Wells Fargo is one of the biggest banking institutions in the nation. They have tens of millions of customers across the nation, and offer numerous products to them, including home loans, credit cards, car loans, and other financial products. They also recently acquired Wachovia Bank, which was also one of the nation’s largest lenders.
From time to time a customer may need assistance to reduce or pay down their debts, get on track with their mortgage, or pay the bills. Especially when the national economy is weak the number of people seeking help from a Wells Fargo assistance program will increase.
The lender does offer its customers numerous resources to help them in times of difficulty. Some of the services include credit card debt assistance, mortgage delinquency and foreclosure prevention counseling, programs to settle or consolidate debts, assistance for paying car loans, and emergency funding to pay bills. Get information on what programs Wells Fargo administers, and learn how they can help you.
Both Wells Fargo and Wachovia are heavily involved in the mortgage market and have issued millions of home loans over the years. With the weak economy and housing market, hundreds of thousands of their customers need help with paying their mortgage or preventing a foreclosure. Wachovia was also a major issuer of subprime and more risky mortgages, so the need for assistance is even greater with loans issued by them. Foreclosure is always the last option, so they offer counseling, prevention programs, loan modifications, and other assistance programs to homeowners.
Mortgage principal reduction - This can lower the amount of principal that the homeowner is responsible for repaying on their home loan. It may be the most effective solution to a mortgage difficulty.
Mortgage hardship - If you are facing a short term financial emergency or hardship, this Wells Fargo solution may be for you. This type of program can provide a number of different solutions to a borrower, depending on their current financial situation.
Lien modification - Modify your second mortgage or lien. Assistance can be provided in several different forms.
Free counseling - Wells Fargo has opened housing assistance centers in many cities that provide free foreclosure counseling. Homeowners can stop by a location and speak to a specialist face to face. More.
Wells Fargo foreclosure assistance - A summary of many of the programs and resources for Wachovia and Wells Fargo customers are listed here. The lender will try to work with its customers to prevent a foreclosure from occurring.
Project Lifeline and Fast-Trac - Two other options for subprime, adjustable rate and pick or pay home loans are listed here.
Many families and individuals need some short term cash to pay their monthly bills. Historically payday lenders met some of this need. However that industry is largely unregulated, and the fees and interest rates are steep. Wells Fargo is trying to offer a cheaper alternative to consumers so they can get quick cash to pay their bills and any emergency expenses they may incur.
Direct Deposit Advance - Receive emergency cash to pay bills. Funds are deposited directly into your checking account. The interest rates will be much lower than a traditional payday type loan.
Studies show that less than 10% of the population knows that they can refinance an existing car loan. It is similar to a mortgage refinancing, in that a consumer may be able to receive a lower interest rate or change the terms of their loan. They can even cash out the principal in order to receive extra cash on their loan .The resulting refinancing has been shown to save some people thousands of dollars over the life of the auto loan. Another benefit is that most car loan refis do not charge an application fee during the process.
Car loan refinancing - Get more information on the Wells Fargo automobile loan refinancing and cash out programs.
Wells Fargo may write off up to 10% of their credit card accounts when the economy is weak. When they write off an account they usually receive little or no money from the borrower, so it is not their first choice. It is also bad for the borrower in now their credit rating will be decimated. So the bank’s first choice is to work with its customers on their credit card accounts, and they administer several programs to help do this. They offer credit card hardship programs, debt settlement, and consolidation options.
Debt management - The bank will have you partner with a credit counselor to work through debt issues that you may have. This may be the most preferred solution as the customer will receive professional counseling from a specialist.
Pay down debt - This assistance program involves the borrower taking out a personal loan to pay off other bills and reduce their debts.
The above are just some of the financial assistance programs offered by Wachovia and Wells Fargo.
Like this site?