Get a Fast and FREE Consultation!
Fill out the form NOW!

"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

First name: *
Last name: *
Email: *
Phone: *
Property State: *
Home Value:*
Mortgage Balance: *
How Far Behind: *
Read our privacy policy.

Repayment Plans are Not Loan Modifications


So your lender has told you that they have gotten you approved for this new program but after you look at it your almost have a heart attack as your read that the payment has actually gone up.  What you are reading is not a loan modification, it is a repayment plan.  It means that those 6 months you didn't make your payment are being put on the back of your loan and because of that your payment is going up.  For many people who are behind, these payment plans are simply not an option.  However, for some people they can be helpful.

Repayment plans are helpful to people who have gone through extreme changes.  Meaning they went from good income, to no income, back to good income for example.  For people whose situations have improved drastically, a repayment plan can be good because it keeps you in the home, brings you back current, and puts those tough times behind you.

MAC