REPAYMENT PLAN

The most common way of resolving a loan default is to work out a plan (Repayment Plan) which will let you repay part of the delinquency each month, along with your regular monthly installment.

Most debtors will be eligible for a Repayment Plan for the amount they are delinquent if their financial situations have stabilized. Most of these individuals have realized a short term financial hardship that has caused them to become delinquent, and they are now financially back on their feet ready to get the help they need to catch up on their payments.  If this is your case we will negotiate with your lender to distribute your past-due amount over a set period of time, usually 18-24 months, depending on your economic situation.  Your lender will usually ask for 25-50% of the arrearage down and the remainder will be paid out over a period of time.  You will need to provide financial information to prove that you are now capable of fulfilling your new obligation.  Keep in mind, this monthly amount is in addition to your usual mortgage payment.

Lenders are very open to a repayment plan as a solution to your mortgage foreclosure.  We will complete a detailed financial statement of your income vs. your expenses to show the lender the amount of payment that will work with your current income along with a down payment that you can afford.  This will bring your account current and keep you secure in your home.

Contact a Miami Foreclosure Defense Lawyer at Dominguez & Associates, P.A.