Repayment Plan On Mortgage Aka Forbearance Agreement

Michael Naz

Michael Naz
Here is an example:

You make $10,000 a month net income

Are $12,000 behind

Plus your expenses are $9,000 a month.

and you have $3,000 of the past due saved

This is leaving you with $9,000 past due if you put the $3,000 out of pocket.

In 9 months, you would be caught up if you made $1,000 a month in payments in addition to your regular mortgage monthly payments.

These are also called forbearance agreements by some servicers.

The key to a repayment plan is your budget and the backbone of the budget is what is reporting as monthly minimums from the free annual credit report as well as your net income above and beyond your monthly living expenses self reported and normalized according to the allowable living expenses use this link to find the averages for your specific metropolitan statistical area for allowable self reported living expenses.
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