Want to know more about Payment Relief?
Here are some common questions and answers for Wells Fargo home equity customers who are having financial difficulties, and who may have trouble making their home equity payments:
What kind of alternatives might be available?
Payment Assistance options may be available. You may qualify for an extension or deferral, a loan modification, an FRA conversion, or a debt management program (with assistance from an independent nonprofit agency).
What is an extension or deferral?
If you have a home equity loan, an extension may give you more time to repay your loan. A deferral may allow you to skip a payment so you can get caught up after a period of financial difficulty.*
How does a loan modification work?
A loan modification can give you a fresh start by extending the term of your loan, reducing the interest rate,
or lowering your monthly payment.*
What is an FRA conversion?
If you owe a balance on a Fixed Rate Advance (FRA), a feature on some accounts, we may be able to move
the FRA balance back into your variable rate line of credit, where your current variable rate may be lower than your fixed rate.** Or, in some cases we may simply be able to lower the interest rate on the FRA balance.
I’ve heard about scams in the news. How do I know if an offer to help me reduce my debt is real?
In a troubled economy, there are unfortunately many dishonest people who make false promises to “erase your debt.” Beware of anyone who wants to charge fees to help you. There is never a fee to get help or information from a HUD-approved counselor
And you should never pay your home equity payments to anyone other than your home equity lender without your home equity lender's approval. You should also be wary of anyone who claims they can "save your home" for you if you sign your deed over to their ownership.
Our Payment Relief options are designed to help you get back on track after a temporary financial hardship. Eligibility depends on your individual circumstances. When you call, please have your current income and financial information at hand. Our Home Equity Specialists will explain the options available to you.
If you’re concerned about making your home equity payments,
Call the Wells Fargo Home Equity AssistSM team at 1-877-628-9584. We’re ready to listen, and we want to help
* Not available in Texas for homestead secured home equity loans and lines of credit
** This is not a guarantee of lower rates in the future. Once you switch your balance to your variable rate line of credit, there is no guarantee of getting the same fixed rate back. Your first payment may be greater than your current FRA Payment.