Finance
A Tennessee borrower who wants to lower their mortgage payment without refinancing might consider:
ARequesting a payment modification from TREC
BA loan recast (reamortization) by making a lump sum principal payment✓ Correct
CA short sale to eliminate the mortgage
DFiling for bankruptcy to reduce the balance
Explanation
Some lenders allow a mortgage recast (reamortization) after a large lump-sum principal payment. The loan is re-amortized over the remaining term at the lower balance, reducing the monthly payment without the cost of a full refinance.
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