A Repayment plan is used by enders tohelp borrowers who are behind ontheir mortgage payments get caught up as quickly as possible. This is sometimes referred to as "curing" a default.

Uusally a repayment plan is looked as a foreberance agreemen.

Let's say you've missed 2 mortgage payments of 1000 dollars each. The repayment plan may require that you pay half of each payment, or $500 dollars, on top of each of your next four monthly mortgage payments, catching you up on the two payments you missed in 4 months.

In a typical repayment plan, the lender's legal fees are generally added on to the loan balance by the time the second payment is missed, which can make repayment plans very difficult to keep up with. If you have agreed to a repayment plan or payment agreementwhich you cannot keep up with, and you have 30% or more equity in your home, consider refinancing your mortgage using a foreclosure refinance specialist today. Call us at 414-303-1215 for more information today. Do not delay, the further behind you get on a payment agreement the deeper the hole which you have to dig yourself out of through a refinance.

 

 ++