Wells Fargo announced today that it will make available at least an additional 90 days of deferred payments to its mortgage customers who have been affected and are in need of assistance as a result of Hurricane Katrina. During this deferral period, which comes on the heels of the end of the initial deferral period, Wells Fargo will not assess late fees, file negative credit reports or place collection calls to its customers.
"As the unprecedented devastation caused by Hurricane Katrina continues to be felt, Wells Fargo continues to seek ways to assist our customers in the Gulf Coast," said Mary Coffin, executive vice president of loan servicing for Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A. "Our commitment to extending payment deferrals for at least 90 additional days allows our customers, insurance companies, and Wells Fargo time to assess the damages and understand each customer's situation following the disaster.
"In the days following the hurricane, we established a broad-based approach -- including deferring payments -- to assist our customers with their immediate needs," said Coffin. "As our customers begin to rebuild their homes and their lives, it will be important for Wells Fargo to work with customers one-on-one to create a bridge to a permanent solution."
One of the major challenges that Wells Fargo faces is reaching its borrowers, some of whom have left the region to find work and rebuild their lives. Wells Fargo is encouraging its customers to contact the company's disaster response teams during this deferral period so that it can begin to serve each customer's individual needs. The dedicated numbers that these customers can call are:
-- Wells Fargo Home Mortgage: 888-818-9147
-- Wells Fargo Financial: 888-230-6654
-- Consumer Credit Group (home equity): 888-667-6059
"Wells Fargo has been and will continue to work with our customers impacted by Hurricane Katrina to determine the most reasonable payment solution after the end of this new deferral period. We know Hurricane Katrina has had an extraordinary impact on thousands of people and we are working with our customers to assess their personal financial situation and the condition of their property in an effort to provide them with a solution that best fits their individual needs," said Coffin.
"Wells Fargo will not insist that our customers resume payments or require them to make lump sum payments at the end of the deferral period if we know that their situation makes it impossible," said Coffin. "We are also extending the mandatory suspension period on foreclosures through February 2006."
About Wells Fargo
Wells Fargo & Company is a diversified financial services company with $453 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet ( http://wellsfargo.com ) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, "Aaa," from Moody's Investors Service.

Source: prnewswire