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With this option, you spread out your past due amount—added on to your current mortgage payments—over several months in order to bring your mortgage current.
A Repayment Plan may be an option if:
You are ineligible or don’t want to refinance
You are facing a short-term hardship
You are a couple (or several months) behind on your mortgage payments
You can now afford your monthly mortgage payment
What are the 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 foreclosureStay in your home and avoid foreclosure
How does it work?
If you qualify for a Repayment Plan, typically your past-due amount will be spread out over a set time frame (e.g., 3, 6, 9 months) and added on to your existing mortgage payments. Other repayment terms may also be available during the repayment period (check with your mortgage company for details on your specific options).
Your mortgage company may have you sign an agreement that will outline how you are going to repay your past-due amount, such as the length of the repayment period and the specific terms.
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It is recommended that you seek the advice of a real estate attorney or tax advisor
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