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Written by Dan Allen
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A repayment plan combines your normal monthly payment with a part of your delinquent amount. Depending on your circumstances the lender will usually set this up for a period between 18 and 24 months. The lender may ask for a intial payment of 25-50% down and the rest split up over the arranged time period. This is the most common way to resolve a delinquent mortgages but applicants must be able to show they are capable of making the new higher payment.
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Last Updated ( Saturday, 05 January 2008 )
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