Sunday, August 2, 2015

How to Reinstate a Delinquent Mortgage on a Foreclosed Property?

Question: I got a foreclosure notice with a specific reinstatement amount. The bank sent me an invoice and I paid that along with my enclosed letter stating that at this point I paid a full payment that the bank requested. I called the bank to verify that they received the funds and they said they did and would credit my account. They then called me back and said I'm still in foreclosure and I owe more money. What are my options?

Response: Once your case is referred to foreclosure, in order to reinstate the loan, you must get an official reinstatement letter from the bank’s attorneys that would also reflect attorney’s fees and costs. If you only paid the amount on the bill, that amount may not be sufficient to fully reinstate the loan as there may be some additional fees and costs that were not fully reflected on the statement. Request an official reinstatement letter. See how much you owe. If it’s a small amount, then you can probably pay it and get out of foreclosure. If the bank is still requesting a similar or higher amount to what you already paid, they probably bounced the check that you sent because technically you can’t just pay what you owe without going through the official reinstatement process that is described on the reinstatement letter, usually requesting you to wire the money. I think you are close to rectifying your situation and should be getting out of foreclosure shortly.
In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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