No matter the reason, we’re here to help.
If you’re having trouble keeping up with your mortgage payments, you may qualify for assistance. The assistance plan could include suspended payments (forbearance), a repayment plan or a loan modification. We will also provide a Relationship Manager who will support you throughout your journey.
Options for retaining your home
We offer several options that could help you retain your home. To determine which might best suit your needs, please review the following:
Repayment plan
A repayment plan allows you to pay your regular monthly payment plus additional funds applied to past-due amounts. Payments are distributed over 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 surplus funds at the end of the month.
Loan modification
This option allows you to roll interest and escrow shortage from delinquent payments into the existing loan. You may qualify for an interest-rate reduction to have the term of the loan extended.
This option may work for you if:
- 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 the end of the month.
Payment deferral
The payment deferral home retention workout option enables mortgage servicers to assist eligible homeowners who have resolved a temporary hardship and have resumed their monthly contractual payments but cannot afford either a mortgage reinstatement or repayment plan to bring the mortgage loan current.
A homeowner may be eligible for a payment deferral plan if:
- The mortgage loan is 30 or 60 days past due (the borrower is not past due for more than two full monthly contractual payments); and
- The past-due status has remained unchanged for at least three consecutive months, including the month of evaluation.
Forbearance
A forbearance plan is an agreement that enables borrowers experiencing a temporary hardship to suspend all, or part of, their mortgage payments for an agreed-upon duration. Interest will accrue normally on your account. You will receive monthly statements that reflect this balance, but you’re not required to make a payment at any time while in active forbearance.
What to expect during forbearance
What to expect after forbearance
Options regarding selling your home
If you face the possibility of selling your home, ask yourself the following before starting 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 delinquent payments?
If you decide to sell your home, consider the following options.
Short sale
In a short sale, the lender agrees to discount the loan balance due to hardship. The home is sold but proceeds fall short of the balance owed.
This option may work for you if:
- You can’t afford your regular monthly payment and expenses.
- You are interested in selling your home, which is worth less than you owe.
Deed in lieu of foreclosure
This option allows you to deed your home back to your lender or investor instead of facing foreclosure.
This option may work for you if:
- 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 the end of the month.
Contact us
As always, we’re happy to work with you over the phone. However, we encourage you to take advantage of the online mortgage assistance process.
- To talk to a loan specialist about delinquent payments, call Default Counseling at 800-365-7900, Monday through Friday, 7:00 a.m. to 8:00 p.m. (CT) and Saturday, 8:00 a.m. to 2:00 p.m. (CT).
- For general mortgage help, see estimated wait times or request a call back.
- For free or low-cost general advice about buying a home, renting, default or avoiding foreclosure, contact a housing counselor at the U.S. Department of Housing and Urban Development (HUD) at 855-815-8894.
Other resources
If you are seeking additional information on the services and resources available to you, please refer to the CFPB Housing Portal.
Our complaint process
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.