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 certain period of time. This is a type of loss mitigation. If you have trouble making your mortgage payments, your lender or servicer may allow you to enter into a repayment plan. Before entering into a repayment plan, make sure you understand the requirements of the plan and whether you will be able to make the new payments.
You should make sure this is the right option for you. Dont sign anything until youre sure you understand it. 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 HUD. You can also call the HOPE Hotline, open 24 hours a day, seven days a week, at (888) 995-HOPE (4673).