Answers to frequently asked Mortgage and Home Equity questions

As the pandemic continues to transform our daily lives, we’re making sure you have current information so you can make informed decisions about your home loan and finances.

If you’re having difficulty making your payments due to COVID-19, learn more here about your options before requesting payment suspension to pause your mortgage payments.

If you’re able, you can continue to make safe and secure payments through online banking.

If you’re considering taking an initial payment suspension or are already enrolled and are thinking about when to resume making payments, check out the following video from our team for useful information and perspective to help guide your decision.

Hugh Rowden: Hi. I’m Hugh Rowden, Community Outreach Manager at Wells Fargo Home Mortgage.

Super: Hugh Rowden, Community Outreach Manager

Hugh Rowden: If you’re nearing the end of your 6-months of COVID-19 mortgage payment suspension, we’re glad you’ve tuned in.

Super: Luz Lockward, Community Outreach Consultant

Luz Lockward: You’ll be receiving a letter from us soon to ask whether you are ready to resume making regular mortgage payments or if you need more assistance due to your COVID-19 hardship. Today, we’re here to help you understand your options and most important, to ensure that you are prepared to contact us, and tell us about your needs before your suspension expires.

Hugh Rowden: Regardless of what you decide, here’s why it’s so crucial that we hear from you:

Our mortgage payment suspension program comes with certain protections. If you don’t actively renew your suspension, or choose one of our repayment or deferral plans, any suspended payments will become due and any future missed payments can begin accruing late fees. Any further missed payments may be reported to the consumer reporting agencies. And collection and possible foreclosure activities may start or resume.
At the end of your 6-month suspension, there are essentially three paths forward.

  1. If you still need assistance, and if your mortgage qualifies for an additional extension under the CARES Act, you may extend for up to an additional 6 months, for a total of 12 months. We will continue to roll this out in 3-month increments, allowing you to reassess your needs as you go.
    Luz Lockward: But we can’t automatically extend payment suspension beyond 6 months without hearing from you. If you’re not sure whether your loan is covered by the CARES Act, visit for more information or contact us at 1-800-416-1472.
  2. If you still need assistance but your loan type is not covered under the CARES Act, we’ll work with you to explore other mortgage assistance programs that may be available.
    Hugh Rowden: It is essential that we speak with you to understand your hardship so that we can explain these programs in detail and help you with the one that makes sense for your situation.
  3. If you are ready to end payment suspension and resume making your regular payments, there are programs available to help you resolve any suspended payments, if you are unable to pay the entire amount due. The programs are based on your loan type, loan status and financial situation.

Luz Lockward: These can include repayment plans and deferral programs where the suspended payments are either paid over a period of time or moved to the end of your loan term. You can review repayment options online at forward slash repayment details.

As you consider your options today, keep in mind that it’s best to only extend your payment suspension for as long as your hardship lasts and to resume making regular payments as soon as you are able.

Luz Lockward: COVID-19 Post Payment Suspension programs can vary and some may be only available once, contact us to learn about your options.

When you’re ready to make your decision, simply sign in to online banking and click the link in the banner under your mortgage account, and use our payment assistance form. Or if you prefer, call 1-800-416-1472 to speak directly to a mortgage expert.

A few additional points to remember:

If you have a Wells Fargo home equity line that was restricted during payment suspension, you will need to contact us to request a review for reinstatement, if you are ready to resume making your payments.

And, if you have multiple accounts with Wells Fargo that are on payment suspension, you will need to make a decision on each account.

Hugh Rowden: Also, keep in mind everyone’s situation is unique and your options will depend on your financial situation and loan type. That’s why it’s important to contact us so we can help you with your individual needs.

On behalf of all of us at Wells Fargo, I want to thank you for being our customer. Helping you get through this crisis and stay in your home is our top priority. That’s why we’re urging you to make this important decision, if eligible, to either extend your suspension and the protections it provides, or work with us to choose one of our alternative solutions. We look forward to hearing from you.

Thank you.

Luz Lockward: To confirm your eligibility and extension in the mortgage payment suspension program:

End Card: Wells Fargo (LOGO) Home Mortgage (LOGO)

Sign in to online banking, and use the payment assistance form on your mortgage account page in, or call us at 1-800-416-1472 to speak directly with a mortgage expert.

Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.

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Thanks for your business, and please know that keeping you informed and keeping you in your home are our top priorities.