Re: Question For The Foreclosure Experts - Posted by JoeKaiser
Posted by JoeKaiser on April 22, 2000 at 23:25:03:
Here’s how it works here in Washington State.
The lender, by STATE law, must accept reinstatement money at any time prior to 11 days before the foreclosure sale. Our sales are always on Fridays, so we know that we need to bring these things current on the Monday a week and a half before the sale.
Lenders cannot refuse reinstatement funds, but they can refuse partial reinstatement funds.
After the Monday that falls 11 days before the sale, the lender can demand satisfaction in full of the entire principal balance. However, many do in fact let you reinstate right up until the sale date.
Often, when within the 11 day window with an uncooperative lender, people will file bankruptcy for the sole purpose of pushing that sale date out into the future and effectively recreating that 11 day window.
It didn’t take long for lenders to figure that out and now when someone files bankrutcy to recreate that window, lenders postpone the sale not for the 30 days they used to, but for only one week . . . and then they just do it again and again and again.