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Home Mortgage > Mortgage Help and Repayment Options 

Mortgage Help and Repayment Options

U.S. Bank is dedicated to educating customers on all of the options available to them. If you believe foreclosure on your home is imminent, please contact us immediately.

Contact Us
Call Monday - Friday 8:00 a.m. - 5:00 p.m. CT. When you call, be prepared to provide:

  • a brief explanation of your situation.
  • detailed list of your household expenses.
  • proof of household income (recent pay stubs, tax returns or profit and loss statements).

Determine Your Repayment Options Online
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To: Call: Phone:
Default Resolution 866-932-0462
Talk to a loan counselor about delinquent payments Default Counseling 800-365-7900

For free or low-cost general advice about buying a home, renting, default, or avoiding foreclosure, talk to a housing counselor at the U.S. Department of Housing and Urban Development (HUD): 800-569-4287.


Options for Retaining Your Home

Option:    May Work for You If:
Repayment Plan
  • Pay regular monthly payment plus additional funds applied to what's past due.
  • Payments distributed over an agreed-upon period of time.
  • You can afford your regular monthly payment and other monthly expenses.
  • You have surplus funds at end of the month.
Hardship Loan Modification
  • Roll interest and escrow shortage from delinquent payments into existing loan.
  • You may qualify for interest rate reduction or to have the term of loan extended.
  • You can afford your regular monthly payment or a slight increase in your payment, plus other monthly expenses.
  • You don't have substantial funds left at end of month.
Partial Claim
  • Funds are advanced to bring your account current. A second lien is held on your property in the amount of the advance.
  • Sign a Promissory Note, which means your delinquent payments are due and payable at the termination of your first mortgage.
  • Your account is immediately brought current upon approval of Partial Claim (also called Second Lien Advance).
  • You have an FHA insured loan or a loan for which U.S. Bank is the investor.
  • You can afford your regular monthly mortgage payment and other monthly expenses.
  • You don't have additional funds left at end of month.
  • You can't afford a slight payment increase.

Options to Sell Your Home
Here are some questions you'll want to ask yourself before you start the process:

  • Are you prepared to sell your home?
  • Are you unable to recover from a situation that caused you to fall behind on your mortgage payments?
  • Are you unable to afford your regular monthly payment and have no means to catch up on the delinquent payments?
Option:    May Work for You If:
Short Sale
  • Lender agrees to discount the loan balance due to hardship. Home is sold but proceeds fall short of balance owed.
  • You can't afford your regular monthly payment and expenses.
  • You're interested in selling your home, but it's worth less than you owe.
Deed in Lieu of Foreclosure
  • Deed your home back to your investor instead of facing foreclosure.
  • You can't afford your regular monthly payment or a slight increase in your payment, plus other monthly expenses.
  • You don't have substantial funds left at end of month.

Options in the Making Home Affordable Program

Home Affordable Mortgage Modification Features
Mortgage modification adds delinquent interest, escrow items and foreclosure fees and costs (if applicable) to your unpaid principal balance, which is then re-amortized over a new term. You'll also:

  • bring your account up-to-date immediately.
  • change the terms of the Mortgage Note for a fresh start in managing your home mortgage.

Find out if you're eligible for a Making Home Affordable Modification.

Home Affordable Mortgage Refinancing Features
With a mortgage refinance (only applicable on Fannie Mae or Freddie Mac mortgage loans), you may be able to take advantage of lower interest rates by refinancing your existing mortgage loans, even if the balance is greater than the value of your home. You'll also:

  • lower your interest rate and monthly mortgage payment.
  • save money and your home by lowering your interest rate.

Find out if you're eligible for a Making Home Affordable Refinance.

Equal Housing Lender



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