HFF offers several solutions in the event of financial hardship.
- A partial payment plan can be arranged for borrowers who wish to catch up on past due mortgage payments.
- Refinancing defaulted payments is an option for borrowers that are behind on mortgage payments and unable to catch up. The total amount due may be turned into a separate 5 to 30 year mortgage loan. The interest rate will be the same as on the original mortgage loan.
- Extending the maturity of an existing mortgage for up to 70 years is a possibility, i.e. the mortgage will mature in 70 years from the date of issuance. This will reduce the current monthly payments.
- Payment suspension for a period of 1-3 years is another option. To qualify, one must be experiencing sudden or unexpected hardship due to illness or unemployment. Suspensions may also be granted to those owning 2 properties and have had problems with selling one of them.
- Payment Detainment: if payments according to a so called Payment Detainment Index are lower than payments according to the Consumer Price Index (CPI), the difference will be detained until the Payment Detainment Index rises above the CPI. The detained sum will be transferred to an adjustment account which will be added to the prinicipal of the loan.
The Debtor´s Ombudsman also provides consultancy, at no cost, to people with debt problems.