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 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.
Get started on a mortgage assistance plan.
If you have an online account, log in and select Mortgage assistance from your dashboard.
If you don’t have an online account, enroll now. Once completed, log in and select Mortgage assistance from your dashboard.
Options for retaining your home
We offer several options that could help you retain your home. Watch this short video to learn about requesting mortgage assistance or continue reading to determine which option might best suit your needs.
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. Watch this video or continue reading to learn more about mortgage forbearance.
What to expect during forbearance
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.
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.
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 855-942-3094.
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.
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