Recasting
Definition of "Recasting"
revising the terms of a loan such as when the borrower is experiencing severe financial difficulties. For example, a homeowner lost his job and seeks relief by requesting the lender holding his mortgage to extend the payments for five additional years and modify the interest rate on the loan downward from 10% to 9%. The lender is a family member and agrees to do so.
Popular Real Estate Terms
As a hopeful house hunter, renter, or seasoned real estate investor, you've probably come across baffling terms. One such term is "adhesion contract." It might sound complex, but don't ...
(1) Methods that involve discounting the future cash flows generated by an income property. These techniques are used primarily for valuation. (2) Methods of selecting and ranking ...
A recorded plat defines a subdivision map that you have to file in the county recorder’s office. It will show the location and boundaries of your parcels of land. Knowing this, we can ...
(1) Judgment against a defendant who does not respond to the plaintiffs lawsuit or fails to appear in court at the hearing or trial date. (2) Judgment issued by the court against the ...
Characteristic of a trust that prevents the invasion of its principal by the trustees while providing a lifetime income to its principal beneficiary with the rest going to the son's ...
Legal lien on property on behalf of an individual who has not been paid for material furnished in constructing property. The material enhanced the value of the property, and as such the ...
Homes with division of ownership or use of a resort unit on the basis of time periods. For example, a resort home may be divided into 25 time shares of two weeks each, with two weeks left ...
A reassessment or a reappraising is a decision or strategy made by the owner or the state or local authorities. The reassessment definition is a revision of an earlier assessment. Property ...
Underground pit or tank used to store sewage. ...
Comments for Recasting
I've been in my loan 90 days now and struggling with the high interest rate. My A/C is not working and they expect me to pay to replace the unit?
Sep 04, 2019 20:04:00Hi, Paula! We are sorry to find that you're already struggling with your home loan. Unfortunately, once you buy a property, you become responsible for all the repairments. If your AC unit broke down, you would have to pay for it out of your own pocket or buy a new one with a credit card. However, it might be under warranty, so please check your documents. You should also try to discuss openly with your lender and negotiate the terms and conditions of your loan. Refinancing is not an option at this time because most lenders won't refinance loans unless you have some equity in your home. However, we have plenty of advice on how to lower the burden of a home loan. For example, you can find how to pay little to no interest on your home loan. Please take the time to read our blog as well.
Sep 05, 2019 11:09:04Have a question or comment?
We're here to help.