My lender or servicer said I could go on a repayment plan. What does that mean?

If you have trouble making your mortgage payments, your lender or servicer may allow you to enter into a repayment plan. Before entering into a repayment plan, make sure you understand the requirements of the plan and whether you will be able to make the new payments.

You should make sure this is the right option for you. Don’t sign anything until you’re sure you understand it. If you have questions, you can use the CFPB’s “Find a Counselor” tool to get a list of housing counseling agencies in your area that are approved by HUD. You can also call the HOPE™ Hotline, open 24 hours a day, seven days a week, at (888) 995-HOPE (4673).

Tip: See our handout  for more information on how to avoid foreclosure.