Mortgage Payment Assistance

It provides a temporary pause or reduction of your monthly mortgage payments for a certain period of time to allow time to resolve the financial hardship. Upon expiration of the forbearance, options may be available to assist with missed payments.

Payment forbearance is when your mortgage servicer or lender allows you to pause or reduce your payments for a limited period of time.

Under a payment forbearance plan, the lender agrees to accept reduced payments or no payments at all for an extended period of time. At the end of the forbearance period, the borrower has several options including the ability to defer the missed payments to the end of the loan.

If you are experiencing difficulties making your mortgage payments, you are encouraged to contact your lender or loan servicer directly to inquire about foreclosure prevention options that are available.

If the conditions are right, we may be able to refinance your loan into a lower payment. For those with a home equity loan or line (second mortgage), we may be able to combine the loan with your first mortgage to lower your overall mortgage payment as long as certain qualifications are met. Whether you have your first mortgage with Huntington or another lender, the combination of the first mortgage and second may be a possible option.

This is a structured plan that allows you to make your regular monthly payment plus an additional portion of the past due amount to bring your account current over a specific period.

This payment option defers the amount you owe to the end of your loan. The deferred balance is due once you make your last loan payment, at the maturity date, or earlier upon the sale or transfer of the property, refinance of the mortgage loan.

A permanent change to one or more terms of your mortgage to resume normal monthly payment make the payments more affordable. To achieve this goal, a modification will add any outstanding interest, escrow advances, and other advances, fees and costs to the principal loan balance. Your mortgage could also be modified to extend the term of the mortgage or change the fixed interest rate.

This option allows past-due amounts on your mortgage to be placed in an interest-free subordinate mortgage. This is an additional lien on the property directly with and payable to the U.S. Department of Housing and Urban Development (HUD) once your last mortgage payment is made, the property is sold, the mortgage is assumed, the title to the property is transferred, or certain types of refinances, whichever occurs first.

If you have a Federal Housing Administration (FHA) loan, this option will use funds from the U.S. Department of Housing and Urban Development (HUD) to bring your account current and temporarily reduce the monthly payment by a specified amount for a period of three years. Funds received from HUD will be placed in an interest-free subordinate mortgage that is payable to HUD once your last mortgage payment is made, the property is sold, the mortgage is assumed, the title to the property is transferred, or certain types of refinances, whichever occurs first.

If the current value is not enough to pay the loan in full this option allows a borrower to sell their home for less than the balance remaining on the mortgage, avoiding foreclosure.

This option allows you to voluntarily transfer ownership of the property to the lender to avoid foreclosure if no other options are available in exchange for a release from all obligations under the mortgage.