After months of battling in court and orders to pay millions of dollars in restitution payments, some big banks are taking resolution a step further. Following in the footsteps of many local governments, who offered workshops for struggling homeowners, many lenders are doing the same. Wells Fargo has plans to offer a free negotiation workshop this Sunday. While efforts are small compared to the effects of the foreclosure crisis, many are expected to attend the negotiation workshop for free mortgage relief advice.
In the past a negotiation workshop has included representatives from lenders and mortgage modification services, as well as a chance for homeowners to schedule one-on one consultations with their lender. The current workshop being hosted by Wells Fargo will include free information and resources about loan modifications and foreclosure alternatives. It is hoped that over time, we will see an end to the foreclosure crisis with the main focus being getting homeowners in touch with their options and those who can help them execute the plan.
What Homeowners Should Look For
For many homeowners, a negotiation workshop is the starting ground in their hunt for mortgage relief. For others, this is just another attempt at securing a plan to avoid foreclosure and keep their house. Regardless of their current position, homeowners should be looking for a few specifics when attending a negotiation workshop.
First, try to locate your lender or their representative directly. Not all lenders will be in attendance at a negotiation, but if you do find someone representing your lender be sure and speak with him or her directly. Find out what options they offer and be sure to schedule an appointment for a more thorough review before you leave.
Second, shop around and ask many people similar questions. Whether it is a big bank, your direct lender or a third party loan modification company, find out their different views on your situation. You may find that the banks aren't willing to negotiate as much as you would like, but find a third party company that can offer help with negotiations. Ask about:
Third, look for a foreclosure attorney, so be sure to make contact with them about your chances of successfully resolving your mortgage debts. You may feel more comfortable with the representation of an attorney, who can negotiate your mortgage problems on your behalf and is a more intimidating force when dealing with a negotiation workshop.