What Does the U.S. National Bank Association Have to Do With Foreclosure?


Quick Answer

U.S. Bank National Association purchases foreclosed properties and sells them at auction. A current listing of homes being liquidated by the bank are posted on its website. The bank also provides mortgage loan assistance programs to customers seeking ways to avoid foreclosure.

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Full Answer

Homeowners with mortgages held by U.S. Bank National Association have the option to either go through a loan modification or refinancing process. HAMP modification changes the terms of the home mortgage to make it easier to manage payments. Another option is the HARP refinance program, which is limited to Fannie Mae and Freddie Mac mortgages. Refinancing lowers the principle and interest rate on the loan, reducing the monthly payment amount.

U.S. Bank National Association also offers homeowners several additional foreclosure options. The first option is a repayment plan that incorporates past due payments with current payments. The second option is a hardship loan modification. This option combines delinquent escrow and interests into the existing loan, and may include a lowered interest rate. A third option is the partial claim, in which the bank advances money to bring the loan current. A promissory note is signed by the homeowner, which ensures any delinquent amount due is paid upon the termination of the mortgage. The bank also provides assistance to homeowners who choose to sell their home before it goes into foreclosure.

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