Yes, I believe it keeps the interest rate and remaining # of payments the same

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May 28, 2015
10:00:46am

ChubbyChaser

and lowers the monthly payment amount accordingly.

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ChubbyChaser

Previous username: Epileptic Smeagol
New username: Pimpin4Paradise
Bio page: ChubbyChaser
Joined: May 2, 2008
Last login: May 12, 2018
Total posts: 0 (0 FO)

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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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