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jeffc762 · Joined: 30 Nov 2006 Posts: 5 3.46 Dollars($)

What is "Reinstatement"? I've heard it mentioned a couple times, dont know what it means.

Guest

Hi,

If you are behind on your mortgage payments and the lender agrees to make the loan payments current after including all applicable costs and any kind of penalties then it is called reinstatement. After the loan is reinstated you will be allowed to make regular payments as you were making before the loan went into default.

Thanks

adonis · Posted: Mon Dec 11, 2006 8:49 pm Post subject:

In a reinstatement, a borrower requests the lender to allow him some time within which he can arrange for the unpaid loan balance and repay it.

helping_user

Hi Jeff,

As experts say, nothing is impossible! So, surely, if you try your level best, you can achieve the credit score of 800. Even, your current score seems to be very good. So, just have patience, carry on with good payment habits – that's more important and counts a lot when you apply for loans/credit.

Thanks

jeffc762 · Joined: 30 Nov 2006 Posts: 5 3.46 Dollars($)

Trust me, my score isnt great. I was just curious what reinstatement is because I got off to a bad start with my new mortgage company.
I was late on the 30days first payment because of a misunderstanding, now on my second payment I am coming up short because my wife and I missed work when the city was blacked out in the ice storm. ARRRGGGHHH!!!

Jessica · Posted: Tue Dec 19, 2006 9:00 pm Post subject:

Its hard to fight against natural disaster. We can only work on what is in our own hands. I hope you and your wife get through the late payment as soon as possible.

Good luck! Smile

Guest

I was quoted a reinstatement amount which includes other costs that was added on top of what I owed or defaulted. I was wondering if the additional cost can be waived by the lender since that would set me back a month worth of payment?

jerry · Posted: Mon Oct 13, 2008 1:43 am Post subject:

Hi phat!

Welcome to forums!

Reinstatement amount is never waived off. It is the total amount which is due including late fees and attorney costs. Paying this fee will make your mortgage up-to-date. Lenders offer this only if you are able to promise a lump sum to bring your payments up-to-date by a specific deadline.

Thanks,

Jerry

Guest

We got behind about 2 months on our mortgage, due to husband laid off, and my hours cut.
We owed mortgage co. around 5,000. They had sent us already to a attorney. Their fees were around 1800.00. Mortgage company had taken 1700.00 of our payments, and put it in a holding fund? Why they didn't put it towards our mortgage, I will never know, then we would of been only 1 month behind. I think they kept that money, to make sure the lawyer got paid.. WE paid everything up certified mail, and check on Thursday. Even faxed the mort. company to show them the authentic copies. Friday evening a sheriff came to our door with mortgage foreclosure sale slated for end of Dec. Boy, wasn't that a kick in the teeth. We keep calling the mort. co. to convey our concerns,andtell them they need to get ahold of the lawyer they appointed to stop the sale. They got them in the first place, you would think they have the number to stop it all. WE even called the attorny's office,and they told us to call the mort. co. I'm just hoping there isn't any more attorny fees tacked on, or I guess the bank will be getting it back. Like the one next door empty for 2 years with a flooded basement, mold, mildew, mice infested. My husband and the neighbor have been mowing the bank owned house for about 2.5 years so our property doesn't look tacky. LOL.. Does anyone know if I could send the bill to the bank for gas,and wear and tear on our lawnmower. Should we file a complaint to the county that we live in, so they can get after the bank to either bull doze it down or fix it up. Any suggestions out there...?

jerry · Posted: Sat Nov 21, 2009 5:26 am Post subject:

Hi,

Guest

My home was sold September 20th, I was told everything was going well and still the house was sold. I tried reinstating the loan but that too was denied, I was told that California is no longer accepting loan reinstatements. Is that true?

Niicss · Posted: Mon Oct 04, 2010 2:08 am Post subject:

I haven't heard of any such news that California has stopped reinstatements. In California, the borrower has the legal rights to reinstate a loan until 5 business days prior to the sale of the property.

Guest

What about reinstating a loan after foreclosure procedings? The property I was told is now bank owned and that their are limited options I may have to save my home.

Guest

How much time would I have to wait in order to buy another home?

smithsussane · Posted: Thu Oct 07, 2010 1:23 am Post subject:

Hi Francisco!

Welcome to forums!

You need to check out whether or not reinstatement of mortgage is allowed in your state. If yes, then you can contact your lender and apply for reinstatement. After a foreclosure, you'll have to wait for 3-4 years in order to get a mortgage to buy a new property.

Feel free to ask if you've further queries.

Sussane

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