When a lender begins foreclosure on a property, the property owner may terminate the foreclosure proceedings through reinstatement. Mortgage reinstatement means catching up your missed mortgage payments, along with all associated late fees and charges. To reinstate, you must pay the full amount due and owing in a single lump sum.
Foreclosure proceedings start with a Notice of Default (NOD). The lender (or trustee for the lender) files a Notice of Default with the county after the property owner (trustor) fails to make loan payment(s). This is done to give constructive notice to the public, which is required by law. The owner may be delinquent anywhere from 15 days to 12 months or more. After the recording of the Notice of Default, the borrower and junior lien holders (2nd mortgage, etc.) are given proper notification, and the borrower has at least 90 days to bring their account current with the lender. This time period is also referred to as the Reinstatement Period.
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