For Wachovia customers in danger of losing their homes, Wells Fargo is announcing a new program to help Wachovia customers in danger of losing their homes in foreclosure. As outlined in an article today in Forbes, it is noted they will provide a reprieve thru the end of February for almost 500,000 borrowers possibly eligible for a modification program.
"Wells Fargo said 478,000 Wachovia customers, with loans totaling about $120 billion, will have access to the program, though San Francisco-based Wells Fargo said it was unsure how many customers would take part.
The customers within this portfolio that are being referred to foreclosure or are in foreclosure will receive an extension until Feb. 28 so they can apply for the modification program."
Believe it or not, as a REALTOR, I want nothing more than for homeowners to KEEP their homes. I have been begging these companies to help their borrowers so they don't need to do a short sale, and they don't foreclose on their dreams.
Is this a "meaningful" loan modification program from Wachovia? Only time will tell. I hope that if you hear of any success stories, you'll come back and tell them, I think we've all had enough bad news, I want to hear a success story!
If they do what they say:
"The modifications can include extending loan terms to 40 years, reducing interest rates, charging no interest on a portion of the principal for a set period of time or even permanently reducing the principal of loans in areas where housing prices have significantly declined."
It sounds promising...
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