An event that triggers a recasting of the payment plan for an ARM mortgage. For instance, if the borrower makes a minimum payment for 5 years, the payment schedule can be recast to pay off the full mortgage in 30 years.
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An event that triggers a recasting of the payment plan for an ARM mortgage. For instance, if the borrower makes a minimum payment for 5 years, the payment schedule can be recast to pay off the full mortgage in 30 years.
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