Banks offer help to Philly consumers with mortgage problems

    Representatives of two major banking companies plan meetings with Philadelphia customers to try to work out solutions to home mortgage problems.

    Representatives from Wells Fargo will be at the Convention Center, 1101 Arch St., Wednesday and Thursday from 9 a.m. to 7 p.m. for a free borrowers’ workshop and mortgage counseling.

    Citi Bank will host a separate event Wednesday at the Downtown Marriott, 1201 Market St., from noon to 7 p.m. to help Philadelphians learn if they qualify for mortgage modification or another solution to their financial issues.

    Wells Fargo is typically able to help 70 to 75 percent of customers with their mortgages, which are an important issue in the current economy, says spokeswoman Barbara Nate.

    • WHYY thanks our sponsors — become a WHYY sponsor

    “What we want to do is kind of work with them before they get in a situation where they’re facing foreclosure,” Nate said. “The sooner we can meet and talk about alternatives, the more likely it is we can come up with a solution working with the customer that will keep them in their home, which is the outcome that’s best for them and best for us, really.”

    Both banks recommend that borrowers bring important documents such as proof of hardship, pay stubs and financial statements. Wells Fargo is encouraging prospective attendees to register online or call 800-405-8067.

    WHYY is your source for fact-based, in-depth journalism and information. As a nonprofit organization, we rely on financial support from readers like you. Please give today.

    Want a digest of WHYY’s programs, events & stories? Sign up for our weekly newsletter.

    Together we can reach 100% of WHYY’s fiscal year goal