When I got into real estate back in the early aughts, I was lost. People were using all kinds of acronyms, like in other industries, and one of them was RPL.
RPL is a fancy way of abbreviating Reperforming Loan, which is a mortgage that was delinquent—because the borrower got behind on payments—but then got caught up (on payments). Well…sometimes caught up. Often, a RPL takes on that name because the borrower simply resumes making payments, but may not necessarily be caught up.
Truth is, borrowers of RPLs have often filed for bankruptcy and continued making payments as part of the bankruptcy agreement. But, in some cases, borrowers become current on their mortgages through a loan modification program sponsored by the government. Or, a lender may agree to a loan modification to avoid potential foreclosure.
And that is the gist of Reperforming Loans.
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