The earlier you act, the more options you may have.

We understand that unexpected life events like job loss, illness or natural disasters can impact your financial well-being. That’s why we offer mortgage assistance options to help you get back on track. Watch this short video to learn about requesting mortgage assistance or explore the short- and long-term options below to determine what makes the most sense for your situation.

Retaining your home Selling your home

Once you understand your options, you can get started on a mortgage assistance plan online or call us for assistance. Applying is easier than ever in your mortgage account portal, with guidance on the options you may qualify for and the ability to monitor your progress. You can access your mortgage account by logging in above and selecting Mortgage assistance. You’ll also have access to a relationship manager who will support you throughout your journey.

You deserve the best.

Access your mortgage account in the mobile app and select Mortgage assistance to get started on a mortgage assistance plan. More than one million customers have given the U.S. Bank Mobile App an overall rating of five stars. Industry experts ranked us #1 for:

  • Best mobile app1
  • Best digital mortgage tools2
  • Best customer service features3
  • Best mobile check deposit4
Logo of the Apple App Store   Logo of the Google Play Store

Options for retaining your home

We offer several options that could help you retain your home.

Forbearance

If you’re temporarily unable to make your monthly mortgage payments, a forbearance plan might help. 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. Watch this video or continue reading to learn more about mortgage forbearance.

What to expect during forbearance

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.

What to expect after forbearance

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.

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.

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?
     

Check out this short video to see how selling your home could help you avoid a foreclosure, protect your credit score and preserve your equity. If you decide to sell your home, consider the options below.

Pre-foreclosure sale

If you’re unable to make your mortgage payments and staying in your home is no longer possible, you have the option to sell the home, pay the mortgage in full and take advantage of any equity you’ve built. 

This option may work for you if:

  • You can't afford your regular monthly payment and expenses.
  • You’re interested in selling your home, which is worth more than you owe.

Short sale

In cases where the value of the property won’t cover the amount of the mortgage, a short sale may be an option. A short sale occurs when the lender agrees to discount the loan balance due to hardship and allows you to sell the property at fair market value. Upon completion of the short sale, you may even receive relocation assistance.

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. If the property is free of liens or title restrictions, you may receive relocation assistance after completing a deed in lieu of foreclosure. To be eligible, the property must be considered safe, left in good condition and ready for sale, clear of all personal belongings and reasonably clean upon your departure.

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 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 877-588-0598.

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.

Start of disclosure content
Disclosures

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.

Start of disclosure content

  1. Digital financial services benchmarking firm Keynova Group ranked U.S. Bank #1 for mobile apps in its Q1 2023 Mobile Banker Scorecard.

  2. The 2021 Kiplinger Best Financial Customer Service rankings gave U.S. Bank the highest score among mortgage lenders in its survey for best mortgage digital capabilities.

  3. In Business Insider Intelligence's fourth annual US Mobile Banking Competitive Edge Study in 2020, the U.S. Bank Mobile App was ranked No. 1 in customer service features.

  4. In its 2021 Mobile Deposit Benchmark report, Cornerstone Advisors rated the U.S. Bank Mobile App check deposit feature as number one in the industry for customer experience based on factors including deposit limits, error prevention, real-time status updates, auto-capture functionality and more. 

Start of disclosure content