Definition and Citations:
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.
Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.
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.