Author Topic: mortgage deferral  (Read 728 times)

Offline monoso

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mortgage deferral
« on: April 01, 2020, 09:14:34 PM »
What is your bank offering? Are they allowing you to not pay? is it just being pushed off for 3 months and you have to pay everything up in 4 month or are they restructuring your loan to add on 3 months on at the end?
Wells Fargo is allowing to delay payments and they are not being clear if they are restructuring the loan or not.

Offline zale

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Re: mortgage deferral
« Reply #1 on: April 02, 2020, 10:44:13 AM »
I requested the deferral from Wells Fargo, and from this language (attached below) it would appear that they will add it to the back of the loan, unless someone else can chime in with a different understanding.


Offline ltttc

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Re: mortgage deferral
« Reply #2 on: April 02, 2020, 10:45:17 AM »
I requested the deferral from Wells Fargo, and from this language (attached below) it would appear that they will add it to the back of the loan, unless someone else can chime in with a different understanding.
Did you call them or this was just an automated email?

Online Lurker

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Re: mortgage deferral
« Reply #3 on: April 02, 2020, 10:55:36 AM »
Did you call them or this was just an automated email?

I have them, too. Almost impossible to get someone on the phone about this. My take on it was they just don't know and they're buying time. Make no payments now for 3 months, and in the meantime, we'll see how this plays out and come up with a plan.
When you find yourself agreeing with me more often than not, it's time for a cheshbon hanefesh.

Offline zale

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Re: mortgage deferral
« Reply #4 on: April 02, 2020, 11:40:54 AM »
Did you call them or this was just an automated email?

They added a "request deferral" button when you login online. It defers your mortgage for 90 days automatically and gives this message.

Offline ltttc

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Re: mortgage deferral
« Reply #5 on: April 02, 2020, 12:04:33 PM »
They added a "request deferral" button when you login online. It defers your mortgage for 90 days automatically and gives this message.
Thanks. Will it do so even if I have automatic payments set up?

Offline zale

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Re: mortgage deferral
« Reply #6 on: April 02, 2020, 12:06:40 PM »
Thanks. Will it do so even if I have automatic payments set up?

Yes, but you MUST cancel automatic payments, or it will keep withdrawing from your account. See the message I received after applying. (attached)


Offline ltttc

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Re: mortgage deferral
« Reply #7 on: April 02, 2020, 12:21:04 PM »
Yes, but you MUST cancel automatic payments, or it will keep withdrawing from your account. See the message I received after applying. (attached)
I'm on the mobile app- can't figure out how to do that - Any advice?

Offline zale

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Re: mortgage deferral
« Reply #8 on: April 02, 2020, 12:24:40 PM »
I'm on the mobile app- can't figure out how to do that - Any advice?

Which state are you in?

I'm in NYS and it shows right when logging into the app.

Offline ltttc

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Re: mortgage deferral
« Reply #9 on: April 02, 2020, 12:27:32 PM »
Which state are you in?

I'm in NYS and it shows right when logging into the app.
Is shows how to turn off automatic transfers??

Offline zale

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Re: mortgage deferral
« Reply #10 on: April 02, 2020, 12:28:59 PM »
Is shows how to turn off automatic transfers??

To clarify, are you referring to mortgage deferral or turning off automatic transfers? I was referring to the mortgage deferral option.

Offline ltttc

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Re: mortgage deferral
« Reply #11 on: April 02, 2020, 12:33:05 PM »
To clarify, are you referring to mortgage deferral or turning off automatic transfers? I was referring to the mortgage deferral option.
If you're set up for automatic transfers for mortgages, your mortgage deferral won't go into effect unless you disable automatic transfers. I was able to click on the tab for deferred payments but can't figure out how to disable automatic transfers.
We're you able to cancel automatic transfers?
« Last Edit: April 02, 2020, 12:47:51 PM by ltttc »

Offline lifetimedeals

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Re: mortgage deferral
« Reply #12 on: April 06, 2020, 11:35:00 PM »
Anyone know about Bank of America?