Repayment Plans

                                                    Repayment Plan

A Repayment Plan is an agreement between you and your mortgage company that lets you pay the past due amount on your mortgage payments over a specified time period, usually 6, 9, or 12 months, in order to bring your mortgage up to date.  The original terms of your loan will remain the same.  Lenders will require a minimum down payment of at least 10%, up to 25%.  Once the Repayment Plan in completed, the borrower returns to making their mortgage payment as outlined in their mortgage documents.

Typical Requirements to participate in a Repayment Plan:
          -  The borrower is:
                    - An owner occupant of 1-4 unit property
                    - Has sufficient documented income to support the modified payment
                    - Has financial hardship and is delinquent or at risk of imminent default
          -  The loan:
                    - Amount owed on 1st mortgage is equal to or less than $729,750
                    - Mortgage was originated on or before January 1, 2009
                    - First mortgage payment (PITI + HOA fee) is greater than 31% of borrower's gross income
          -  Documentation:
                     - Request for Modification and Affidavit Form (Click Here)
                     - Signed 4506T-EZ or 4506T (Click Here)
                     - Signed copy of most recent (2009) Tax Return
                     - Two most recent paystubs or evidence of income
                     - Most recent utility bill