I can't get a reinstatement quote - Posted by Cindy-OR

Posted by Mike-OH on April 08, 2006 at 06:38:29:

What is the law in your state? In many states, you don’t have the right to reinstate the loan after a certain point in the foreclosure procedure. The only way to cure the default may be to pay the mortgage balance + fees in full.


I can’t get a reinstatement quote - Posted by Cindy-OR

Posted by Cindy-OR on April 08, 2006 at 02:14:29:

I have the deed and am on title now, on a preforeclosure home. The auction is in 12 days. There is only one mortgage, it’s with Househould Finance. I have faxed an Authorization to Release Info. and asked for the quote. However, they have not faxed or mailed it to me and give me nothing but the run-around on the phone. Is it time to go visit my lawyer, or the courthouse, or do you have a better suggestion.

Re: I can’t get a reinstatement quote - Posted by jafon2k (NY)

Posted by jafon2k (NY) on April 14, 2006 at 03:35:01:

On title now? Is title recorded?

On title now ==> Due on Sale Clause. No obligation by bank to reinstate, if they know the property has been sold.

Court has no obligation to insist that loan be reinstated even if you have the ability to pay arrears because of due on sale clause.

Go to a branch and see if you can get the amount due and try to pay there. It is a long shot to say the least. Banks will sometimes recieve a payment if mailed in and never cash the check or inform you of their non-acceptance of the check (funds are placed in non-assigned accounts). By going in person you can get an immediate acceptance(receipt) of payment.

When calling the bank try to talk to an officer of the bank.

(Of course, reinstatement in subject 2 is state dependent)

Re: I can’t get a reinstatement quote - Posted by Jack

Posted by Jack on April 08, 2006 at 18:19:34:

In the state where I am from the forclosure would have to be amended to include you if you are now the title holder or they could not get the title. If they have to do that they may be more cooperative. If they do not know it beforehand they would have to start all over.