Mortgage Payment Help | Wells Fargo (2024)

If you’re having difficulty, we’re here to help. Call us to connect with a home preservation specialist to review your options. Then complete, sign, and submit any required documentation and we’ll get back to you within 30 days.

Call 1-800-678-7986 to get started.

If you’ve already requested mortgage assistance from us Sign On to check status or submit documents.

You may have different options depending on whether your hardship is temporary, or expected to last a longer time.

Some options allow you to stay in your home, while some may require leaving your home to avoid foreclosure.

What it is

Most often used in times of temporary hardship, like unemployment, a forbearance plan suspends or reduces your regular monthly mortgage payment for a specific time period.

How it might help

• May help address short-term financial challenges.
• May help you avoid foreclosure and mitigate negative credit in the future.
• Credit reporting of delinquent mortgage payment waived during payment suspension.

Things to consider

• Although payments may be temporarily suspended, they are not forgiven. Instead, they accrue and become due at the end of the forbearance period.
• If your financial hardship continues at the end of the forbearance period, we’ll work with you again to explore available options.

What it is

A repayment plan is typically used if you fell behind on payments due to a temporary hardship, but are now in a better position financially. Missed payments are divided into manageable amounts and spread out over time.

How it might help

• It may be less damaging to your credit score than a foreclosure sale.
• Avoids longer-term effects by helping you catch up as soon as possible.

Things to consider

• Be aware that payments during the repayment period may be much higher than your regular payment amount.
• Your income will need to support those payments before starting your plan.

What it is

Primarily used for significant, longer-term financial hardships, a loan modification may change certain terms of your loan to help make your payments or terms more manageable. There are multiple loan modification programs – we’ll work with you to determine available options.

How it might help

• Helps you keep your home and avoid a foreclosure sale.
• Your modified monthly payment may be reduced, depending on your current financial situation and hardship.
• May be less damaging to your credit score than a foreclosure sale.

Things to consider

• We may be able to postpone a foreclosure sale while we review your information, however, we must receive your documents more than 37 days prior to the scheduled foreclosure sale.
• A clear title to the property is required, so you may need to address any additional liens on the property separately from your first mortgage.

What it is

A short sale allows you to sell your home for less than you owe on the mortgage, and may release you from having to repay the remaining mortgage balance. We work closely with you and your real estate agent to determine the value of your home, list price and time needed to sell your property.

How it might help

• May help avoid a foreclosure sale, even if that process has already started.
• You can stay in your home until the new owner closes, giving you time to make other living arrangements.
• You pay no out-of-pocket fees at closing because the transaction covers closing costs and agent fees.

Things to consider

• The buyer of your home cannot have a business or personal relationship with you – no friends or family.
• You may have to pay the remaining mortgage amount. If you don’t have to pay, there may be tax impacts.
• A short sale is a complex transaction with tax and legal implications. Be sure to consult a tax and/or legal advisor.

What it is

A deed in lieu of foreclosure allows you to voluntarily transfer ownership of your home to the lender, and may release you from having to repay the remaining mortgage balance

How it might help

• You pay no fees.
• May help avoid a foreclosure sale, even if that process has already started.
• In most cases, you don’t have to try selling the home yourself before becoming eligible.

Things to consider

• You may have to pay the remaining mortgage amount. If you don’t have to pay, there may be tax impacts.
• You may need to address any home equity financing or additional liens on the property separately from your first mortgage.
• Be sure to consult a tax and/or legal advisor about all possible implications.

Frequently asked questions

Answers to these FAQs pertain to Fannie Mae and Freddie Mac (FNMA/FHLLMC) mortgages. Other loan investors may have different guidelines.

• No.There should never be a fee to obtain assistance or information about foreclosure prevention options from Wells Fargo or a qualified housing finance agency.
• Never send a mortgage payment to a company except the one listed on your monthly mortgage statement.
• Beware of scams and anyone offering to help you for a fee (see Beware of Foreclosure Rescue Scams for additional information).

• You must move or you will be evicted from the property.
• It may take as long as seven years before you are eligible for another Fannie Mae or Freddie Mac mortgage.
• You and any additional borrower listed on the mortgage may experience negative credit implications.

• Yes, the sooner the better! If you wish to keep your home, contact Wells Fargo immediately.
• You may also contact a HUD-approved housing counselor and request a three-way call that would include you, the HUD-approved housing counselor, and Wells Fargo to discuss your hardship.
• A HUD-approved housing counselor can also provide free advice on debt management.
• Visit the HUD website to find reputable, free-of-charge counselors.

• Yes, but it is important that you reach out to Wells Fargo as soon as possible to discuss potential options. If we receive your complete Mortgage Assistance Application with only 37 days or fewer calendar days before the scheduled foreclosure sale, there is no guarantee that we will be able to evaluate you for mortgage assistance in time to stop the foreclosure sale.
• Even if Wells Fargo approves you for a foreclosure alternative prior to a sale, a court with jurisdiction over the foreclosure proceeding (if any) or public official charged with carrying out the sale may not be able to halt the scheduled sale.

Additional resources

Documents and forms you may need to submit

Protective benefits for members of our military

Homeowner Assistance Fund for those affected by COVID

Please note the language services described below are available to all Wells Fargo customers regardless of location, except as otherwise noted.

New York City Customers:
Wells Fargo Home Lending conducts business in English. Real time language interpretation services, including verbal translation of written correspondence, are available in many languages. Spanish e-mail communications are available for customers engaged in the Home Preservation process. Written translation services are not provided except as required by New York law.

The New York City Department of Consumer and Worker Protection requires us to request and document your preferred language. To better serve you, please contact us at 800-416-1472 to let us know of your language preference. A translation and description of commonly-used debt collection terms is available in multiple languages on the New York City Department of Consumer and Worker Protection website.