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Down Payment
Calculators
The Application Process
How Much Can You Afford?
After You Apply
Mortgage Programs
Bi Weekly Mortgage
15 - 30 Yr or Biweekly
Adjustable Rate Mortgages
Your Credit History
FICO Credit Scoring
Loan Points
Closing Costs
Closing Your Loan
Common Buyer Mistakes
Should You Refinance?
Why Rates Change
Rate Locks
Organize Your Documents
What is PMI?
What is APR?
Can My Loan Be Sold?
Glossary of Terms
How Mortgages Work
Mortgage Industry News
Mobile Home Loans
Commercial Financing
Income Opportunities
Investor Services
Mortgage Notes
Bulk Loan Purchases
Foreclosure Alternatives
Workout Program
Short Sale
Repayment Plan
Loan Modification
Avoiding Scam Artist
Summary of Services
Privacy Policy
REO
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| What is a repayment plan? |
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| A repayment plan is suited to a homeowner who has had a financial hardship but is now getting back on their feet. Although a homeowner is recovering, they may be several months (and thus several thousand dollars) behind on their mortgage payments and they need time to bring this amount current. When a homeowner in this situation, we would contact their lender, they are usually dealing with the collections department at this point. The lender's collections department will demand an aggressive repayment schedule such as one-half the delinquent amount up-front and double payments to avoid foreclosure. We can approach the lender on the homeowner's behalf and negotiate a more budget sensitive repayment schedule. |
 PRESTIGE MORTGAGE SERVICES |
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