MORTGAGE REPAYMENT PLAN

If your current circumstances permit, a Mortgage Repayment Plan might be the best Stop House Foreclosure option.

How a Mortgage Repayment Plan Works

This is a very common solution to loan default. It allows you, the borrower in default, to repay a portion of the delinquency each month, in addition to the regular monthly mortgage payment.

This solution may be appropriate if you have suffered a short term financial hardship, such as an illness, a temporary job loss, and you are now in better circumstances, with the ability to resume making payments plus an additional amount to cover the delinquent amount over time.

The lender will most likely require a set amount, such as 25%-50% down, and paying the remainder in arrears over an 18-24 month period.

If you want more information on whether you really should try to save your home you can find out here.