I've been late on my mortgage for many times and am 2 months being. Can my mortgage loan be reinstated during the foreclosure process if I bring my payments current within 2 months???
2006-10-10 01:33:59 · 6 answers · asked by BEDROOMBULLY2000 1 in Business & Finance ➔ Renting & Real Estate
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.
2006-10-10 02:28:53 · answer #1 · answered by PLS 2 · 0⤊ 0⤋
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.
2006-10-10 02:05:23 · answer #2 · answered by Le_Roche 6 · 0⤊ 0⤋
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.
2006-10-10 01:43:12 · answer #3 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
Then the HE own loan could be interior the situation to foreclose - and the only way they might do it is by procuring for out the often going on own loan. The humorous component is they won't prefer to do it until eventually the home is nicely worth extra effective than the own loan. so as which potential, they won't foreclose until eventually they understand they could make their a reimbursement while they purchase out the residing house. So, you may proceed residing interior the residing house. the disadvantage is that, as quickly as you pay it down sufficient for them to justify foreclosing - they are going to. and you have got useful on your credit checklist of nonpayment - which will evaporate seven years from the date you the two start up paying, or you sell the residing house and pay off the HE own loan. in the event that they do foreclose, it quite is a bigger hit on your credit. the two way, i could stay in touch with them. And in case you identify to stop paying the 2nd HE own loan, then be up front and tell them, and clarify to them why - they might have a software that should assist you. it quite is a decision various sources proprietors are dealing with appropriate now. solid success. look into the law Congress is passing appropriate now to freeze your rates of pastime.
2016-10-16 00:59:35 · answer #4 · answered by kigar 4 · 0⤊ 0⤋
Most banks will reinstate because they do not want your house.
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2006-10-10 10:55:28 · answer #5 · answered by Foreclosure help 888-870-9191 1 · 0⤊ 0⤋
Yes! Talk to your loan agency about your loan and financial situaition
2006-10-10 01:43:12 · answer #6 · answered by no.#1 Mom 4 · 0⤊ 0⤋