Defer Mortgage Payments

[Calvyn]

My wife and I filed joint chapter 7 in August 2018. All debts discharged Dec 31st 2018, which included two Wells Fargo mortgages that we did not reaffirm. One is a rental the other is our primary residence. I was reading that Wells Fargo was allowing mortgage holders the option to defer mortgage payments for 90 days. With the current state of things, my wife out of work, and my tenant also unable to make timely rent payments I was looking to defer both mortgage payments, $750 & $1500, for 90 days. The last time I spoke with Wells Fargo and they mentioned that since I did not reaffirm the mortgages they can't do anything. I have never missed a mortgage payment in my 10 year history with Wells Fargo. But since the bankruptcy they are not reporting mortgage payments to the credit bureau so I must do that manually.
I have contacted Wells Fargo via their messaging center but they are pretty delayed in their response. I have not heard back from them in several days. I am pretty certain that they are going to tell me that there is nothing they can do.
What would happen if I stop paying the mortgages for 90 days and then resumed normal payments on 120? Would they foreclose on my properties? Would all future payments be marked as 90 or 120 days late?
I would appreciate any feedback possible.

Thanks in advance,
-Calvyn-

[justbroke]

Welcome to BKForum.

Unfortunately I don't think that anyone can answer that question, except maybe Wells Fargo. It requires too much detail about their intent with this abatement period. From some anecdotal accounts, and with other large banks, the banks were allowing up to 90-days of missed payments, but they'd all come due in the fourth month. At least your debt is discharge should they move to foreclose on the mortgage.

[Calvyn]

Thank you for the quick reply. We are definitely not looking to have our houses foreclosed. We are going to sell the rental after the pandemic, might make a $10-15k profit and we have over $80k in equity in our primary residence. I guess we are going to have to tap into savings to make the two payments until then tenant starts paying and my wife lands a job... Appreciate your advice