Repayment Plan
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Repayment Plan
The most common way of resolving a loan default is to work out a plan (Repayment Plan) which will let you repay part of the delinquency each month, along with you regular monthly installment.
Most of our clients will be eligible for a Repayment Plan for the amount they are delinquent if their financial circumstances have stabilized. Most of our clients have realized a short term financial hardship that has caused them to become delinquent. They are now financially back on their feet and need help getting caught up. If this is your case we will negotiate with your lender to distribute your past-due amount over a set period of time, usually 18-24 months, depending on your circumstances. Your lender will usually ask for 25-50% of the arrearage down and the remainder will be paid out over a period of months. You will need to provide financial information to prove that you are now capable of making this responsibility. Remember, this monthly amount is in addition to your usual mortgage payment.
This type of solution to your mortgage foreclosure is generally accepted very well by lenders. We will complete a detailed financial portfolio of your income vs. your expenses to show the lender what payment that will work with your current income along with what down payment that you can afford. This will bring your account up to date immediately and keep you secure in your home.
Here are some examples of Repayment Plan documents from actual client cases. These are only a sampling of the Repayment Plans we have received. These documents are on the mortgage company letterhead for authentication. You can see the actual reinstatement amount versus how much they had to come up with is a down payment.
Since we are obtaining new workouts daily it is very hard to keep this page up to date. Please visit our Mortgage Resource Center to get up to date plans that we have received from each Mortgage Company.
Litton Repayment Plan - click to download or print
Ocwen Repayment Plan - click to download or print
First Franklin Repayment Plan - click to download or print
Select Portfolio Repayment Plan - click to download or print
AMC Repayment Plan - click to download or print
Chase Repayment Plan - click to download or print
HomEq Servicing Repayment Plan - click to download or print
Option One Repayment Plan - click to download or print
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