A repayment plan allows you to cover past-due balances by paying your regular monthly payment plus a set amount for an agreed-upon period of time.
This option may work for you if:
You can afford your regular monthly payments and other expenses
You have extra funds at the end of the month
A loan modification is an agreement to change the original terms of the mortgage – length of loan, interest rate, etc. – which can help you reduce the monthly payment amount. At the end of the plan, your account will be current.
This option may work for you if:
Under this option, past-due amounts from the missed payments move to the end of your loan term. This allows you to keep the same monthly payment while bringing your loan to a current status.
This option may work for you if:
Forbearance plans suspend payments for an agreed-upon period. While interest will accrue on the account, you will not be required to make payments during this period. Any payments that remain unpaid at the end of the forbearance will become immediately due. You’ll need to resolve the amount still owed by either paying the past-due amount in full or qualifying for other mortgage assistance.
This option may work for you if:
If your loan allows it and you’re able, making payments can help reduce what you owe later and ease the transition into a long-term solution. However, some loan types don’t allow payments during this period.
You can make fee-free payments by selecting Mortgage Assistance in online banking, or Make a Payment in the U.S. Bank Mobile App.
Need help? Call us at 800-365-7900.
No. Interest will accrue normally on your account. There will be no late fees or penalties while you are on a forbearance plan.
Automatic payments will be suspended during forbearance. Depending on the timing of this agreement, your next scheduled payment still may occur. If you need a refund for that payment, let us know and we’ll return those funds.
If your loan status allows payments during forbearance, we’ll process any made during this period as normal.
Yes, you can choose to pay only the escrow portion of your monthly payments while on a forbearance plan. These options allow you to indicate you want your payment to go to escrow.
Paying toward your escrow will not end your forbearance protection. All long-term solutions presented to you at the end of your forbearance period will account for the required escrow balance, while also ensuring that your monthly payment remains affordable.
If you had escrow on your loan when you entered the forbearance, we’ll continue to pay for your taxes and insurance on your behalf throughout the forbearance period.
Yes. If your taxes and insurance are not escrowed, you’ll need to continue making those payments during forbearance. If you can’t continue to pay, contact us at 800-365-7772 for your escrow initiation options.
Rest assured that you are not required to make a payment at any time while on the forbearance plan. Your monthly statements will continue to reflect these accruing payments and interest, showing them as “past due.” This balance will be considered when your forbearance plan ends or your hardship is resolved.
Every day, scam artists target millions of people to steal money or confidential banking information. If you receive an offer or advice that sounds too good to be true – such as a promise for immediate relief from foreclosure – it’s probably a scam. Here are some additional recommendations to help you avoid fraud or scams:
If you suspect fraud, contact us immediately at 877-595-6256. We are available 24/7 to help protect you.
That’s great news! Visit Mortgage Assistance from your mortgage account within online banking or the mobile app to conclude your forbearance, and then explore options to address any accrued or unpaid payments.
Balances that remain unpaid at the end of the forbearance will become immediately due. If you are unable to reinstate the accrued payments, you’ll need to apply for long-term assistance options, which will be based on a final review of eligibility. You’ll need to initiate this review, as it will not occur automatically.
Any unpaid bills will come due when the forbearance period ends. Visit your mortgage account and choose Mortgage Assistance to explore your repayment options, which will vary depending on your financial situation.
If you’re unable to pay the accrued amount in full, you may be eligible for a repayment plan, which is a short-term solution that doesn’t change your mortgage terms. For additional help, you’ll need to apply for long-term assistance options. These may include adding suspended payments either to the loan and extending the maturity date, or to the end of the loan to be paid at maturity or payoff.
Our top priority is to keep you in your home with affordable monthly payments. If you have questions after reviewing your options, you can reach out to a Relationship Manager to discuss your situation.
A deferment moves the past-due payments – plus any advances made on your behalf, like taxes – to the end of the loan, payable upon payoff of the loan. Deferment will generally occur at the end of the forbearance period and once you can resume monthly payments.
A loan modification changes your loan’s terms. Its primary goal is to bring your loan current with an affordable updated payment amount. New loan terms may reduce your monthly payment, although payments could increase depending on your situation.
Any previous assistance program, such as a deferment or modification, won’t necessarily disqualify you from eligibility for a new loan modification. However, it depends on the loan.
When you’re ready to discuss your options, reach out to us via Mortgage assistance from your mortgage account within online banking or the mobile app. You can also call us at 855-698-7627. We’ll help you with solutions specific to your financial situation.
Depending on your situation, options after the forbearance period may include a repayment plan, loan modification or deferment, as outlined at the top of this page.
Your credit could be adversely impacted if you choose to exit the forbearance without first paying off past-due bills.
If you don’t take action on your account, suspended payments may become past due, which could lead to mortgage default and even foreclosure. As your forbearance period nears its end, review your options for assistance by selecting Mortgage Assistance from your mortgage account in online banking or the mobile app.
Important: Any time your mortgage account is not paid in accordance with your original terms, there may be credit impacts associated. Questions about impacts to your credit score should be directed to the applicable credit repositories. Failure to take prompt action could result in serious consequences, including foreclosure.
You should work with us as soon as possible on the next steps of your forbearance. Any unpaid suspended payments could become past due and late fees would resume, which may lead to mortgage default and possibly foreclosure.
We’re here to help keep you in your home. Call 855-698-7627 to speak with a relationship manager or log in to online banking and select Mortgage assistance.
Since every situation is unique, we encourage you to reach out to a trusted tax professional for advice before the end of the tax year.
For additional information on the services and resources available to you, please refer to the CFPB Housing Portal.
If you have a complaint about our payment assistance programs or our foreclosure process, please direct your complaint, along with the name of each borrower and the loan number, to U.S. Bank Complaints, PO Box 211529, Eagan, MN 55121.
Equal Housing Lender
