Читать книгу Foreclosure Investing For Dummies - Ralph R. Roberts - Страница 46

To enable financially strapped homeowners to make up missed payments slowly, a lender may agree to a mortgage modification or repayment plan:

 A mortgage modification consists of adding the past-due payments and penalties to the remaining principal, so the homeowners pay off the past-due amounts and penalties over the life of the loan. This arrangement is commonly known as adding amounts due to the back of the loan.

 A repayment plan enables the homeowners to submit payment of a portion of their past-due amount and penalties with future payments until the past-due amount and penalties are paid off.

When homeowners are already having trouble making their monthly mortgage payments and don’t have the resources to cover higher payments, mortgage modification and repayment plans are rarely ideal solutions. Often, these options simply delay the inevitable.