Second Loan Payoffs
For Home in Five Advantage loans taken out beginning January 1, 2018, down payment assistance was provided through a second lien, forgivable over time. 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 and cannot be subordinated or assumed (see the original loan documents for additional details).
The amount of the second loan payoff is requested from the first loan servicer along with the payoff for the first.
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.