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
The excess of total expenses over rental revenue for a real estate business. ...
A heating system consisting of a heating unit forcing hot air through an interconnected network of air ducts with outlets throughout the structure. The advantages if a forced hot air system ...
Lienholder's statement as to the unpaid balance on a trust deed note. ...
Modeled after the English Georgian style, this architecture is a perfectly scaled grand symmetrical structure which is extremely formal and conventional in style. ...
Expenditures incurred to initially purchase property, including incidental costs necessary to put the property into existing use and location. This cost is then depreciated over the assets ...
Statement made verbally. It is better legally to have a written statement because verbal ones without witnesses may be denied. ...
Land that has poor income potential, usually used in an agricultural sense meaning that the land is untellable, has poor access, is extremely steep, has suffered serious erosion, is ...
The Ellwood method based on a multiplier of mortgage-equity to determine the value of income-producing property. ...
A caveat vendor is a legal principle where the seller is legally responsible for warranting the quality and suitability to task of the item purchased. ...
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.