US Bank Short Sale may be an option to prevent an impending foreclosure. However, you will have to lose your home and with that all equity that you have built so far in it. A short sale is painful as you can no longer enjoy the comfort of your own home, but at the same time it is less damaging than a foreclosure. So if nothing helps to save your homeownership, you might like to consider this option and pay off all your outstanding debt on the property.

US Bank short sale is not possible unless you owe more than what your home’s current value is. The amount that you still owe after paying from the proceeds of a short sale is often discounted by the lender. Sometimes, the lender may choose to pursue for this little amount known as deficiency depending upon the law of the state where your property is located. Talk to the short sale department of the bank to find whether you would be pursued for deficiency in future.

US Bank Short Sale Department

US Bank Short Sale Department is accessible via Default Resolution Department of the bank. The phone number to contact this department is 866-932-0462. There also exists a Default Counseling Department that helps homeowners with possible options under various home retention and home liquidation programs. You can talk to a representative of this team and find an option that can work best in your situation. Call 800-365-7900 to explore you options. If however the solution happens to be a short sale, you will have to apply accordingly and get the approval of the lender in order to start the process.

US Bank Short Sale Process

US Bank short sale process involves all steps that are common with a typical short sale process at any other bank. First you need to obtain a package containing all necessary forms, documents, guidelines, a documentation checklist and other requirements. You need to complete all the forms and procure the documents asked for. Then put all these in a packet and send the same to the address provided in the package you have been supplied.

The short sale package can be downloaded from the bank’s official website in PDF format or you can talk to your realtor to get the same for you. The bank will designate a mortgage specialist to review your documents and ascertain your eligibility for the program. After all these steps, you may be issued an approval letter apprising you of a price quote and the time frame to sell your home to an interested party not known to you.

For more on US Bank short sale, visit the website of the bank.