- Home Affordable Mortgage Modification Program (HAMP)
- Home Affordable Mortgage Refinance Program (HARP)
Find complete guidelines online on the aforementioned programs at www.makinghomeaffordable.gov. In case you do not qualify for either of these you can call Default Counseling at 800-365-7900 to talk to a loan officer and determine a loan repayment option that might work for you. In case you find it difficult to retain ownership of your home you can consider selling your home as well in order to avoid foreclosure. Here are the home mortgage modification options available at US Bank:
- Repayment Plan: You can continue making regular payments alongside paying a portion of the past dues.
- Hardship Loan Modification: You can have the rate lowered or the loan term extended in order to get a reduced monthly payment.
- Partial Claim: A second lien is created on your property and the account is brought current.
- Short Sale: You can sell your home even if the proceeds are not enough to pay outstanding dues.
- Deed in Lieu of Foreclosure: Under this agreement you agree to хэнд over your property to the bank in lieu of the amount you owe to it.