Answers to frequently asked Mortgage and Home Equity questions

Helping you during these uncertain times

We know this is a challenging time for all of us. As we all work to protect what matters most - our health and the health and safety of our families - we also understand that our homes play an important role in our well-being. We want you to know we are here to help.

We created this page as a resource for your home financing needs and questions. We'll update it as the situation changes, since legislation and the country’s response to the pandemic continues to evolve.

Please read through this page prior to making the decision to suspend your payments.

If you’re able, please continue making payments through online banking. This is a safe and secure way to submit your payments.

Guidelines for how to request mortgage or home equity payment relief or how to apply for a new mortgage  are outlined, below.

Payment assistance via short-term payment suspension (forbearance)

If you’re experiencing financial hardship due to COVID-19 and are unable to make your regular mortgage or home equity payments, we can help. You can request an immediate payment suspension -- a temporary pause of your loan payments for an initial 3 months. It’s not a payment waiver or payment forgiveness.

It’s best to request payment suspension only when you really need it because you may need to repay any missed payments at the end of the short-term relief period. We will work with you, and we encourage you to read the section below that explains what happens after the payment suspension period ends.

By accepting this short-term payment suspension, you will be ineligible for any new Wells Fargo mortgage product, including a new home loan or a refinance of an existing home loan, until your financial hardship and payment suspension plan ends.

During payment suspension:

  • We won’t charge late fees.
  • If your loan was current when you requested payment suspension:
    • We won’t report missed payments to the consumer reporting agencies.
    • We will report you as current with a comment that the loan is in short-term payment suspension (forbearance).
  • If your loan was past-due when you requested payment suspension:
    • We will not report any additional missed payments to the consumer reporting agencies during the payment suspension period.
    • We won’t refer the loan to foreclosure at this time.

Please understand that you’ll have to repay suspended payments. If you can make a payment during the suspension – even a partial payment – you can do so at any time. This will reduce how much you’ll owe at the end of the payment suspension period. If your financial situation changes, you can end payment suspension at any time.

How it works

A short-term payment suspension temporarily pauses your obligation to make monthly payments for 3 months. This is an option available to provide payment help due to COVID-19 impacts such as:

  • Unemployment or underemployment
  • Illness preventing you from your normal employment
  • Caring for an ill family member that prevents your normal employment
  • Decline in income

After the initial 3-month payment suspension period ends

  • If you need more time to recover, you may have the option to extend the payment suspension period for up to another 3 months, for a total of 6 months.
  • If your financial hardship continues beyond 6 months, you will need to contact us.

You may have the option to extend the payment suspension for up to another 6 months, for a total of 12 months as part of the CARES Act.

The CARES Act covers federally insured loans backed by the Federal Housing Administration (FHA), Veterans Affairs (VA), Fannie Mae (FNMA), Freddie Mac (FHLMC), and U.S. Department of Agriculture (USDA). If your loan is backed by Wells Fargo or other investors not noted above, other options are available. If you ask for payment suspension, we’ll send you a letter that details options available for you.

Note: Keep in mind that extending your payment suspension period means that you’ll have more to repay at a later time.

When it comes time to repay

If you can afford to do so, you can repay the entire amount due at once. You can then continue with your normal payments. We understand that you may not be able to do this. We’ll work with you to discuss other programs that may help.

We'll consider your financial situation, which includes your loan status, type of loan, and whether your payments were current when the COVID-19 emergency was declared in March. This information will help us determine if you’re eligible for one of these programs:

  • A repayment plan — We may be able to divide the amount due from the missed payments into manageable amounts, spread out over time.
  • Payment deferral — We may be able to move the amount of the suspended payments to the end of your loan term.
  • A loan modification — We may be able to change certain terms of your loan — such as the interest rate or the time allowed for repayment — to make payments more manageable. This program is intended for those experiencing long-term income reduction due to the crisis.

For detailed information about post-payment suspension programs, visit www.wellsfargo.com/repaymentdetails

Request mortgage and home equity payment suspension:

  • If you have Wells Fargo online banking, log in to your account. Select the payment assistance alert located at the top of the account summary page. Complete the COVID-19 Payment Assistance Request form you will find there. This form will enable you to request assistance with all eligible Wells Fargo credit accounts.
  • If you do not have online banking, you can sign up or contact us at 1-800-219-9739. Note: We’re experiencing high call volumes. We apologize for any long wait times.

While you’re protected under the payment suspension, if you have a Wells Fargo Home Equity account, it will be restricted from further advances and you will not have access to funds from this account.  When the payment suspension ends or when you’ve resumed regular payments, please contact us to request a reinstatement of the account. Additional information will be provided in writing.

By accepting this short-term payment suspension, you will be ineligible for any new Wells Fargo mortgage product, including a new home loan or a refinance of an existing home loan, until your financial hardship and payment suspension plan ends.

At the end of the initial 3 months, you have a decision to make

Wells Fargo will reach out to you at the end of the 3-month payment suspension to ask if you are ready to resume making payments or if you’re still experiencing a hardship.  For your Wells Fargo Home Mortgage, you can use the Payment Assistance: Action Requested form to update us on your needs.
You can access this form by signing onto online banking and visiting the mortgage account details.
You may also call 1-877-937-9357.
Note: We’re experiencing high call volumes. We apologize for any long wait times.

To request an extension of your payment suspension for your Wells Fargo Home Equity account, please call us at 1-877-937-9357.

Automatic payment plans

You’ll need to stop the automatic payments you’re making from bill pay on Wells Fargo Online® or with any other financial institution.  If you have a plan with us to automatically withdraw your mortgage or home equity payments directly from your checking or savings account, you will need to cancel it right away or if you choose to wait, we will cancel your drafting in approximately 2 business days.  You’ll need to set up any automatic payments or plans again once the payment suspension period ends.

Ending the payment suspension early

You can end the payment suspension at any time. If you decide to shorten the plan, or if you decide later that this is not the right solution for you, please contact us. You’ll need to set up any automatic payments or plans again once the payment suspension period ends.

Get free counseling to help with broader financial challenges you may be facing

If you would like information on how to deal with any broader financial challenges you may be facing, reach out to a local HUD-approved, non-profit housing counseling agency.  To find an agency near you, go to www.hud.gov/offices/hsg/sfh/hcc/fc. Or call 1-800-569-4287 (TDD 1-800-877-8339).  They can provide free assistance that includes financial education and mortgage help services.

Be sure you avoid anyone who asks for a fee for counseling or a loan modification, or asks you to sign over the deed to your home, or to make your mortgage payments to anyone other than Wells Fargo Home Mortgage.

If you are still able to make your mortgage payments and are interested in lowering your monthly payment, or buying a new home, we’re here to help you in today’s evolving mortgage market.

  • Learn what to expect, with social distancing changing the lending process.
  • Historically low interest rates generating a lot of borrower interest.
  • Get help from a home mortgage consultant, who will help you navigate loan options, appraisals, inspections, and loan closings.  Details below.

Refinance loans

We’re available to help you lower your monthly payment with a rate/term refinance.  But there are some temporary restrictions on the types of refinance loans we can process:

  • Cash-out Refinance, where you convert some of the equity in your home to cash, is not available at this time because we are not performing interior appraisals.
  • Jumbo Loans, which have loan amounts exceeding the current conforming loan limits, which vary based on your locale, are only available to current Wells Fargo customers who carry specific asset balances with us. Speak to your local home mortgage consultant or call 1-877-937-9357 to learn if you may qualify.
  • Home Equity Line of Credit (HELOC) applications stopped being accepted after April 30. We have made temporary changes to the products we offer after carefully considering current market conditions and economic uncertainty due to COVID-19.

For more information on refinancing with us at this time, see our FAQs, below.

Get help now
You can learn about refinance or purchase options by calling us at 1-877-937-9357, using our online mortgage application, or contacting a local home mortgage consultant to guide you through the process. Our physical mortgage branches are closed; however, our local home mortgage consultants are available by phone or by appointment.

Frequently asked questions

How to request a short-term payment suspension

If you don’t have Wells Fargo online banking, you can sign up for it or contact us at 1-800-219-9739.

Note: We’re experiencing high call volumes. We apologize for any long wait times. Once we speak with you, we’ll provide an immediate confirmation of the payment suspension and mail you a confirmation letter in 7-10 days.

You can contact us using the secure message form in online banking or our mobile app, select the person icon in the upper corner. Use the menu to select Message Center. Next, click on the pencil icon to start a new message. Select Email Customer Service, then choose your email address and your account from the drop-down menu. In the payment questions field, please tell us about your personal situation so we can best address your needs.

Assistance can be requested for all eligible accounts through the online request form.  Otherwise, if you request relief through one of our other assistance portals (i.e., via telephone), you’ll need to request assistance for each account separately.

We encourage customers to continue making their payments if they can.  For customers who are impacted and unable to make are their payment due to COVID-19 hardship, Wells Fargo is providing an initial 3-month payment suspension, which may be extended depending on your loan type.  We are not requiring documentation of your hardship at this time.

The payment suspension is not retroactive.  We can apply it immediately once you request it, but any reporting to the consumer reporting agencies will remain as stated prior to your request for payment suspension.

Short-term payment suspension impacts and repayment options

If you can afford to do so, you can repay the entire amount due at once. You can then continue with your normal payments. We understand that you may not be able to do this. We’ll work with you to discuss other programs that may help.

We'll consider your financial situation, which includes your loan status, type of loan, and whether your payments were current when the COVID-19 emergency was declared in March. This information will help us determine if you’re eligible for one of these programs:

  • A repayment plan — We may be able to divide the amount due from the missed payments into manageable amounts, spread out over time.
  • Payment deferral — We may be able to move the amount of the suspended payments to the end of your loan term.
  • A loan modification — We may be able to change certain terms of your loan — such as the interest rate or the time allowed for repayment — to make payments more manageable. This program is intended for those experiencing long-term income reduction due to the crisis.

Deciding to resume making payments, if you can, is a good choice because it:

  • Provides you with the opportunity to apply for new credit or to refinance.
  • Reduces the chance that your escrow account, if you have one, will have a shortage. If you miss payments, your escrow account may not have enough to cover your tax and insurance bills. We’ll continue to pay them, but this could increase your future monthly payments.
  • Reduces the number of suspended payments that you’ll need to repay.

While you are protected under the payment suspension, your Wells Fargo Home Equity account will be restricted from further advances and you will not have access to funds from this account. When the payment suspension period ends or you've resumed regular payments, you may request reinstatement of the account to its original terms.

Once you miss a payment, even if you are enrolled in the payment suspension plan, your loan will have an outstanding balance and we’re required to send notification of that outstanding balance to you.  As previously stated, we are not notifying the consumer reporting agencies of this outstanding balance.

If you had a loan modification in the past that offered principal forgiveness that was contingent on your loan remaining current, you risk losing that benefit. Contact us to discuss the best option for your situation.

We can refund payments that will not cause a customer’s account to become past due (due for a previous calendar month).  Example: We can refund April’s payment if you make that request in April, however we could not refund March’s payment if you make the request in April.

Customers will need to call us at 1-800-219-9739 or send us a secure message in online banking.

At this time, using electronic payments can be the preferred and safest manner. If you need to make a payment, these are the options available:

  • Wells Fargo online: We recently made updates that enables the ‘Transfer and Pay’ functionality for you to make your monthly payment from your mortgage account information in Wells Fargo online
  • Online Bill pay: If you have a Wells Fargo checking or savings account, you may use the Bill Pay functionality on Wells Fargo online by accessing it through your checking or savings account, rather than the mortgage account.    If you have a Wells Fargo checking or savings account and do not currently use Wells Fargo Bill Pay, you can find instructions here.
    • If you do not have a Wells Fargo checking or savings account, you may use your preferred bill pay service provider to make your payment from a non-Wells Fargo checking or savings account.
  • Making a payment by phone: Call 1-800-219-9739 to leverage our automated Interactive Voice Response system or speak to our representatives who will be able to take a payment from you over the phone. Please have your bank account and routing number available.
  • Mail your payment: You can continue to mail your payment and coupon to the address on your monthly statement.

Qualifications and situations that affect eligibility for short-term payment suspension

Wells Fargo is immediately approving a 3-month payment suspension for all customers who request it due to a COVID-19 related hardship.  The CARES Act specifically stated that you qualify if you have a Fannie Mae, Freddie Mac, Federal Housing Administration (FHA), Veterans Affairs (VA), U.S. Department of Agriculture (USDA) loan.  We’re also offering a 3 month payment suspension for our Wells Fargo-owned loans.  We are not requiring documentation of your hardship at this time.

To apply, log in to your Wells Fargo online banking account. Select the payment assistance banner at the top of your Account Summary. If you do not have online banking, you can sign-up or contact us at 1-800-219-9739. Note: We’re experiencing high call volumes. We apologize for any long wait times.

You are eligible in both situations, but you may have fewer repayment options at the end of your payment suspension period. We can explain the differences to you and discuss what repayment options are best for your situation.

If you select to use this short-term payment suspension, we must cancel your other loan modification. Contact us to discuss the best option for your situation.

If the mortgage was modified under the Home Affordable Modification Program (HAMP) or Second Lien Modification Program (2MP) and you don't make a payment during this time, you could lose the pay-for-performance incentives. This is because you must remain in good standing with HAMP and 2MP.

Yes, you are eligible for payment suspension. We recommend you speak with your bankruptcy attorney about post payment suspension options.

Wells Fargo is honored to serve those who serve our country. The immediate 3-month payment suspension is for any Wells Fargo Home Lending mortgage or home equity customer who requests assistance.

In addition, the Servicemembers Civil Relief Act (SCRA) may offer protection or relief to members of the military, including the Reserves and National Guard, the Public Health Services, the National Oceanic and Atmospheric Administration, and their spouses, partners and dependents. If a customer has recently been called to military service in support of state or federal efforts during the COVID-19 response, or is the spouse, partner in civil union, domestic partner, or dependent of a person who has been called to military service, and they have not made Wells Fargo aware of their status, they can send us their military service documentation in one of the following ways:

Mail/Overnight Mail:
Wells Fargo Bank c/o SCRA Request

DSR – MAC D1118-02M
1525 W. WT Harris Blvd.
Charlotte NC, 28252-8522

Fax: 1-855-872-6262

For secure email options, they can call us at 1-855-USA-2WFB (1-855-872-2932) or visit any Wells Fargo Branch.

Yes, Wells Fargo continues to offer loan modifications and other payment assistance options. Customers can call us at 1-800-678-7986.

Wells Fargo Home Lending customers with a loan secured by a 1-to-4 family investment property are eligible for the same payment suspension option available to customers who occupy their homes. Options available after payment suspension options may vary by loan type and investor.

Our sympathy is with anyone who has lost a family member. If our customer has died, we encourage you or an authorized representative to contact: 1-877-822-7864. We have a dedicated Life Events Team that can assist during this difficult time.

What happens with your account during the payment suspension

We’ll continue to make your tax and insurance payments during the payment suspension period if you have an escrow account. However, the suspension of payments may result in a shortage in your escrow because it isn’t receiving ongoing funds.

While every situation is different, it will most likely increase the length of time you need to pay Private Mortgage Insurance (PMI) or a Mortgage Insurance Premium (MIP).

Yes, we are legally required to send you a billing statement showing the amount due every 30 days. While the statement will still show the amount due, it will also reference your short-term payment suspension under the section labeled “Important Messages.”

You’ll need to stop the automatic payments you’re making from bill pay on Wells Fargo Online® or with any other financial institution.  If you have a plan with us to automatically withdraw your mortgage or home equity payments directly from your checking or savings account, you will need to cancel it right away or if you choose to wait, we will cancel your drafting in approximately 2 business days.  You’ll need to set up any automatic payments or plans again once the payment suspension period ends.

You can contact Wells Fargo and resume your payments. With the short-term payment suspension, you still owe the payments that were missed, however fewer missed payments means less that you will owe.

Refinance, new home purchase and home equity changes

By accepting this short-term payment suspension, you will be ineligible for any new Wells Fargo mortgage product, including a new home loan or a refinance of an existing home loan, until your financial hardship and payment suspension plan ends.

Yes, we are. However, because of the conditions created by COVID-19, we’ve placed some temporary restrictions on the refinance loans we can handle:

  • Cash-out Refinance where you convert some of the equity in your home to cash, is not available at this time because we are not performing interior appraisals.
  • Jumbo Loans which have loan amounts exceeding the current conforming loan limits, which vary based on your locale, are only available to current Wells Fargo customers who have carried a specific asset balances with us.  Speak to your local home mortgage consultant or call 1-877-937-9357 to learn if you may qualify
  • Home Equity Line of Credit (HELOC) applications stopped being accepted after April 30. We made temporary changes to the products we offer after carefully considering current market conditions and economic uncertainty due to COVID-19.

Other refinance loans are available with few restrictions.  If you have questions about your specific circumstances and whether you are able to refinance your loan, please contact your local home mortgage consultant or call us at 1-877-937-9357.

Yes, we would be pleased to move forward with your rate/term refinancing. Please contact your Home Mortgage Consultant or call 1-877-937-9357 to discuss.

Wells Fargo stopped accepting applications for home equity lines of credit (HELOCs) after April 30. We have made temporary changes to the products we offer after carefully considering current market conditions and economic uncertainty due to COVID-19.

If you have already applied for a new HELOC, we will process all applications received prior to May 1.

We have decided to make temporary changes to the products we offer after carefully considering current market conditions and economic uncertainty due to COVID-19.

We will process all applications received prior to May 1.

No, unfortunately, we stopped accepting any HELOC applications after April 30. However, we can review other options with you. We want to help you during this time. Please call 1-877-937-9357 to review available options.

No, unfortunately, we cannot accept any HELOC application made after April 30. We’re happy to review your needs and see if another option may be available. If you have an application in process, please contact your home mortgage consultant.

No, unfortunately, these temporary product changes also impact customers with existing home equity lines of credit. We’re happy to work with you and see if another option could meet your needs.

We will begin accepting new home equity line of credit applications when the economic situation and housing market conditions improve.

No, we have suspended all interior inspections by appraisers throughout the country to protect the health of all involved. But that means we have to limit conforming refinances. A conforming loan is, for most of the country, less than $510,400. In certain high cost markets, the allowable conforming loan size increases as high as $765,600. And, we are only able to refinance those loans where Fannie Mae or Freddie Mac is the loan’s investor. While that’s not something you probably would know, we can readily look that up. Please note that the loan’s investor usually is not the loan’s servicer – that is, the organization that handles your monthly payment, makes your property tax escrow remittances, etc.

Our home mortgage consultants can help you understand whether we are able to refinance your loan at this time.  Please contact your Home Mortgage Consultant or call 1-877-937-9357 to discuss.

No, that’s not necessarily the case. Who you make your monthly payments to usually is not the loan’s investor. In fact, Fannie Mae and Freddie Mac, who together are the investors for the vast majority of conventional, conforming mortgages, do not collect mortgage payments and service the loans themselves. Instead, the two government-sponsored enterprises contract with loan servicers, like Wells Fargo and other lenders, to handle the monthly payments and customer service on their behalf.

We would be happy to help you determine if a refinance is the right step for you. Please contact your Home Mortgage Consultant or call 1-877-937-9357 to discuss.

While you are protected under the payment suspension, your Wells Fargo Home Equity account will be restricted from further advances and you will not have access to funds from this account. When the payment suspension period ends or you've resumed regular payments, you may request reinstatement of the account to its original terms.

To request a reinstatement, please call 1-866-508-7059 or write to:
Wells Fargo Home Equity
MAC-P6051-01A
P.O. Box 4790
Portland, OR 97208-4790

You will receive a separate letter with more information.

Housing counselors looking to assist homeowners

If the counseling agency is authorized to communicate on behalf of a Wells Fargo customer, they can call 1-877- 937-9357, or contact the assigned home mortgage consultant.

If the counseling agency is authorized to communicate on behalf of a Wells Fargo customer, they can call 1-800- 219-9739.

Note: We’re experiencing high call volumes. We apologize for any long wait times.

As we continue to evaluate how to best collaborate with partners and stakeholders, we encourage our partners to visit www.wellsfargo.com/mortgageassist for the most up-to-date information.

Other questions

At the end of the 3-month payment suspension, if your loan is covered by the CARES Act, you will have the option to extend for another 3 months. We are doing this in 3-month increments to give you time to re-assess your situation and make an informed decision as your personal situation evolves.

There is no fee for the short-term payment suspension.  If you suspect you have been contacted by a scammer, please submit a complaint to the Federal Trade Commission.