Anyone who has lost a job or run into unplanned expenses knows that even a short-term hardship can make it hard to keep up with payments. To keep a temporary problem from having long-term effects, it’s important to catch up as soon as possible after you regain your financial footing.
Here’s how a repayment plan can make that easier:
- We spread your overdue amount over a certain number of months.
- During that period, we add a portion of the overdue amount to each of your regular mortgage payments.
- At the end of the period your mortgage account will be up to date and you will return to paying your normal amount.
When you contact us to request help, we’ll review your financial information and your account to determine what options may be available. If your account is past due, but you can now afford to make your payments, we may work with you on a repayment plan.
The length of a repayment plan varies depending on the amount past due and on how much more you can afford to pay each month, among other factors.
Wells Fargo Bank, N.A. is required by the Fair Debt Collection Practices Act to inform you that if your loan is currently delinquent or in default, as your loan servicer, we will be attempting to collect a debt and any information obtained will be used for that purpose. However if you have received a discharge, and the loan was not reaffirmed in the bankruptcy case, we will only exercise our right as against the property and are not attempting any act to collect the discharge debt from you personally.