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Additional Resources: Answers to frequently asked mortgage and home equity questions
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Answers to frequently asked Mortgage and Home Equity questions
Make your Mortgage Payments from Home – If you’re able, please continue making payments through online banking. This is a safe and secure way to submit your payments.
Payment Assistance – If you’re experiencing hardship due to COVID-19 and are unable to make your regular mortgage or home equity payments, we can help with a short-term payment suspension.
We can provide an immediate 3-month payment suspension on your account. During this payment suspension:
- We won’t charge late fees.
- We won’t report past-due status to consumer reporting agencies.
At the end of the initial 3-month suspension, if you need more time, you have the option to request an additional 3-month suspension for a total of 6 months. The payment suspension may be shortened by you at any time. You will also need to cancel or suspend any automatic recurring payments you may have set up for your account.
Request Mortgage Payment Suspension:
- If you have Wells Fargo online banking, log in to your account and select the mortgage payment assistance alert for your mortgage account.
- Watch this helpful video on how to complete your payment assistance request
- We will send you a letter via US mail within 7-10 days that will detail all the information for your specific loan.
- If you don’t have Wells Fargo online banking, please contact us at 1-800-219-9739. We are experiencing extremely high call volume resulting in long wait times, we apologize for the inconvenience.
Request Home Equity Payment Suspension
- Request a 3-month payment suspension by emailing us through the secure Message Center in online banking. We’ll respond to you in writing via U.S. mail within 7-10 days.
Email received by a homeowner from Wells Fargo
We know that this is a challenging time as you work to protect what matters most: your health and the health and safety of the people you care for. You let us know about the financial hardship you’re facing. We want you to know that we’re here to help.
You may not know how you’ll be affected by the spread of coronavirus (COVID-19), so we want to help by providing you with time to assess your situation. For this reason, we’re providing the following short-term payment suspension for your account.
Your short-term payment suspension (forbearance)
This payment relief is an immediate payment suspension — a temporary pause of your loan payments for an initial three months. Unless you receive further relief, you’ll need to resume your regular mortgage payment schedule beginning on July 1, 2020.
During payment suspension:
- We won’t charge late fees or report additional missed payments to the credit bureaus.
- If the account is past-due, we won’t refer the account to foreclosure at this time.
Please contact us if you need assistance but don’t think this short-term payment suspension is right for you.
Note: If you find that you don’t need this short-term payment suspension, please continue to make your normal payments. Take advantage of this payment suspension only when you really need it, because you may need to repay any missed payments at the end of the short-term payment suspension period.
This payment suspension option is based on an incomplete application for assistance. Other payment assistance options may be available. If you would like a review for all available assistance options, you may submit a complete application, which would include information about your income and expenses. This review is available whether or not you accept this short-term payment suspension. Please contact us for more information.
After the payment suspension period ends
If you need more time at the end of your initial three-month payment suspension period, depending on the type of loan you have, you may have the option to extend the payment suspension up to an additional three months, for a total of six months. If you choose to extend your payment suspension period, you will still need to repay all missed payments. When it comes time for you to repay, we’ll review your financial situation and discuss options with you.
Depending on the type of loan you have and your situation, your options may include:
- An additional payment suspension: You may be able to continue the six-month payment suspension for up to an additional six months.
- A lump-sum payment: If you can, you repay the entire amount due at once.
- A repayment plan: We’ll divide the amount due from the amount of missed payments into manageable amounts, spread out over time.
- Payment deferral: We’ll 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 repayments to make payments more manageable. Your modified payment amount is based on your current financial situation and takes any hardship into account.
After the payment suspension period ends, reporting the past-due status to the consumer reporting agencies, late fees, and possible foreclosure activities may begin or resume.
What you need to know about automatic payments
- 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 withdraw your mortgage payments directly from your checking or savings account, we’ll stop that for you.
- Once the payment suspension period ends or when you’re able to make payments, you’ll need to set up any automatic payments or plans again.
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.
Short-term payment suspension impacts
- If you have an escrow account, we’ll continue to make your tax and insurance payments during this time. However, the suspension of payments may result in a shortage because your escrow account won’t receive ongoing funds.
- You’ll continue to receive statements every 30 days that show an amount due. We’re legally required to do so. The statement will refer to your short-term payment suspension under Important Messages.
- If the loan 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.
- If you have a loan modification that offers principal forgiveness that requires you to be current on your loan, you risk losing that benefit. Contact us to discuss your situation.
- If you would like to refinance your current mortgage loan or obtain a new mortgage loan or home equity, the forbearance plan must be resolved in advance.
We’re here to help
If you have questions about the information in this message, please call us at the phone number at the bottom of this email. Thank you.
Note: As we support those impacted by COVID-19, we are experiencing longer than usual call volumes and wait times. We apologize for any inconvenience and ask for your understanding as we work to serve all of our customers. Go to wellsfargo.com/mortgageassist for up-to-date information you may need to manage your account during these challenging times.
Please ask questions or report your experience with this servicer below. Your feedback will help other homeowners navigate homeownership preservation options. REMEMBER: Ask for everything in writing to protect yourself against surprises.