Repayment Plan

A plan to bring your loan current within a short period time by adding a percentage or portion of the delinquent payments to your current payments until all of the past due payments have been paid in full. Most repayment plans do not last longer than 12-14 months. Many lenders will require a contribution
(a down payment that may be up to 30% of the delinquency) as a condition of granting a repayment plan.

This option is rarely achievable because it requires money up front and an ability to make higher monthly payments than before.


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