Monday, June 25, 2012

Mortgage Payments and Duluth Flooding

The Minnesota Homeownership Center has received word that Wells Fargo Home Mortgage has established a process to help homeowners that are dealing with the after-effects of the devastating flooding from last week's rain in Duluth.

Wells is offering up to a 45-day moratorium on loan accounts - provided homeowners notify them that they have been impacted by the flooding.  According the Wells, the moratorium stops all payments, reporting to credit bureaus, late fees, collections and any foreclosure action.

What should Wells Fargo Home Mortgage clients do if they've been affected by the flooding?  There are two options:

  1. Homeowners can call a specialized customer service agent at 1-888-818-9147.  These agents can assist customers with a forbearance or workout plan if needed. They also assist with any insurance questions or claims. 
  2. Customers can visit the "Getting Disaster Assistance" page on the Wells Fargo Website.  This page highlights the disaster assistance hotline and other ways Wells can help customers with claims questions or payment options.

In addition, homeowners affected by the flooding should also contact a member of the Homeownership Advisors Network if they are find themselves struggling with payments due to the flooding... or need other assistance with finding reputable help to rebuild.  For Duluth, homeowners should contact 1 Roof Community Housing.

We'll update this post, and others, as we learn what other lenders, servicers and mortgage insurers are doing to help their clients recover from the flooding.

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