Repayment Plan
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Repayment Plan
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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.
We have examples of Repayment Plan documents from actual client cases found on our Workouts Page. 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 as a down payment. These are only examples and not a comprehensive listing of all the workouts we have achieved.
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IMPORTANT NOTICE: American Foreclosure Specialists (AFS) and our services are not approved by the government or your lender. www.afscanhelp.com is not associated with the government, nor is it a government sponsored website. To access information on government sponsored assistance, please visit makinghomeaffordable.gov. You need to know that even if you accept our offer and use our service, your lender may not agree to change your loan. Also, if you stop paying your mortgage, you could lose your home and damage your credit rating. Work Out and Loan Modification Plans vary and are dependent upon mortgage company criteria and financial information gathered as part of the efforts AFS provides. The information and notices contained on this website are intended as general research and information and are expressly not intended, and should not be regarded, as financial or legal advice. We attempt to ensure that the material contained on the website is accurate and complete at the date first published, however you should recognize that information contained on this website may become out of date over time. Readers who have particular questions regarding real estate law, finance, or who believe they require legal counsel, should seek the advice of a financial advisor or an attorney. AFS is neither a bank nor an attorney company. By submitting this contact request, you are consenting to be contacted by foreclosure specialists by telephone and/or email, even if you have previously listed yourself on any state or federal Do-Not-Call List.