Can my mortgage loan be reinstated if I bring the payment up to date within a reasonable time??
Answer:
Certainly.
Remember this - lenders DO NOT WANT TO BE IN THE REAL ESTATE OWNERSHIP/SALES BUSINESS! If they can avoid a foreclosure, they will. Usually, the mortgage that you have given to the lender (the mortgage is the LIEN, not the LOAN) has a clause that interrupts the "acceleration" process if the mortgagor (the borrower) brings his payments up to date and also pays the legal and other foreclosure costs the lender has incurred up til then.
There might also be some other fee/fine that the lender will tack on - just because! The Golden Rule definitely applies here. But you will get to keep your home.
Talk to your lender. Your original loan officer there is a good place to start. The lender will be happy to hear from you. Possibly they will even offer you a favorable deal to get you properly reinstated. It is when the borrower does NOT talk with the lender that problems "snowball" out of control.
Yes, but since you are in foreclosure your attorney will need to file a motion to reinstate within the foreclosure proceedings so that the judge can determine whether to grant the request based on the pleadings and facts therein or not. Ask your attorney he is more qualified than me to answer it.
Yes! Talk to your loan agency about your loan and financial situaition
Yes. You should contact your bank immediately. Keep in mind that you will owe more than just the delinquent amount. Your lender will also be adding the cost of the foreclosures, late fees and accrued interest in addition to the payments you owe. In other words, you will owe more than just the two payments you are behind.
Once they've told you the total amount that's due, including the deadline for bringing the loan current, get it in writing.
Most banks will reinstate because they do not want your house.
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