In separate announcements today, two of the biggest mortgage lenders in the nation: Wells Fargo and Bank of America, laid out further possible relief to homeowners facing foreclosure. Wells stated it will host a three day workshop beginning April 26in Oakland that will allow troubled borrowers to talk with a counselor and possibly obtain a loan modification. So far over 500 customers have signed up for the program, but there is still room and registration is open through Friday, April 23. Wells is going even farther with signups. If you haven't registered and want to attend, walkups are also welcome to come. It will be held at the Marriott City Center Oakland from ten in the morning to seven in the evening each day. Anyone wanting more info or to register should call: (800) 405-8067; or the website: www.links.sfgate.com/ZJNO .
As for BofA, they said they're CONSIDERING a program to assist unemployed homeowners avoid foreclosure. The proposed program, and, for now, that's all it is--PROPOSED, would allow unemployed homeowners to avoid making any mortgage payments for up to nine months while they sought employment. If, during that period, the homeowner obtained a new job, then BofA would put together a loan modification for them. If, however, the borrower was unable to find work during this period, at the end of the nine months, he/she would have to relinquish the home to the bank via a deed in lieu of foreclosure. Final approval requires regulatory approval. Keep your eyes on this page for more as it develops.
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