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
That which remains. As applied to real estate, it is the profit derived from rentals after subtracting all operating costs from the gross rental revenue. ...
Something coming before. Examples are the year before, first lien on property, and previous owner of property. ...
House that can be bought at a low price because it is in poor condition. A buyer who is handy may find it attractive because he can personally make the needed repairs without hiring others. ...
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Contractual clause allowing one or both parties to terminate the agreement if a specified occurrence takes places. This is a cancellation clause, which allows the agreement to become null ...
Laws enacted by every state governing the activities and requirements of real estate salespeople and brokers. Upon satisfying the necessary age and residency requirements and satisfactorily ...
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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?
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