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May 28, 2015
9:51
:47
am
fulano
So if you owe a couple grand, but a windfall allows you to pay $50K to principal
you can ask the bank to re-amortize the remaining balance and recalculate p&i and they will do it?
Do they do it using the exact same term (same pay off date)?
I had no idea this was an option.
This message has been modified
Originally posted on May 28, 2015 at 9:51:47am
Message modified by fulano on May 28, 2015 at 9:54:00am
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fulano
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fulano
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Nov 6, 2001
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Messages
Author
Time
How common is it for banks to recast a mortgage?
JackStack
5/28/15 9:38am
I've seen it done on a few occassions by my employer, but it isn't very common.
ChubbyChaser
5/28/15 9:45am
So if you owe a couple grand, but a windfall allows you to pay $50K to principal
fulano
5/28/15 9:51am
Yes, I believe it keeps the interest rate and remaining # of payments the same
ChubbyChaser
5/28/15 10:00am
What incentive would a bank have to do this?
fulano
5/28/15 10:03am
The interest collected is based off of the principal balance, not the payment
ChubbyChaser
5/28/15 10:17am
RE: I've done it twice with mine.
Cricker
5/28/15 10:10am
did you do it with the lender or the servicer?
conetah
5/28/15 11:25am
RE: The lender, Bank of America. There was a one time charge of a couple of hund
Cricker
5/29/15 9:04pm
Not common...
conetah
5/28/15 11:24am
Here's my angle for the question:
JackStack
5/28/15 11:34am
to be honest,
conetah
5/28/15 11:12pm
RE: That's exactly what I did.
Cricker
5/29/15 9:07pm
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