options for keeping your home
The Repayment Plan Option
If you got behind on your mortgage due to an economic setback, but are now more financially secure, you may be able to make up your missed payments using a repayment plan. How does a repayment plan work?
- A portion of your past due payments, fees, and charges are rolled into your monthly mortgage payment for a fixed period of time.
- You pay the lender quarterly installments until the amount you owe is repaid.
- The lender tacks the amount you owe onto your loan and extends it several months.
“A” is correct. If the lender agrees to this approach, you must be willing to pay what you can realistically afford. If you fail to make good on the terms to which you’ve agreed, you may not get any future help from the lender.