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Houston Mortgage > Glossary >
Debt Management > R 1-10
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Reaffirmation agreement
An agreement by a Chapter 7 debtor to continue paying a dischargeable debt after the bankruptcy, usually to keep collateral or mortgaged property that would otherwise be subject to repossession.
Reorganization plan
A Chapter 11 or 13 plan describing the terms by which the debtor intends to repay his debts, usually over a three- to five-year period.
Repayment period
In a home equity line of credit, that portion of the life of the loan that follows the draw period. During the repayment period, the borrower cannot take out any more money, but must pay down the loan.
Repayment plan
Modification of an existing loan after the borrower has been delinquent. Often used when the borrower misses payments but the lender does not foreclose.
Revolving credit
A line of credit that does not have a specified repayment schedule but may require a minimum payment to cover interest and contribute to paying off principal. Typical of credit card loans, checking account cash reserve or overdraft accounts that have pre-approved lines of credit.
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