FAQ: U.S. Bank is here to help with mortgage assistance options during COVID-19.

May 11, 2020 | GET MORE : General Information

Share Article:

Share on Facebook Share on Twitter Share on LinkedIn

Responses to frequently asked questions by customers

We know the spread of COVID-19 is having a significant financial impact on many of our customers. At U.S. Bank, our goal is to support our customers through this difficult time and help them stay in their homes. We do not want concerns about making mortgage payments to add undue stress. 

There is a lot of confusion and misinformation about mortgage assistance and how it works. Our goal is to provide accurate and timely information. Here are a few questions and concerns we are hearing from our customers. 

I am under financial stress due to COVID-19 and am not sure I can pay my mortgage. What options do I have?

There are several mortgage assistance options available, including requesting a mortgage forbearance. 

A forbearance is a temporary reduction or suspension of payments intended to give time to overcome a temporary financial hardship. 

More details and information are listed here on our website

What is the CARES Act and how can it help me?

The Coronavirus Aid, Relief, and Economic Security (CARES) Act offers single-family homeowners a 180-day forbearance, or payment suspension, on a mortgage loan. If after the initial suspension, the hardship has not been resolved, an additional 180-day extension is available. 

I need to request a forbearance. How do I do that? If things get better, can I get off the forbearance before it ends?

Customers can request forbearance from home either by accessing our online portal, or by calling us at 800-365-7900. They can also text “Mortgage Assistance” to 866-809-4182 to start a conversation about assistance options. No documentation or proof of hardship is required. 

Rest assured, U.S. Bank is here to help every step of the way. We will provide dedicated, one-on-one support from a U.S. Bank personal relationship manager to every customer on a forbearance plan. 

If circumstances change and customers can resume monthly payments, they may request to exit the plan early. They just need to reach out to their personal relationship manager and together they will determine the best option for repayment given their current financial situation.

Please find detailed information, including more frequently asked questions and other helpful resources, at usbank.com by selecting COVID-19 at the top of our homepage

I need to request a forbearance, but I’m concerned because I heard there was a lump-sum payment due at the end.

Forbearance is intended to help customers through a difficult financial period by suspending their payments temporarily. 

There are programs available for customers that will not result in having to pay a lump-sum payment at the end of the forbearance.

We have had some customers ask why they can’t just defer payments and automatically add them to the end of the loan. We will work with each customer to design a plan that is right for their situation and may include long-term solutions that modify the loan or extend the loan term, which adds the suspended payments to the loan. The best solution will depend on the individual’s financial situation when the forbearance period has concluded. 

We hope this information was useful and helped ease some of the concerns regarding mortgage forbearance options as we all continue to experience the implications of the COVID-19 pandemic.

Related topics

Latest updates on how U.S. Bank is responding to COVID-19

Read more