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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Repayment Plan


Synonyms:debt repayment plan, loan repayment plan, repayment assistance plan
Filed Under: financial-banking, mortgages
Tags: banking, mortgage
 

Definition of repayment plan

repayment plan
1. Modifications made to the repayment terms of an existing loan after the borrower is delinquent. Often used when the borrower misses payments, but the lender does not foreclose.

Related Terms and Acronyms:

  • bankruptcy (BK)   A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
  • debt consolidation   The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. It's also called a consolidation loan. CanEquity has access to Canada's best debt consolidation products, for more info about debt consolidation see our debt consolidation page.
  • default   When a borrower fails to fulfill the obligations of a loan or lease.
  • delinquent mortgage   A mortgage loan where the borrower fails to make payments as specified in the loan agreement.
  • refinancing   The act of paying off one mortgage with another mortgage to take advantage of lower interest rates. Refinancing is also used to transform equity into cash for vacations, home improvements, or for consolidating debt.

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