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FORBEARANCE OR REPAYMENT PLAN
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FORBEARANCE OR REPAYMENT PLAN
A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back payments over a period of time. The homeowner typically makes their current mortgage payment in addition to a portion of the back payments they owe.
PRO: Allows the homeowner to make back payments over time.
CON: Requires that a homeowner be in a financial position to pay not only their current mortgage but a portion of the back payments owed. Some mortgage companies will require a homeowner to ‘qualify’ for forbearance.
PRO: Allows the homeowner to make back payments over time.
CON: Requires that a homeowner be in a financial position to pay not only their current mortgage but a portion of the back payments owed. Some mortgage companies will require a homeowner to ‘qualify’ for forbearance.