Answers to frequently asked Mortgage and Home Equity questions

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 certain conditions are met. Your financial hardship must be over. You must be out of payment suspension. You must have resolved any missed payments. You may also be ineligible for other new Wells Fargo consumer credit products, such as an auto loan, personal loan, or credit card, until these conditions are met.

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.

Payment suspension is counted by calendar months, not by missed or deferred payments. Examples may help illustrate this:

Customer A entered forbearance in April 2020 and, based on their loan's investor or insurer, is eligible for 12 months of forbearance (April 2020-March 2021). They made six payments between April 2020-January 2021 because they were able to. They have used 10 months of forbearance and have 2 left (February, March) because the months of forbearance are not impacted or extended if payments are made.

Customer B entered forbearance in April 2020, made 3 payments, and exited forbearance in June 2020. In November 2020, they reentered forbearance for an additional 3 months. They have used 6 months of the 12 months for which they are eligible (April, May, June, November, December, January).

Assistance can be requested for all eligible accounts. You will need to make the request on each account individually. When you are ready to resume making payments or need to extend relief, contact us. Let us know about each account and we will review the steps needed.

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.

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. We are not notifying the consumer reporting agencies of this outstanding balance.

You can contact us by calling 1-800-219-9739.

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 Important Messages.

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.

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 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 short-term 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 you have recently been called to military service in support of state or federal efforts during the COVID-19 response, or are the spouse, partner in civil union, domestic partner, or dependent of a person who has been called to military service, and you have not made us aware of your status, you can provide your military service documentation in one of these ways:

• Mail or 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
• Secure email options. For details, call 1-855-USA-2WFB (1-855-872-2932).
• Visit any Wells Fargo branch.

We’ll continue to make your tax and insurance payments during the payment suspension period if you have an escrow account. However, depending on your loan type, this could increase your future monthly payments. If there is a shortage on the account, we will continue to work with you.

As a result of unpaid or partially made payments during payment suspension, you may be ineligible to have your escrow account closed.

If you miss payments or make a partial payment during payment suspension, you may delay when you can remove mortgage insurance.

If you have flood insurance, you may be required to increase your flood insurance coverage. Your flood insurance premiums may also need to be paid through an escrow account. We’ll let you know if either of these are needed.

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 available options for your situation.

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 certain conditions are met. Your financial hardship must be over. You must be out of payment suspension. You must have resolved any missed payments. You may also be ineligible for other new Wells Fargo consumer credit products, such as an auto loan, personal loan, or credit card, until these conditions are met.

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.

For new payment suspensions, a communication will be sent to you 7-10 days from your request for suspension. It will state who the investor or insurer is on your loan, provide information on your payment suspension and details on available repayment programs.

If you’re already on a payment suspension, you will receive a letter and email asking you to update us on your payment suspension needs every 3 months. Those letters will also state who the investor or insurer is on your loan, provide you with your payment suspension details and the available repayment programs. If you do not have an email address on file or have not requested suspension, you can call us at 1-877-937-9357.

You can find out if your loan is through Fannie Mae or Freddie Mac by visiting these sites.

If you’re making automatic payments from bill pay on Wells Fargo Online^® or with any other financial institution, you’ll need to stop them.

If you have a plan with us to automatically withdraw your mortgage payments directly from your checking or savings account, you’ll need to cancel it right away. If you need our assistance to do so, you must notify us that you want to cancel automatic payments at least 3 business days before you want the automatic payments to stop. If you don’t, we’ll cancel your automatic payments for you. If we’re not able to stop the next withdrawal before it occurs, please call us if you would like us to return it.

You’ll need to set up any automatic payments or plans again once the payment suspension period ends.

Yes, if you are currently on payment suspension you may be able to set up automatic payments anytime by visiting Wells Fargo Online. Once you set the automatic payments back up, we will not cancel them.

Yes, if you have set up your mortgage payment to be automatically withdrawn directly from your checking or savings account, we’ll cancel your automatic payments once you enter payment suspension.

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

Please call us at 1-800-219-9739.

Making payments whenever you are able is always a great choice. Using electronic payments is the preferred and safest way. Here are your options:

• Wells Fargo Online: Go to Transfer and Pay to make your monthly payment.
• Bill pay: If you have a Wells Fargo checking or savings account, access bill pay through that account, rather than your mortgage account. Learn more about Bill Pay
• 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.

Other options:

• Call 1-800-219-9739 and follow the voice response system or speak to a representative to pay by 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.

To extend your mortgage payment suspension, sign on to online banking. On the mortgage account details page, use the Payment Assistance: Action Requested form. Or call 1-877-937-9357. To extend your home equity account payment suspension, call us at 1-800-219-9739.

We want to understand if you are continuing to experience financial hardship. We’ll ask:

• Are you ready to resume regular mortgage payments and discuss options for repaying any missed payments?
• Do you need additional time to recover?

We want to make sure you do not suspend more payments than you may need. Remember, payment suspension requires you to make up the suspended payment at some point and can impact your ability to obtain additional credit.

You do not have to wait until 3 months to update us about your forbearance needs. Let us know as soon as you are ready to resume monthly payments — there is no need to wait for your 3-month check-in.

If you’re able, start making your regular monthly mortgage payments.

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.

More information about what happens after your payment suspension ends is available at  wellsfargo.com/repaymentdetails. Your post payment suspension program options may depend on factors such as your financial situation, loan status, type of loan, and when the COVID-19 emergency was declared in March 2020.

Contact us at 1-800-219-9739 as soon as possible so we can help you with what’s next.

If you’re still having financial difficulties or aren’t sure if you are able to start paying your regular monthly mortgage payments. 

Call 1-800-219-9739 right away. One of our home preservation specialists will take the time to learn about your unique financial situation and discuss options with you.

Don’t wait. A conversation with a home preservation specialist will help you understand if you qualify for one of the options below. 

All programs are subject to eligibility requirements and conditions.

Repayment plan 

If you fell behind on payments due to a temporary hardship, but are now in a better position financially, talk to us about a repayment plan. It may give you a manageable way to catch up.

For more information, visit wellsfargo.com/repaymentdetails

Deferral program

With this option, the amount of payments missed during the payment suspension period is added to the end of your loan term. These missed payments would be due all at once when you pay off your mortgage, refinance, or no longer own the home. For payments missed prior to the payment suspension period, we will not be able to add these to the end of the loan term. In this case, we will discuss programs with you to help you catch up.

For more information, visit wellsfargo.com/repaymentdetails

Loan modification

If you can't afford your current mortgage due to a financial hardship, and you want to stay in your home, we may be able to change certain terms of the loan — such as the interest rate or the time allowed for repayment — to make your payments more affordable. Any change to the original terms is called a loan modification.

There are multiple loan modification programs available. These programs offer different options for borrowers in different situations, but all are meant to help people keep their homes when facing a significant hardship. We'll work with you to determine whether a loan modification or another option may work for you.

For more information, visit www.wellsfargo.com/mortgage/manage-account/payment-help/loan-modification/.

Short sale

If you can’t afford your current mortgage, and staying in your home isn’t an option, a short sale might help you avoid foreclosure even if the foreclosure process has begun. The foreclosure date may be postponed if a signed purchase offer is received by Wells Fargo. It allows you to sell your home for less than you owe on the mortgage, and may release you from having to repay the remaining mortgage balance.

For more information, visit https://www.wellsfargo.com/mortgage/manage-account/payment-help/short-sale/

Deed in lieu

With a deed in lieu of foreclosure, you transfer ownership of your home to Wells Fargo Home Mortgage voluntarily, instead of through foreclosure.

For more information, visit http://www.wellsfargo.com/mortgage/manage-account/payment-help/deed-in-lieu/.

Because resuming payments:

• 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.

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.

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. When the payment suspension period ends, we’ll review available options to help you take care of missed payments. At that time, we’ll let you know when your next payment is due. You’ll need to set up any automatic payments or plans again once we do.

Call us at 1-877-937-9357, use our online mortgage application, or contact 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.

You may be able to access the credit in your home through a cash out refinance, which Wells Fargo will begin offering on March 20, 2021. We are not currently accepting applications for home equity lines of credit (HELOCs). Please contact your home mortgage consultant or call 1-877-937-9357 to discuss.

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

No, unfortunately, we are not currently accepting applications. However, please call us at 1-877-937-9357 so we can review other options with you.

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

Refinance loan applications are now eligible for interior appraisal inspections. The health and well-being of our customers, vendors, and team members is our highest priority. Therefore, the following safety protocols will be followed.

• Maintaining social distancing and refraining from shaking hands.
• Use of face coverings and other protective equipment as appropriate.
• Limiting the number of people present in the property during inspection to the greatest extent possible.
• Customers (or other points of contact) are urged to leave all lights on and doors open for the appraiser.
• Refraining from scheduling an interior inspection if participants in the inspection have been sick or exposed to others who have been sick.

If you are unwilling to complete an interior appraisal, other options may exist. Please contact your Home Mortgage Consultant or call 1-877-937-9357 to discuss.

Counseling agencies who are authorized to communicate on behalf of a Wells Fargo customer can call 1-877- 937-9357 or contact the assigned home mortgage consultant.

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

Counseling agencies who are authorized to communicate on behalf of a Wells Fargo customer 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 wellsfargo.com/mortgageassist for the most up-to-date information.