Posted on: 18th Aug, 2010 11:12 am
I've got a customer that is financing a 7 year reset mortgage that resets on Sept 1st. I have not seen the note but he said his lender sent him a letter asking him if he wanted to reset the mortgage and he chose no because he is refinancing with someone else. His refi may not be done by the first. Does he still have a grace period or what happens to his current note?
Hi chris!
Welcome to forums!
Your client should check his loan documents in order to know whether or not there is a grace period mentioned there. If the loan docs specify about the grace period, then your client will be able to get that. He'll have to refinance the loan within the given time period or else, the loan will reset.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your client should check his loan documents in order to know whether or not there is a grace period mentioned there. If the loan docs specify about the grace period, then your client will be able to get that. He'll have to refinance the loan within the given time period or else, the loan will reset.
Feel free to ask if you've further queries.
Sussane