Overview

What is a Repayment Plan?

This option allows you to spread out the past due amount on your mortgage over several months to get you current.

A Repayment Plan may be an option if:

• You are unable to qualify for a refinance
• You are experiencing short term hardship
• You are a few months behind on your payments
• You are now able to afford your monthly payment

How Does it Work?

How does it work?

With a Repayment Plan, your delinquent amount is repaid over a  pre-determined time frame and is added to your current monthly mortgage payments.

Your mortgage company will probably make you sign an agreement stating the terms of your repayment and how long the repayment period will take to become current.

Benefits

• Bring your mortgage current and resolve your delinquency
• Catch up on your past due payments over an extended period of time
• Less damaging to your credit score than a foreclosure
• Stay in your home and avoid foreclosure