Question:
I am waiting on a reinstatement figure for my mortgage. What is a reasonable time allowed to pay this lump sum? Will they want it in two days or do they give you a week or two etc.? Any abswers appreciated.
Usually a reinstatement of a mortgage is procured through a motion in a court when a lender takes the debtor to court or when the lender and debtor have a forebearance agreement to do so.
But a reinstatement as I understand it is not for a lump sum (other than maybe past payments due) but a novation to a contract making the old promissory note and mortgage whole again and avoiding foreclosure.
Check with a local legal beagle
The waited period is about 3 to 5 month before foreclosure process.
With out knowing what is happening you may want to check this out!
http://marksaveshomes.com
Good luck!
Mark
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