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May 28, 2015
10:00
:46
am
ChubbyChaser
Yes, I believe it keeps the interest rate and remaining # of payments the same
and lowers the monthly payment amount accordingly.
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ChubbyChaser
Previous username
Epileptic Smeagol
New username
Pimpin4Paradise
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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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