Bank Helps Customers Save Homes - NewsChannel5.com | Nashville News, Weather & Sports

Bank Helps Customers Save Homes

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by Marcus Washington

MURFREESBORO, Tenn. - The numbers tell no lie when they show people are still buying homes here in the mid-state, but another set of numbers also show more homes continue to go into foreclosure.

The folks inside a ballroom of the Murfreesboro Embassy Suites are all in the same boat as they look for ways to save their homes.

"(I'm) trying to stop the foreclosure first," said homeowner Dalmar Omar. "That's been pending for the past 2 months."

Omar's financial troubles sound like millions of Americans.

"We were depending on two incomes and we ended up with one income, which was mine and that's when everything went down," said Omar.

So when a letter from his mortgage lender came in the mail offering one on one help to keep his family in their La Vergne home, even though he was skeptical, Omar went to the free workshop.

"I was fighting to get the interest rate lowered and that happened today. That's the most important thing," said Omar.

"Everybody's circumstance is very unique, very different and also the type of loan they have is very different," said Rullah Price, Vice President of Community Relations with Wells Fargo. "That is why we have specialists here who are skilled by the investor to make those decisions."

Meeting with underwriters anywhere from one to two hours, homeowners got that one on one help addressing specific problems.

"The best step they can make is come in here and talk to us, let us know what their situation to see if we can find that long term solution to keep them in their home," said Price.

The VP said the bank reached out to folks who were 31 days delinquent and to folks who we're already working with them and haven't received a decision yet.

Sometimes the good news comes in the same day, like in Omar's case, where his interest rate went from 7.5 percent to 3.75 percent.

"My monthly bill went down $200, maybe $300, so that is good for me," said Omar.

Two out of three people were able to find an alternative to losing their home at the workshop.

Wells Fargo has held the workshop for its customers since 2009 and has visited 39 cities. 

Thursday there were 103 people registered for the event.

Email: mwashington@newschannel5.com
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