan officer contact at Wells Fargo:
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Wells Fargo has Modified 422,001 Mortgages Using Payment-Relief Programs Company in November initiated or completed three modifications for every one foreclosure sale on owner-occupied properties
Through the end of November, Wells Fargo had 422,001 active trial and completed home-loan modifications in place since the beginning of the year as the company continues to expand its use of the federal oHome Affordable Modification Program (HAMP) and its other modification programs to reduce the number of foreclosed homes across the country. "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. We are using every means at our disposal to move modifications forward including extending the trial period for HAMP customers who are making their reduced payments, but have yet to submit their documents."
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I think its great that Wells Fargo is working with people. This totally makes sense from all angles. This is the sort of effort that will help bring back the market. There are still people waiting to buy because they here of the "next wave of foreclosures".
With enough loan modifications and short sales being done I think this wave will be one that we can ride upward instead of get buried in as long as the bank do things to help all parties involved like it appears Wells Fargo is.
Chuck Carstensen
Re/MAX Associates Plus Inc
612-290-3809
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