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Absolutely - A Forbearance Plan - This process involves the reduction or suspension of payments for a period of time followed by a period of time during which the deferred payments are made up, similar to the repayment plan.
Repayment Plan - This process involves making up the amount past due over a period of months by paying a full payment plus a partial payment on the past due balance each month. You will be required to give your lender a cast contribution equivalent to 40-50% of your total arrears (total of late payments, bank fees and attorneys fees). Coming up with such a lump sum is quite difficult for homeowners who just faced a hardship. That is when working with Foreclosure Solutions USA can be very beneficial. We are able to give you some time to come up with some money to offer your lender.
Basically you want to establish a workout agreement with your lender - there are other "loss mitigation" options to consider - but you'll have to make the presentation to the lender and have them accept.
Do the courts have to do anything to allow me to talk to the lender for a Forebearance plan since I am in chapter 13. Do I need to inform the Trustee of my chapter 13?