I was offered a Repayment Plan
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When is a repayment plan appropriate?
The first qualifications
* is there sufficient income after expenses to bring the loan current To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.
Ideal workout for the below reasons
*Homeowner has experienced, but has recovered from a temporary hardship (reduction in income, car repairs death...)
*Homeowner can resume regular scheduled payments and is able to pay additional amounts at scheduled intervals to cure the delinquency
*Homeowners income exceeds monthly expenses, showing the ability to pay an additional amount plus the regularly scheduled payment for a specified time period in order to cure the delinquency.
*Homeowner does not qualify for terms of loan modification
For lenders they like RPAs because it does not change the term and collects full amount that is past due.
If you lender put you on a repayment plan you can not afford contact us for
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