What is a repayment plan on a mortgage?

If you are behind on your mortgage payments, your lender or servicer may allow you to enter into a repayment plan. With a repayment plan, you pay more on your monthly payment to make up for the payments you missed. Before choosing a repayment plan, make sure you understand the requirements of the plan and whether you will be able to make the new payments. Your lender or servicer may consider your loan delinquent until you repay all of your missed payments, and may still report your delinquency to the credit reporting agencies including how soon they might be able to start foreclosure.

Don’t sign anything until you’re sure you understand what you are agreeing to do. If you cannot afford the repayment plan, your lender or servicer might have other options available to help you resolve your delinquency.

If you have been in mortgage forbearance, a repayment plan might be one option once you have completed your forbearance period.

If you have questions, you can use the CFPB's "Find a Counselor" tool to get a list of housing counseling agencies in your area that are approved by Housing and Urban Development (HUD). You can also get free help from a housing expert by calling the HOPE™ Hotline , open 24 hours a day, seven days a week, at (888) 995-HOPE (4673).

Learn more about how to avoid foreclosure.

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