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
material placed on the outside surface of a structure such as aluminum or vinyl siding on a house. It is cost-efficient because it eliminates the need for repeated painting. Siding provides ...
Founded in 1930 and located in Centerville, UT, NARELLO has 700 members consisting of state administrators managing real estate licensing laws. It seeks to improve real estate licensing ...
There’s a lot of confusion regarding the hazard insurance definition. Many people think it’s a synonym for homeowners insurance but they’re wrong. Hazard insurance is ...
We all know what income is or what gross income means, but what is adjusted gross income? When a company calculates its income to determine their taxable income, they take the gross income ...
Regional area from which a particular product or service can expect its greatest demand. For example, a retail department store expects to attract shoppers from a market area having a ...
Owner has rights to water on his land. He also has a reasonable privilege to water adjacent to his property that flows through it or abutting it. ...
First right of a party, usually a creditor, to hold, keep possession of, or control the property of another to pay a debt, duty, or obligation. ...
Claude in a contract, title, or mortgage that is subject to being annulled, repealed, or revoked upon the satisfaction of a claim or completion of a future event. ...
Supplementary narrow pathway, such as to a building. ...
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.