Repayment Plan

What is a Repayment Plan?

With this option, you spread out your past due amount—added on to your current mortgage payments—over several months in order to bring your mortgage current.

A Repayment Plan may be an option if:

• You are ineligible or don’t want to refinance [6]
• You are facing a short-term hardship
• You are a couple (or several months) behind on your mortgage payments
• You can now afford your monthly mortgage payment

Repayment Plan Calculator [7]
Use this tool to estimate how a repayment plan might help you.

What are the benefits?

• Bring your mortgage current and resolve your delinquency
• Catch up on your past due payments over an extended period of time
• Less damaging to your credit score [8] than a foreclosure [9]
• Stay in your home and avoid foreclosure

How does it work?

If you qualify for a Repayment Plan, typically your past-due amount will be spread out over a set time frame (e.g., 3, 6, 9 months) and added on to your existing mortgage payments. Other repayment terms may also be available during the repayment period (check with your mortgage company [10] for details on your specific options).

Your mortgage company may have you sign an agreement that will outline how you are going to repay your past-due amount, such as the length of the repayment period and the specific terms.

Repayment Plan Calculator [7]
Use this tool to estimate how a repayment plan might help you.

Next steps

	Gather your financial information—Make sure you have your basic financial and loan information on hand when you call your mortgage company. You’ll need: your mortgage statements, including information on a second mortgage (if applicable); your other monthly debt payments (e.g., car or student loans, credit card payments); and your income details (paystubs and income tax returns).
	Explain your current situation—Be ready to outline your current hardship and explain why you are having trouble bringing your loan current, and whether this is a short-term or long-term problem. Your mortgage company will need to understand the reasons why you are having difficulty in order to find the right solution for you.
	Contact your mortgage company [10] or a Fannie Mae Mortgage Help Center [11]—Tell them you are interested in a Repayment Plan and you want to see if you qualify.

Use these helpful forms to help you prepare [12]

This option lets you get caught up on your past due payments over time. But you need to contact your mortgage company as quickly as possible to determine if you are eligible for a Repayment Plan. If you need further assistance (before or after contacting your mortgage company), contact a Housing Counselor [13].

The videos on this site depict real homeowners talking about their personal experiences in getting help with their mortgage, or show real housing counselors providing homeowners with mortgage assistance. Many homeowners have achieved similar results but individual results vary depending on multiple factors such as property value, income, credit, work situation, etc. The information in the videos is not an endorsement by Fannie Mae of third party service providers.