Yes. Based on the forbearance plan you were set up on, you may not be required to make payments while on a forbearance. We always encourage you to make any payment if you’re financially able. This will not end your forbearance protection, but it will assist in easing the transition into a long-term solution and reduce the amount that needs to be repaid later. You can make a fee-free payment by accessing Mortgage assistance from your mortgage account within online banking and the mobile app and select Make a payment. If you need additional payment assistance, you can call us at 800-365-7900.

No. Interest will accrue normally on your account. Plus, there won’t be any 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.

For any payments made during a forbearance, we’ll continue to process them normally. 

• If you make a full contractual payment (enough to satisfy the amount due), those funds will be applied on the same business day we receive them. 
• If you pay less than a full contractual payment, we’ll hold any money in an account until there are enough funds to pay the oldest past due payment. Interest will continue to accrue normally and will be reflected in your monthly billing statements.

This will not end your forbearance protection, but it will assist in easing the transition into a long-term solution and reduce the amount that needs to be repaid later.

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.

• Payments can be made via usbank.com or the U.S. Bank Mobile App.
• You can also send your escrow payment through the mail by including the coupon attached to your monthly billing statement.

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 must continue making those payments during forbearance. If you are unable to continue paying, contact us at 866-697-4179 for your escrow initiation options.

Rest assured that this is for informational purposes only and you are not required to make a payment now or at any time while on the forbearance plan. Your monthly statements will continue to reflect these accruing payments and interest, reflecting as “past due.” This balance will be taken into consideration when your forbearance plan ends, or when your hardship has been 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: 

Protect your information. Only share sensitive information with sources you trust.

Be cautious of assistance for a fee. U.S. Bank does not charge a fee for providing mortgage assistance such as a forbearance, deferment or modification.

If you suspect fraud, contact us immediately at 877-595-6256. We are available 24/7 to help protect you.

If you no longer need assistance, reach out to us via Mortgage assistance from your mortgage account within online banking and the mobile app. You can also call us at 855-698-7627 to conclude your forbearance and explore options for repayment.

You can access and explore your repayment options via Mortgage assistance from your mortgage account within online banking and the mobile app. The best solution will depend on your financial situation. Our top priority is to keep you in your home with affordable monthly payments.

We offer programs which will not require you to repay all the suspended payments at the end of the forbearance. Instead, long-term solutions will include adding the suspended payments to the back of the loan or adding the suspended payments into the loan and extending the loan term.

If after reviewing your long-term options you still have questions, you can reach out to your Relationship Manager to discuss your situation and available options.

A deferment moves the past due payments — plus any advances made on your behalf, like taxes — to the end of loan. All of which is 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 previous deferment or modification won’t disqualify you from current or future eligibility for a loan modification.

If you have a sustained reduction in income resulting from hardship, then we can look at a loan modification (changes to the terms of your loan) that might suit your new circumstances; those changes will aim to reduce your original monthly payment amount. A previous modification or deferment won’t disqualify you from current or future eligibility for a loan modification.

Any previous customer assistance program, such as a deferment or a modification, won’t disqualify you from current or future eligibility for a loan modification. When you’re ready to discuss your options, reach out to us via Mortgage assistance from your mortgage account within online banking and the mobile app. You can also call us at 855-698-7627. We’ll help you with the solutions specific to your financial situation to bring your account to current.

We have a variety of options once you reach the end of your forbearance. Depending on your situation, they may include:

• Deferment:  A deferment moves the past due payments into a non-interest-bearing account. It may also include any advances made on your behalf, like taxes. You will be responsible for paying the deferment amount upon the maturity date of your existing mortgage, or earlier upon the sale or transfer of the property, refinance of the mortgage loan or payoff of the loan.
• Modification: A modification refers to changing the existing terms of your loan, including extending the term or adjusting the interest rate.
• Repayment plan: A repayment plan allows customers to pay their past due amount in several months, along with their existing mortgage payments.

Your credit could be adversely impacted if you choose to exit the forbearance without first bringing the account current. If you do not pursue assistance, any unpaid suspended payments could become past due, which may lead to mortgage default and possibly foreclosure.

We encourage you to act immediately to work with us 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 want to keep you in your home, and our experienced relationship managers are here to assist.

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.

• If you missed any regular mortgage payments—or paid less than the regular amount—because you were on a forbearance plan, the mortgage interest, real-estate taxes, and/or mortgage insurance paid as reported on your 1098 statement may be impacted.
• If you did not make payments while on a forbearance, then the amount of mortgage interest received from payer(s)/borrowers (Box 1 on the 1098 form) and mortgage insurance premiums paid (Box 5 on the 1098 form) may be different from prior years.