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.
3 Month Payment Suspension Decision Video
Luz Lockward: Hi. I’m Luz Lockward at Wells Fargo Home Mortgage.
Super: Luz Lockward, Community Outreach Consultant
If you’re currently on a short-term payment suspension and are trying to decide when to resume making payments, my team and I wanted to reach out with some information to help you navigate this important decision. The short answer is that it’s always best to resume making your loan payments as soon as you can, and we’ll explain why in a moment. But if you need to continue suspending payments, we understand that, too.
Super: Robert Smith, Community Outreach Consultant
Robert Smith: In these challenging times, our main goals are keeping you informed of all of your options, make the extension process as easy as possible, and for those in severe financial hardship, to do everything we can to help keep you in your home.
Here’s an overview of how payment suspension works.
Super: Hugh Rowden, Community Outreach Manager
Hugh Rowden: You can request an initial payment suspension — a temporary pause of your loan payments for up to 6 months. We will make this available in 3-month increments, checking in with you to understand if you continue to experience financial hardship. At the end of the initial 6 months, if your mortgage is covered by the CARES Act, you may request an additional 6 months of payment suspension for a total of 12 months. We will continue to contact you every three months to understand your needs.
Super: Jonathan Vomlehn, Community Outreach Consultant
Jonathan Vomlehn: If you’re considering activating or extending your payment suspension, just remember that all the payments you suspend will have to be paid at some point – payment suspension is not a payment waiver or payment forgiveness. So it’s best to request payment suspension only if you need it.
Hugh Rowden: Also, please remember that if you have multiple mortgage or home equity accounts with us, we’ll need you to make decisions about each account.
Robert Smith: As mentioned earlier, it’s always best to resume making payments as soon as you are able to. Here are a few reasons why:
- Resuming making your payments means you’ll have less to repay. While we may not expect you to repay the missed payments in one lump sum, the programs available may change depending on your loan status and financial situation.
- Resolving your suspended payments will give you the opportunity to apply for new credit or to refinance.
Jonathan Vomlehn: While on payment suspension we don’t report additional missed payments to the consumer reporting agencies. While your account will not be reported as delinquent, it will show as having a short-term payments suspension or forbearance. Wells Fargo may not extend new credit to you until the payment suspension is resolved.
Robert Smith: Now, let’s talk about what happens when you’re ready to resume making your monthly mortgage payment. You may choose to repay the entire amount of missed payments all at once to bring your account current.
Luz Lockward: If that’s not possible, and you need help catching up, programs are available based on your loan type, loan status and financial situation. These can include deferrals and repayment programs. You can review repayment options online at www.wellsfargo.com forward slash repayment details.
Robert Smith: When you’re ready to make these decisions and get started, we’re committed to making it easy for you. We’ll send you clear, concise information about your loan and the potential programs available. You’ll be able to let us know your needs through simple and convenient online forms or by phone. We’ll review your eligibility and discuss the programs available to resolve your missed payments and move forward.
Luz Lockward: On behalf of my team, I want to thank you for being a Wells Fargo customer. Please know that helping you get through this crisis and stay in your home is our top priority.
End Card: Wells Fargo (LOGO) Home Mortgage (LOGO)
For the latest updates on payment suspension, visit us at wellsfargo.com/mortgageassist
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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.