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US Bank Short Sale

US Bank Short Sale is an option that you can consider when you no longer afford to make monthly payments and meet expenses regularly. Moreover, you do not want to keep you home any longer and are looking for a way out to pay off your debt with its sale proceeds. It should be noted that the instrument of short sale is applicable only in a situation when the amount you owe is more than the amount you can get after selling your home. The loan balance amount, known as deficiency, is often gets discounted by the lender and you become free with no mortgage obligation. Short sale is a preferable option than a foreclosure as it is less damaging to your credit report.

US Bank Short Sale Process

US Bank Short Sale Process starts with your lender agreeing to discount a loan balance, or deficiency, as the final cost of a foreclosure is much more than this amount. You can talk to a loan counselor by calling US Bank Default Counseling at 800-365-7900 and discuss your repayment options. If a short sale comes out to be a viable option then you reach an agreement with your lender regarding the settlement procedure and the making of the acceptance of offer.

The bank has Default Resolution instead of a loss mitigation department, and so you might experience some differences in the short sale process here. It is the loss mitigation department that usually considers a short sale request and gives its approval for the same after checking whether or not the borrowers fulfill requirements to qualify for it. After approval it also considers whether or not to pursue the borrower for the deficiency balance as per the law of the state where the short sale occurs.

US Bank Short Sale Department

Since US Bank does not have a functioning loss mitigation department, the responsibilities to consider and approve a short sale request and carry out its complete process lie with the Default Resolution Department. So US Bank Short Sale Department is, in fact, the same Default Resolution Department, which can be accessed via phone. Here is the phone number to contact US Bank Short Sale Department.

Phone Number: 800-365-7900

Website: http://www.usbank.com/


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