Once your loan goes into foreclosure you have 2 options to save the home.
- Pay the entire past due balance
- Work out an Agreement with them (Modification, Forbearance, Repayment Plan)
Your ability to modify your loan has not changed. Your ability to make payments has changed, you can't make them while you are in foreclosure. Where you can't submit payments untilan agreement is reached, you should use this time to squirrell away as much in savings as you can. It can only help you moving forward to build a cushion.
You will want to make sure that all of your financial documentation is in order and everything is updated with Wells Fargo.