RICHMOND (CBS 5) — Wells Fargo is holding a loan modification event in Richmond on Wednesday and Thursday intended to save hundreds of homeowners from losing their homes.
Homeowners will be able to meet face to face with a loan modification expert and could walk away with a principal reduction or even a moratorium on payments for borrowers who are out of work. Wells Fargo, the country’s largest mortgage holder, has recorded 733,180 mortgage modifications in the past three years.
Homeowners such as the Hearst’s originally had a World Savings adjustable mortgage, which has been acquired by Wells Fargo. It’s a loan they have tried to modify for years, a loan that is now considered predatory.
“We’ve got an 800 something credit rating, we really don’t want to lose our house,” said Sharon Hearst. In the meantime, the Hearst’s have done everything they can to scrape by doing things such as selling personal goods on Craigslist.
On Wednesday, the Hearst’s were able to walk away with the loan medication they wanted.
Kevin Stein of the California Reinvestment Coalition said that homeowners should not have to go to fairs to get a loan modification. Stein said that Wells Fargo gets fewer complaints than other banks. His group is about to release a study on loan modifications.
The event is being held at the Craneway Pavilion located at 1414 Harbour Way South in Richmond. Hours are 9 a.m. to 7 p.m. on Wednesday and Thursday. According to Wells Fargo, walk-ins are welcome and homeowners are urged to come prepared with paperwork.
(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)