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Repayment plan qualification to avoid foreclosure

Qualifying for a repayment plan is not as cumbersome or intrusive as when the borrower was trying to qualify for the loan originally. The lender simply needs to know that the borrower can meet their obligations once they get on their feet.

• Has the reason or event that caused the borrower’s delinquency been remedied?
• Does the borrower want to remain in their home?
• Does the borrower have more income than expenses?
• Does the borrower have access to cash as a way to immediately pay down a portion of their delinquency?

The borrower may also be asked to provide some information about their current financial condition, such as copies of the last two or three pay stubs, copies of the last two bank statements, credit card statements, etc.

If the borrower can answer the above questions in a manner consistent with the lender’s requirements, then a payment plan might be just the spark that helps the borrower back into the current loan status that all homeowners desire.

Loan workout specialists, if you would like to assist homeowners in their loss mitigation efforts visit our Loss Mitigation Opportunity page.

In the event that the above questions can not be asnwered consistant with your lenders requirements please consider the following links;

Link to Mortgage Application

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