A repayment plan is an option for people who have fallen behind on their mortgage payments which allows them to get caught back up, typically without having to make a large lump sum payment, but instead, smaller equal payments over time.
Many times repayment plans can be difficult because they make the mortgage payment higher than usual, but for those who have a hardship that then becomes easier, they can be a good option. If you have been trying to get a loan modification, you may also want to consider a repayment plan as an option.
Getting the lender to approve you for a loan modification program can be very difficult. If you are very behind on payments and have been having no success getting a modification approved, you may want to look at a repayment plan. This option is only good if you truly do not want to lose the house. If this is the case, and you can afford a little bit higher payments (maybe for instance the spouse who was had lost the job is now back at work), a repayment plan may save the home.
Repayment plans are a lot easier to qualify for because the owner of the loan is getting back all of their money, unlike a loan modification, in which the owner is giving concessions. If this sounds like something that may help you call your lender and ask for the repayment plan division. You may find out they are a lot more open to listen. Lenders and servicers who offer repayment plans include Wells Fargo, Bank of America, OCWEN, AURORA, OneWest Bank and Chase, among others.
