As more homes are on the cusp of foreclosure, there are nonprofit groups, and even lenders, who want to keep the worst from happening.
Mortgage lender Wells Fargo, which now includes Wachovia, has put a moratorium on foreclosures in metro Atlanta through Oct. 28.
The goal is to keep people in their homes, said Jay Lawrence, a bank spokesman.
“We've been working hard on the foreclosure issue in Atlanta for months, while listening to numerous community and civic leaders,” he said. “We're happy we're seeing progress, in Atlanta and elsewhere, but we know the job is not done.”
Over the past several months, lenders, states and even the federal government have issued moratoriums on foreclosures. It is unclear how successful those programs were in saving homes from the auction block.
The Rainbow PUSH Coalition is trying to get several banks in the metro Atlanta area to stop foreclosure proceedings this month and give homeowners a chance to figure out their options, said spokeswoman Janice Mathis.
The group has plans to host a workshop where lenders will be available to help homeowners evaluate their options at its annual Creating Opportunities Conference, which will be held in Atlanta next week. The workshops, Oct. 16 and 17, will be held at the Hyatt Regency.
Mathis would not say which lenders would participate, but suggested homeowners call their providers to inquire.
Getting in touch with your mortgage lender is a big part of keeping your home out of foreclosure, said John McCosh, spokesman for the Consumer Credit Counseling Service of Greater Atlanta.
“In Georgia foreclosures can proceed from initial notice to auction very quickly, so anything that gives the homeowner more time to work out a loan modification or other solution increases the chances they will be able to stay in their home,” he said. “Putting the foreclosures on hold while giving borrowers the opportunity to attend an in-person foreclosure prevention workshop can also be helpful.”
Lawrence, the bank spokesman, said Wells Fargo has helped 1,400 Atlanta area homeowners avoid foreclosure in the past month, but that many more could still face it.
To that end, the bank will hold foreclosure prevention workshops Oct. 26-28 to help customers explore their options, Lawrence said.
“Until the workshop is complete, we will not move to foreclosure sale any Wells Fargo Home Mortgage or Wachovia mortgage loan in the Atlanta area,” he said. “And, if we find an option that may work for a customer at the workshop, we’ll push back the foreclosure date even further until the option can be fully explored.”
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