Recasting a mortgage happens when you put down a lump-sum payment toward the principal balance and the lender re-amortizes the loan. Since you are paying down your principal by a large amount, your monthly payment will be lowered, but your interest rate and loan terms will rema...

Find out the eligibility requirements, fees, and process for recasting your loan with Mr. Cooper. Learn how to recast your mortgage and lower your monthly payment by making a lump-sum payment toward the principal bala...

Mortgage payment assistance for unemployed or underemployed homeowners; Reinstatement for delinquent accounts; Principal reduction to help homeowners get into more affordable mortgages (recast or modification); and/or. Funding to eliminate homeowners’ second lien loans.

Loan Modification Details. If you’re facing a long-term hardship, we can review you for a loan modification to determine if more manageable terms are available. While refinancing means replacing your existing loan with a new one, loan modification keeps your existing loan and chang...

Should I pay extra toward my principal? Describes amortization schedule, where to view yours, and how to calculate changes.

1. Loan Term. This represents how long you have to repay your loan. The most common loan terms are 30 years and 15 years, but there may be other durations depending on your loan type and other factors. Usually, the longer your loan term, the more interest you’ll pay over the life of ...

Explore Refinance Options. Refinancing doesn’t have to be difficult. Our experts make the process quick & easy. Learn More. Watch & Learn. Our mortgage experts break down important tips & topics. Watch Now. Quick Links. When can I remove PMI from my loan? Why did my payment change? W...

Note: The recasting process can take up to 90 days. Provides definition, guidelines, and process for a mortgage re... We will re-amortize your mortgage loan accordingly.

Your options may include refinancing, repayment plans, and loan modification. Mortgage Assistance Options, Loan Modification, Reinstatement, Repay, Pandemic Forbearance Plans.

A repayment plan is an agreement that spreads the past due amount over a specific period, typically 3–6 months, during which time you make a full payment, plus a partial payment, until the account is brought current. Repayment plans can be an ideal option for homeowners who face ...