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
Enhancement of a property's value even though the improvement is not on it. Lighting in the street would be an example. ...
Through real estate properties, many individuals of varying degrees of expertise find ways to make money. The real estate industry allows these practices as real estate properties are ...
Among other things. Inter alia is an ancient method of referring to statutes without reciting all of their provisions. ...
See effective tax rate. ...
A landowner may not divert or redirect a natural occurring waterway from his or her property causing damages to another property. Waterway is normally construed to mean streams and rivers ...
Location Analysis is the appraisal of a general geographic area for a particular use. A Residential Real Estate Market professional (or consumer) rarely deals with a Location Analysis ...
The amount of money a developer must directly invest in order to obtain a development loan. It pays for the initial development cost including costs for items such as architectural plans, ...
Person's sole ownership of real property. ...
Insurance contract providing coverage for risks primarily associated with negligence and acts of omission associated with third-party injuries or property losses. Property and casualty ...
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.