Second Loan Payoff Information

Second Loan Payoffs 

Beginning January 1, 2018, down payment assistance for Home in Five Advantage loans was provided through a second lien, which is forgivable over time. Below is information often requested about second liens/loans. 

What happens to my second loan when I sell or refinance?
If the home is sold or the first loan is being refinanced, paid off or otherwise accelerated, the unforgiven portion of the second lien must be paid. The loan cannot be subordinated or assumed (see the original loan documents for additional details). 

How do I get my second loan payoff amount?
To receive your second loan payoff information, you must request the payoff for both the first and second loans from the first loan servicer. Please follow the steps below to request the information based on the servicer for the first loan, US Bank or Lakeview/LoanCare.

US Bank Loan
A payoff request will provide the payoff amounts for both the first and second loans. If you have already received a payoff on the first loan from US Bank, there may be an amount listed as “Recoverable Corporate Advance”, which is the wording they use to indicate the payoff amount for the second loan.

Lakeview/LoanCare Loan
If the first loan is serviced by Lakeview/LoanCare, you may request a payoff statement in any of the following ways*:

*Unauthorized third parties must first submit their authorization. Authorizations can be emailed to: thirdparty.auth@myloancare.com.

Unless otherwise specified, the payoff statement will be generated to pay off both the first and second lien balances. If a payoff is being requested for the second lien only, include those instructions with the request.

If you have additional questions, please contact us.