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One of the top lenders in the country, US Bank is now offering mortgage help for homeowners who are struggling to make ends meet, missing mortgage payments, or who owe more on their property than it is worth. Some, such as HARP and HAMP are government sponsored while other options are unique to US Bank.
The first option, a US Bank Repayment plan, allows a homeowner who has missed payments in the past to pay these past due amounts in monthly installments. The US Bank Repayment plan is a viable option if the homeowner has extra funds at the end of each month and can apply these funds towards the mortgage plus the repayment amount. US Bank offers an online link to determine what repayment plans are available, and which is best for the homeowner.
Another US Bank mortgage relief program is the Hardship Loan Modification. US Bank will combine all overdue interest and principals due because of missed payments and add them to the term of the loan, thus extending the loan. A 30 year loan, for example, might be extended to a 30 year four month term if the mortgage payments are four months behind. This is more appropriate for a homeowner who doesn’t have extra money at the end of the month but can cover mortgage payments and applicable fees.
US Bank also offers a Partial Claim funds can be advanced for the express purpose of bringing the mortgage current. These funds will need to be repaid, and a promissory note must be signed. The Partial Claim will be considered a second lien against the property. This option is a good one for a homeowner who has no extra funds at the end of the month, has an FHA loan through US Bank, and cannot afford any increases in monthly payments.
US Bank recognizes that some circumstances are beyond the ability of the lender to help. In cases such as these, sale of the home may be in order. US Bank offers some home sales programs to ease the pain of these situations.
The first option, a Deed in Lieu, transfers the property’s ownership back to US Bank. The bank will, in return, write off the balances of the mortgage.
A short sale is another US Bank option. With a short sale, US Bank will forgive the balances of the mortgage and sell the home with the proceeds of the home’s sale being paid directly to US Bank.
In addition to all programs that are exclusive to US Bank, the government offers several of its own through its Making Home Affordable plan. The HARP Refinance Plan can help homeowners whose mortgages are through Freddie Mac or Fannie Mae refinance to lower interest rates, while the HAMP Modification program will add all overdue amounts to the principal balance, with a renegotiation of the terms of the mortgage.
Visiting http://www.usbank.com/index.html can offer support and mortgage relief options for homeowners through one of any number of plans.
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