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)