A re-payment plan (RPP) is another great option to a loan modification for individuals wanting to bring their mortgage payments current. Not every homeowner wants to do a modification, go into foreclosure nor do they want to do a short sale of the property or give the real estate back. There are individuals out there that just want to bring their mortgage payments up to date. They may not want to go through the anxiety of waiting on the approval of a modification, a short sale , or a Deed-in-lieu of foreclosure. Some do not want to re-write their home loan in the case of a modification, and then extend the payments out longer at a lower payment rate. They might be retiring soon and do not want the burden of an extended mortgage payment after they have retired, even if it's just another 2yrs of lower mortgage payments.
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Even though the vast majority of homeowners might love the thought of getting a loan modification, that does not work for everyone that way. Let me say that there are many types of loan modifications that can be done, not all modifications will stretch out a mortgage payment longer than it's maturity date, however, most will. The main goal of the lender or mortgage servicer is to get the payments down to where it is affordable for the borrower to stay in the property. No one wins in a foreclosure unless there is tremendous equity in the property, and the homeowner might end up losing in such a case. Though there are many different types of loan modification programs, lender are becoming more and more creative with these programs; They are evolving as we speak.
The RPP allow a person who is behind the option to keep making their mortgage payments but at a higher rate. This can prevent any foreclosure actions. Prime individuals for a RPP are those that have been unemployed and are now back to work, so they can now afford a higher payment in some cases to get caught up; A family where there was only 1 person working and now there are 2 people working in the household; There might be someone who just got a raise at work and can now afford to pay more; If the household now has renters in their home that are paying them; The homeowner had rental properties that were vacant that are now partially filled or filled to capacity. These cases can go on and on for someone that a RPP might be a good option for.
When someone sets up a RPP they are taking care of all their prior missed payments and fee that have accumulated. They setting up a plan to get caught up over time by over paying to compensate for non or slow payments in the past, since they are able to do so. Their payments might may or may not double, it's all based on that borrowers financials. They would have to be put on a plan that they can afford; If they are placed on RPP that they are not able to afford, they will end up falling behind on their plan and may end up giving on the RPP. The borrower needs to talk to their lender and let them know what they are now able to afford to see if that is sufficient for setting up a RPP.
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