Michelle Thornhill is the Senior Vice President and African American Segment Manager at Wells Fargo/Wachovia. Michelle has over 15 years of experience developing consumer initiatives for diverse audiences in the financial services and non-profit sector. Michelle earned a Bachelor of Science from Virgina Polytechnic Institute and State University, a Master of Science in Administration from Central Michigan University and a Master of Public Administration from Harvard University, the John F. Kennedy School of Government. Michelle resides in Charlotte, N.C. with her husband and two sons.

This financial tip is sponsored by Wells Fargo.  Here’s Michelle Thornhill.

If you are facing foreclosure, communicate with your lender right away.  There may be options available to assist you with your mortgage challenges.  Many mortgage lenders offer loan modification programs, where monthly payments can be adjusted. 

If you cannot or don’t want to stay in your home there are still options for you.  If there is equity in your home, you may be able to sell the property.  Or, if you you owe more than the home is worth, consider a short sale.  Another option is to offer your deed in lieu of foreclosure, this may help with your primary mortgage and avoid a foreclosure sale. For more information on how Wells Fargo is helping customers who are facing financial challenges, visit www.wellsfargo.com/homeassist.

For more financial tips and information, visit wellsfargo.com/mortgage