US Bank Loan Modification options can be suitable if you can afford your regular monthly payment, but there is no extra funds left at the end of the month to pay past dues. The program, also known as Hardship loan modification, aims at changing the interest rates or loan terms in a way that makes your payment more affordable.

But you need to qualify for it and only after approval you may be able to pay according to the new schedule. Meanwhile, you must continue to make your regular payments and follow all relevant guidelines as mentioned in the loan modification package supplied to you.

US Bank Loan Modification Programs

Loan Modification is just one among the several options that the bank provides under its home retention programs. A mortgage modification is obviously the best and certainly the most popular one, because the changes made to your loan agreement are for the life of the loan.

You may even qualify for federal government’s Making Home Affordable Modification Program if you live in a owner-occupied home and your debt on the property is less than or equal to $729,750. Moreover, your loan must be serviced by US Bank and you have a valid reason that convincingly explains your hardship.
When you contact the Default Resolution Team of the bank at 866-932-0462, they will first determine if your application is eligible for HAMP before suggesting you other home retention programs. The other home retention and home liquidation programs may include the following:

• Repayment Plan
• Partial Claim
• Short Sale
• Deed in Lieu of Foreclosure

US Bank Loan Modification Department

The Loan Modification Department of the bank, which is an extension of the Loss Mitigation Department, is where you need to address your payment problems. Counseling services are provided for free to homeowners with delinquent payments through the Default Counseling Team. The phone number to contact a representative of this team is 800-365-7900.

Taking a cue from what they suggest, you can plan your next moves and obtain the complete loan modification package and all necessary forms either from the bank or from a government-approved agency. For consideration of loan modification option, the Default Resolution Team of the bank will look into your matter. The phone number to contact this dept is 866-932-0462.

For more US Bank home mortgage help and other repayment options, browse our website, mortgageaspect.com or visit the official website of the bank.