I recently read a quote in an article over at bankrate.com from the manager of Wells Fargo and he mentioned that as soon as you know you’re going to miss your first mortgage payment, that’s when you need to call them. They can explain to you what to expect throughout the process.

He explained that if you lost your job or suffered from some other type of hardship, then you can give them time to help get your life back in order.

“The longer that you go — and if you’re going into a foreclosure process, there are other fees and costs involved in that — it does make it more difficult to ultimately get the problem solved.” says John Lawrence, manager of borrower counseling services with Wells Fargo & Co.’s mortgage division.

I’m going to do my part and let consumers know that banks will do a loan workout with you and modify terms in order to avoid foreclosure.