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Loan Reinstatements

Loan Reinstatements

A reinstatement is when you pay the past due balance to the bank. At any point, after you fall behind on payments, you have the right to request and receive a reinstatement quote from the bank. You generally have the right to reinstate the mortgage up until the time that a foreclosure judgment is entered, but often lenders will accept a reinstatement post-judgment, as long as the reinstatement is received prior to the foreclosure auction. Under those circumstances, the bank would then move the Court to have the judgment vacated and the case dismissed. A reinstatement is a very speedy and quick resolution of your foreclosure matter if you can put together the funds to afford it. Before you pay a reinstatement, however, you will want to make sure that you will be able to resume making payments or else you will have spent the money and will be soon be back in foreclosure again.