1.
Step 1

Wells Fargo is very clear about what a mortgage customer should do if they're at risk of missing a payment.
"The sooner a customer notifies us of a problem, the more options we'll have available to help," the bank says.
"Homeowners should begin by calling us and expressing their interest in keeping their home; the sooner a homeowner reaches us, the more options we have to find a solution. Timing is critical for borrowers facing financial difficulty."
2.
Step 2

Customers should contact the appropriate Wells Fargo office:
Wells Fargo Home Mortgage Customer Service: (800) 678-7986
Wells Fargo Home Mortgage ARM Reset Help: (866) 398-7556
Wells Fargo Financial: (800) 275-9254
Wells Fargo Home Equity: (800) 944-4601
The customer's most recent statement or payment coupon provides the best information about which number to call.
3.
Step 3

Wells Fargo says that the troubled borrower can prepare for the call by gathering income and expense documentation including pay stubs, household bills such as utility and telephone bills, grocery expenses, transportation costs and any other required expenses that the household must meet each month such as school fees or college tuition payments.
Additionally, customers need to know their loan number, which is listed on their monthly statement.
"This helps us understand the customer's complete financial picture," the bank says, adding that, even if the customer is too depressed and panicked to gather all the information they should still get on the phone.
"The most important thing is to call," Wells Fargo says.
4.
Step 4

Wells Fargo Home Mortgage says it has a number of options available to help customers facing financial difficulties and, which will gladden every homeowners heart, only uses foreclosure as a very last resort.
"We make every attempt within the confines of investor requirements to develop an individualized solution that helps our customers get through a difficult time so they can stay in their homes," the bank says.
5.
Step 5

One Wells Fargo option that may be offered to troubled borrowers is a "Repayment Plan."
"A repayment plan is one of the more common solutions we employ for customers in default," the bank says. "It is a plan that allows the customer to cure the delinquency over time, while still making their regular mortgage payments."
6.
Step 6

Another option that may be available is called a "Loan Modification."
"Customers in default may also be given an option to modify their current loan," Wells Fargo says.
"A loan modification changes one or more terms of the original note, such as the interest rate or unpaid principal balance. A loan modification brings a delinquent account current because the past due interest and escrow are added to the unpaid principal balance, which is then re-amortized over the new terms."
7.
Step 7

Another possible Wells Fargo option is "Partial Claim" of "Claim Advance."
"For some customers who have loans insured by HUD or a private mortgage insurance company, a partial claim or claim advance may also be an option," the bank says.
"In this situation, HUD or the mortgage insurer would advance funds to reinstate all or part of the past-due payments and the customer would sign a note to HUD or the mortgage insurer for the amount of the advance. The note can sometimes be secured by a subordinate lien on the home.
"The borrower would resume regular payments on the loan and is responsible for payment of the note to the insurer. Oftentimes, repayment of the note isn't required until the time that the mortgage is paid off, thus not increasing the borrower's monthly mortgage payment."
8.
Step 8

If you want to put it all behind you, a further option from Wells Fargo is the "Short Sale."
"A short sale can be considered for borrowers who wish to sell their home," the bank says.
"The proceeds of the sale are used to pay off the mortgage. Any amounts still remaining due on the loan may be waived.
"This option is generally available when market conditions place the home' s value at an amount less than the total amount owed and resulting sale proceeds are short of total amount owed to pay off the mortgage obligation."
9.
Step 9

And yet another option for the beleaguered borrower is the "Deed-in-lieu."
"A deed-in-lieu is an option that allows the borrower to voluntarily transfer the property back to the investor rather than foreclosing on the property," Wells Fargo explains.
"This is based on investor approval and determined based on the reason for hardship. In some cases, a borrower may be required to contribute funds to facilitate this transaction. It may also be required that the borrower list the property on the market at fair market value to attempt to liquidate the property prior to acceptance of a deed-in-lieu."
10.
Step 10

Wells Fargo says it will not usually accept partial payments of money owed.
"Unless the customer has a partial payment agreement in place with our loss mitigation department, we cannot accept partial payments," the bank explains.
"Without a prior arrangement, if a partial payment is received, the funds are deposited in a holding account known as suspense. The funds will remain in the suspense account and the loan is not credited until additional funds are received to make the full mortgage payment."
11.
Step 11

Wells Fargo says they are always willing to work with customers and are able to provide help to a majority of those in trouble with payments.
"We will be able to help most customers, but not all," the bank says.
"For example, if the loan they have with our company is sold to investors, we look for solutions that align with the customer's financial circumstances while respecting the contract requirements that we have with investors.
"Customers should continue to stay in touch with us to see if new solutions become available that might work for their situation.
"As our economy and interest rates continue to change, solutions may be available today that were not available a month ago.
12.
Step 12

Wells Fargo says the process of offering mortgage help does not differ much for either a homeowner who is missing a regular payment or a homeowner whose mortgage is about to reset.
"Borrowers only need to make sure they contact the correct Wells Fargo customer service team," the bank says.
Again, those numbers are:
Wells Fargo Home Mortgage Customer Service: (800) 678-7986
Wells Fargo Home Mortgage ARM Reset Help: (866) 398-7556
13.
Step 13

Wells Fargo says there are generally no fees associated with a particular workout option for borrowers, but that this can vary based on individual cases.
"Fees that may already exist on the loan -- for example, attorney fees for a foreclosure -- must be dealt with in some fashion through that particular workout option," the bank says.