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My lender or servicer said I could go on a repayment plan. What does that mean?

A repayment plan is a structured way to make up your missed mortgage loan payments over a period of time.

If you are behind on your mortgage payments, your lender or servicer may allow you to enter into a repayment plan. If you have been in mortgage forbearance, you will need to go on a repayment plan once forbearance ends.

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. Don’t sign anything until you’re sure you understand what you are agreeing to do.

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 .