Wells Fargo Extends Mortgage Assistance to Gulf Coast Borrowers

Wells Fargo has joined the growing faction of lenders offering mortgage assistance to customers in the Gulf Coast region who are facing hardship as a result of the BP oil spill.

The company says it is working closely with its borrowers who’ve been impacted by the events in the Gulf, and is implementing a 90-day foreclosure moratorium for those customers currently working with the bank to resolve delinquency or foreclosure matters.

A spokesperson for Wells Fargo told DSNews.com, “We encourage customers affected by the Gulf events (loss of job or income) to reach out to us and work with our mortgage consultants on a one-to-one basis to determine the best options for their homeownership and financial needs.”

Earlier this week, CitiMortgage announced a three-month foreclosure suspension program for coastal areas of the Gulf. The company has also ceased all evictions on its REO properties.

Fannie Mae and Freddie Mac have both instructed their servicers to suspend mortgage payments for borrowers whose income has been affected by the spill.

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