Your first step: contact Wells Fargo before you miss a payment

If you cannot pay your Wells Fargo mortgage, call your loan servicer when ready — do not wait until you miss a payment. Wells Fargo's loss mitigation department handles borrowers in financial hardship, and they have options available only if you reach out before the loan becomes delinquent. The phone number is on your mortgage statement or you can reach Wells Fargo Home Mortgage at 1-800-869-3557.

When you call, be ready to explain your situation: a job loss, medical emergency, divorce, or reduced income. Wells Fargo will ask about your current income, expenses, and how long you expect the hardship to last. This conversation determines which options you may be offered. The earlier you call, the more options remain open to you.

Do not ignore the problem or assume you will lose your home when ready. Federal law requires servicers to work with borrowers before starting foreclosure, and Wells Fargo has a legal obligation to consider your request for help.

Key Takeaways

  • Contact Wells Fargo's loss mitigation department before you miss a payment, using the number on your statement or 1-800-869-3557.
  • Loan modification, forbearance, and refinancing are the main options Wells Fargo may offer, depending on your income and the reason for hardship.
  • Forbearance pauses or reduces payments temporarily but requires repayment later, while modification changes your loan terms permanently.
  • If you do not reach an agreement with Wells Fargo, HUD-approved housing counselors can intervene at no cost and may help you negotiate.
  • Foreclosure does not happen when ready after one missed payment — federal law requires a waiting period and good-faith negotiation first.

Loan modification: permanently changing your payment

A loan modification is a permanent change to your mortgage terms. Wells Fargo may lower your interest rate, extend the loan term (spreading payments over more years), or add unpaid interest to the loan balance. The result is a lower monthly payment you can afford going forward.

Loan modification is not the same as forbearance. You are not pausing payments — you are changing the loan itself. Once approved, your new payment becomes your regular payment for the rest of the loan. This is the option to pursue if your hardship is permanent (you took a lower-paying job, for example) or long-term (you are on disability now).

Wells Fargo will review your income, debts, and home value to decide whether to modify. They typically want your housing payment to be no more than 31% of your gross monthly income. If you earn $3,000 per month, they generally will not modify your loan to a payment above $930. You will need to provide recent pay stubs, tax returns, and a list of your debts.

Forbearance: pausing or reducing payments temporarily

Forbearance pauses or reduces your mortgage payment for a set period — usually three to twelve months — while you recover from a temporary hardship. You do not pay the full amount during forbearance, but you still owe it. At the end of forbearance, you resume regular payments plus a repayment plan for what you skipped.

Forbearance works best for situations you expect to recover from: a temporary job loss, a medical leave that will end, or a bonus you know is coming. If you are out of work for three months and then return to your old job, forbearance lets you skip those three months and catch up later when you have income again.

The repayment plan varies. Wells Fargo may let you add the missed amount to your regular payment for several months, or they may require a lump-sum payment at the end of forbearance. Ask about the repayment terms before you agree. If you cannot afford the catch-up plan, forbearance alone will not solve your problem — you may need modification instead.

Refinancing: replacing your loan with a new one

If you have equity in your home and your credit is still acceptable, refinancing replaces your current Wells Fargo mortgage with a new loan, usually at a lower rate or with a longer term. This lowers your payment without Wells Fargo having to modify the original loan.

Refinancing requires a new process, a credit check, and an appraisal. It takes four to six weeks and costs money upfront (appraisal, title search, origination fees). You can sometimes roll these costs into the new loan, but that increases what you owe overall. Refinancing makes sense only if the new payment is meaningfully lower and you plan to stay in the home long enough to recoup the closing costs.

If you are already behind on payments or your credit has dropped, refinancing may not be an option. Wells Fargo or another lender may decline your process. In that case, focus on modification or forbearance instead.

What happens if you miss a payment

Missing one payment does not trigger foreclosure when ready. Wells Fargo will send you a notice and charge a late fee (usually 4% to 6% of your payment). After 30 days late, the delinquency appears on your credit report. After 120 days late (about four months), Wells Fargo may begin foreclosure proceedings.

However, federal law requires Wells Fargo to contact you and consider your request for help before starting foreclosure. If you have been in touch with loss mitigation and are working toward an agreement, foreclosure is typically delayed. The key is to stay in contact — do not ignore letters or calls.

If you receive a foreclosure notice, you have the right to request a review of your case and to present evidence that you are working on a solution. This is when a HUD-approved housing counselor becomes especially valuable.

Getting help from a HUD-approved housing counselor

A HUD-approved housing counselor is a trained advisor who works with borrowers and lenders to find solutions. They do not work for Wells Fargo or the government — they work for nonprofits and are free to you. A counselor can review your finances, help you prepare documents for Wells Fargo, and sometimes negotiate on your behalf.

To find a counselor, call the HUD hotline at 1-800-569-4287 or visit HUD's website and search by your ZIP code. Many counselors offer phone appointments, so distance is not a barrier. If Wells Fargo denies your request for modification or forbearance, a counselor can help you understand why and explore next steps.

Counselors also help you understand what you can afford and whether modification, forbearance, or another option makes sense for your situation. They see the full picture — not just what Wells Fargo wants, but what is actually sustainable for you.

Documents you will need to gather

Wells Fargo will ask for proof of your income, expenses, and hardship. Have these documents ready before you call:

  • Recent pay stubs (usually the last two months)
  • Tax returns (usually the last two years)
  • Bank statements (usually the last two months)
  • A list of all debts: credit cards, car loans, student loans, medical bills
  • Proof of the hardship: a termination letter, medical records, divorce decree, or other documentation of why you cannot pay
  • Your current mortgage statement

If you are self-employed or have irregular income, gather profit-and-loss statements or business tax returns. If you receive unemployment, disability, or other benefits, include those statements. The more complete your picture, the faster Wells Fargo can review your case.

Frequently Asked Questions

Will forbearance hurt my credit score?

Forbearance itself does not hurt your credit if you are current on payments when you enter it. However, if you miss payments before forbearance begins, those late payments will appear on your credit report. Once forbearance ends and you resume regular payments, the impact gradually lessens over time.

Can Wells Fargo foreclose on me while I am negotiating?

Federal law requires Wells Fargo to wait at least 120 days after you miss a payment before starting foreclosure, and they must consider your request for help during that time. If you are actively communicating with loss mitigation, foreclosure is typically delayed. However, silence or ignored notices can speed up the process, so stay in contact.

What if I cannot afford the payment even after modification?

If modification does not lower your payment enough, explore whether you can sell the home, rent it out, or move to a more affordable property. A HUD-approved counselor can help you weigh these options. In some cases, a short sale (selling for less than you owe) or deed in lieu of foreclosure (transferring the home to Wells Fargo) may be better than foreclosure.

How long does it take to get a modification approved?

Wells Fargo typically reviews modification requests within 30 to 45 days, though it can take longer if documents are missing or incomplete. During review, your payments may be held in a suspense account rather than applied to your loan. Once approved, the new payment begins the following month.

Do I have to pay back the forbearance amount?

Yes. Forbearance pauses your payment, but you still owe it. At the end of forbearance, Wells Fargo will require you to repay the skipped amount through a repayment plan, usually added to your regular payment for several months. Ask about the repayment terms before you agree to forbearance.