 TITLE: How to Recast Your Mortgage CONTENT: How to Request a Mortgage Recast\n--------------------------------\nThe steps you need to take for a mortgage recast are pretty straightforward:\n*   **Review your current mortgage status.** You might not be able to recast your mortgage if, for instance, you're currently behind on your loan payments or you've made late payments in the past 12 months.\n*   **Contact your lender or loan servicer.** Some lenders don't allow mortgage recasts.\n*   **Find out how much cash you'll need.** If your lender does allow mortgage recasting, ask how much you'll need to provide as a lump-sum payment. Generally, the payment must be at least $20,000, although lenders may require as much as $50,000 or as little as $5,000. The mandatory payment may be a flat amount or a percentage of the loan balance.\n*   **Apply for a recast.** Obtain a mortgage recast application from your lender.\n*   **Make the lump-sum payment.** If your application is approved, send the lump-sum payment and recast fee to your lender.\n### What Kinds of Mortgages Qualify for Recasting?\nOnly conventional loans, which are not backed by the federal government, can be recast. These include loans that \"conform\" to Fannie Mae and Freddie Mac standards, as well as jumbo loans that exceed Fannie Mae and Freddie Mac borrowing limits. Government-backed mortgages, such as FHA, VA and USDA loans, cannot be recast. END