Mortgage Assistance

To help homeowners affected by the COVID-19 pandemic, the U.S. Treasury provided funds to each state, including the District of Columbia and Puerto Rico, to offer financial assistance for mortgage payments. 

You may be eligible for support through your state’s program. Each state manages its own application process and eligibility requirements, so we encourage you to explore the resources available in your area for the most up-to-date information. 

We’re here to support you every step of the way. Onity Mortgage is committed to working closely with these programs to help process assistance funds and support your path forward.  

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This type of hardship may be caused by changes like a loss of income, illness, or the impact of a natural disaster. 

A forbearance plan allows you to temporarily reduce or pause your mortgage payments for a set period, giving you space to focus on what matters most while you regain stability. 

We’ll review your request for assistance and work with you to determine if a forbearance plan is the right fit for your situation. 

At the end of the forbearance period, any past-due amount will need to be addressed. You may have options to help you move forward, such as a repayment plan or loan modification, to bring your account current in a way that works for you. 

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If you’ve experienced a short-term hardship that made it difficult to keep up with your mortgage payments, and your situation has improved, a repayment plan may be a good option for you.

With a repayment plan, you can catch up on past-due payments over time while continuing your regular monthly payment, helping you bring your loan current.

This solution allows you to get back on track without changing the terms or maturity date of your loan. 

We’ll review your request for assistance and work with you to determine if this option fits your budget and needs.

If you’ve experienced a financial hardship, or expect one due to a major life change, a loan modification may be an option to help you stay on track. 

Situations like a divorce, loss of a loved one, or a long-term disability can make it harder to keep up with your mortgage. A loan modification may help by adjusting the terms of your current loan to create a more affordable monthly payment. 

We’ll review your request for assistance and work closely with you to understand your financial situation. Based on that review, we’ll determine if a modification is available and what options may be right for you. 

If eligible, a loan modification may:

• Reduce your interest rate
• Extend the length of your loan
• Adjust how your balance is repaid

These changes are designed to make your monthly payment affordable and help you remain in your home. 

A short sale may be an option to help you avoid foreclosure. It allows you to sell your home for its current market value, even if that amount is less than what you owe on your mortgage. In some cases, you may also be eligible for assistance with relocation costs. 

While this option can provide relief and a fresh start, it’s important to consider a few potential impacts, such as moving out of your home and possible tax implications. Taking time to understand these factors can help you make the choice that’s right for you. 

A deed in lieu of foreclosure may be another option to help avoid foreclosure. With this approach you voluntarily transfer ownership of your home to your mortgage provider, and in return may be released from your remaining mortgage debt. 

This option can simplify the process by removing the need to sell your home, and in some cases, you may also qualify for relocation assistance. 

As you consider this path, it’s important to understand the potential impacts, including moving out of your home and possible tax implications. Taking time to review these considerations can help you feel confident in choosing the option that best fits your situation.