0
What is the meaning of a recast mortgage and how does it differ from a traditional mortgage?
A recast mortgage is when the borrower makes a large payment towards the principal balance of the loan, which then reduces the monthly payments. This differs from a traditional mortgage because it allows the borrower to lower their monthly payments without refinancing the entire loan.
What else can I help you with?
What is a loan recast?
borrowing more money ontop of an existing loan
What happens when you can't pay your mortgage?
It reflects poorly on a bank to have real-estate in its portfolio of assets. When a borrower is performing well on their mortgage installments, the Asset in the banks portfolio is a performing mortgage. When a mortgage stops performing the first course of action is to get the mortgage reperforming. The situation will be assessed to determine the best course of action for reperformance. The loan may be recast so that the payment will be reduced but it will take longer to pay off. A portion of the monthly mortgage payment might be deferred to the back of the loan balance. Ex. $1000 payment reduced to $800 (the amount owed on the loan increases by $200) The interest rate on the mortgage may be reduced to get the note to reperform. (It's not uncommon for banks to sell their notes to other banks. Imagine that Bank of America has made a profit off of a note after a few years. The debt could be 180K, but considering the profit they've made off the note, they might sell it to another bank for 160K. So the new bank buys 180K of debt for 160K, and when they look at their books, they see that they are making 8% annual yield off the note when your interest rate on paper is 6%. so it's not unlikely that the bank is able to reduce the interest rate to get the note to reperform.) Foreclosure proceedings. The homeowner has an equitable right of redemption. The bank needs to be sure they can repossess the house and in order to do that legally they must foreclose the homeowner's equitable right of redemption.
What does it mean to recast a loan and how does it affect the terms and payments of the loan?
Recasting a loan means adjusting the terms of the loan, typically by extending the repayment period or changing the interest rate. This can lower monthly payments but may result in paying more interest over time.
What is Fund Statement Explain its purposes sources of fund application of fund etc?
The fund means all the financial resources of a firm such as cash in hand, bank balance, accounts receivable etc. Any changes in these resources are reflected in the firm's financial position. The Funds Statement is called by different names, viz., Source and Application of Funds, Sources and Uses of Funds, Movements of Working Capital statement, Movements of Funds statement and Where Got and Where Gone statement. This statement is prepared to indicate the increase in the cash resources and the utilization of such resources of a business during a given period. It is prepared to enable the management to know the movement in liquid assets between two dates. Increases and decreases together with adjusted profits for the period and depreciation charges, taxation, dividends paid will be shown. It shows the ebb and flow of funds into and out of the business. This statement gives a clear picture of what has become of the net profits and of the funds obtained from other sources. It is a means of analyzing in detail the items contained in the balance sheets by recast of increase and decrease of certain figures not found in the balance sheets and linking in the analysis. They are not intended to report the changes in the assets and liabilities from all aspects of a company's performance during an accounting period.
What is the meaning of recast?
To throw again., To mold anew; to cast anew; to throw into a new form or shape; to reconstruct; as, to recast cannon; to recast an argument or a play., To compute, or cast up, a second time.
What is the root word for recast?
The root word for "recast" is "cast," which comes from the Latin word "castrare" meaning "to throw." Recast means to cast again or in a different form.
Please let me know which of below mortgage options will save us more money?
Sorry, I meant "$400 towards the principal" not $500.
How many time was the bell recast?
the bell was recast twice by past and stow in 1753 the liberty bell was recast twice by past and stow in 1753
Are they going to recast annabeth?
NO
What has a large crevice that is the result of the recast by pass and stow?
The Liberty Bell has a large crevice. This crevice is the result of the recast by Pass and Stow Company.
What roles were recast in the Harry Potter movies?
The role of Albus Dumbledore was recast from Richard Harris to Micheal Gambon as Richard Harris died.
How did dyke come to mean lesbian?
The origin of slang terms is usually obscure. Dike or dyke appeared in the 1930s, meaning a mannish, cigar-smoking female homosexual. As the word's meaning extended to include any female homosexual, the original meaning was recast in the noun-phrase bull dyke.
What is is recast?
borrowing more money ontop of an existing loan
Why was the Liberty Bell recast in 1753?
because of fat george washington
What is the philosophy that recast Platonic thought in contemporary terms called?
Neoplatonism
What is a loan recast?
borrowing more money ontop of an existing loan
