Mortgage Reinstatement: Avoid Foreclosure

Mortgage Reinstatement: Avoid Foreclosure

Missing payments on your mortgage can be unsettling. You worry about losing your home. This is a scary place to be. We want to help you with this. Mortgage reinstatement is a great option for you to explore to get your loan on track again. We can help you avoid foreclosure. Please keep reading to learn more, then give us a call to set up a free consultation.

What is a Mortgage Reinstatement?

We sometimes refer to your mortgage reinstatement as a loan reinstatement. What it basically boils down to is paying the past due amount on your mortgage that has gone into default. If you have missed your mortgage for many months, then you will be in default. What we aim to help you do is get this reinstated. You have 120 days before a lender can begin the process of foreclosure.

This method allows you to catch up on the payments that you have missed as well as the late fees from the past due payments. You can start over with a  clean slate once you accomplish this successfully. Once you have your mortgage reinstated, you can go on paying your mortgage as usual.

The Letter You Need for Mortgage Reinstatement

You should reach out to our Florida foreclosure defense lawyers if your mortgage has gone into default. You might receive a letter from your lender for reinstating your mortgage. It will tell you how much money you need to send in to get your mortgage reinstated. This is called the mortgage reinstatement quote.

You will also see in this letter the date that it is due as well as what you will go through after you send in the payment. We still want to hear from you even if your letter has expired. You can get a new one from your lender. The lender does not necessarily want to go through foreclosure because it can mean that they lose money, so they should be more than willing to give you that reinstatement letter again.

What is the Mortgage Reinstatement Process?

Again, lenders are often eager to give you this letter and go through the process of reinstatement so that you and they do not have to go through foreclosure. When you are behind on your mortgage you should reach out to your lender to talk about your options. Getting a quote for reinstating your mortgage is vital. You should not be surprised to see that the foreclosure fees are included in the quote.

You can get your loan restored with this process. You can go back to making regular mortgage payments without the distinct threat of foreclosure. There is an option to pay off your mortgage but that typically requires a lot more money. It would let you keep your home without the risk of foreclosure. You definitely can consider paying it off if you never want to have to worry about foreclosure again.

Negotiating Terms with a Lender

We can help you with reinstating your mortgage, but please know that you cannot negotiate with your lender about the terms of reinstating your mortgage. However, if you are not able to afford the reinstatement of your mortgage, you can explore the other options that will help you keep your home such as modifying your loan. According to Forbes, one of the worst things you can do when you’re struggling with payments is to not notify your lender.

Call Our Foreclosure Lawyers Today

If you are worried about losing your home, please call our office right away to set up a free consultation. We can help you with mortgage reinstatement.

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