Frequently Asked Questions (FAQs)
If you have questions about your loan with EMM Loans LLC and would like to speak to someone, please give us a call at 855-648-0025. Our team members are available Monday – Friday 8:00 am – 9:00 pm ET and Saturday 8:00 am – 12:00 pm ET to help you.
What the heck is a Mortgage Recast?
Do I qualify for a Recast?
If I Recast my Mortgage, will my monthly payment remain the same forever?
Is there a minimum lump-sum requirement?
Yes. A minimum of 10% of the current unpaid principal balance is required. This amount may be accepted as:
- A single lump sum payment or
- In multiple principal reductions totaling at least 10% of your current unpaid principal balance if received within a 3-month period.
Is there a processing fee?
Are there any additional requirements?
- The loan may not have had a modification completed within the last five years.
- The account may not be currently active in bankruptcy.
- The account may not be currently delinquent.
- The loan may not be in an interest-only period.
- In the case of an Adjustable Rate Mortgage (ARM), there may not be an interest rate change scheduled in the next 30 days.
- All outstanding fees are paid in full.
- 2nd liens are ineligible for Recasting.
- The loan must be aged, at minimum, 90 days after origination or from the service transfer date.
Why are interest only and adjustable rate mortgages ineligible?
What about my Escrow payments?
Is there a timeframe for requesting a Mortgage Recast?
What does the process look like?
Please reach out to our Customer Care Team at 855-648-0025 anytime Monday - Friday 8am to 9pm ET or Saturday 8am to 12pm ET with your request:
- Recast requests are forwarded to our Special Loans team for handling
- Special Loans will provide amortization schedules based on the principal curtailment amount(s) requested. Please note, if no specific amount was given, Special Loans will send a default amortization scheduled based on our 10% minimum principal curtailment requirement
- Once the principal curtailment and recast fee are received and deposited our Special Loans team will send you a recast agreement based on the principal curtailment amount received
- Once the agreement has been signed, notarized and returned to our Special Loans team, your system changes will be completed, and a new billing statement requested
- Please anticipate a 30-45-day processing time
Where do I send my payment?
Please return your principal reduction and fee to:
Attn: Special Loans
3138 E Elwood Street
Phoenix, AZ 85034