What is the reinstatement fee for a foreclosure?

You can stop a foreclosure process by reinstating or paying off the loan. Most homeowners usually confuse between these two options.

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. Reinstating a loan stops a foreclosure because the borrower is allowed to catch up on payments in default, as well as fees and expenses incurred as a result of the default. Once the loan is reinstated, the borrower resumes making regular payments on the debt.

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To reinstate a loan, you must first find out the amount needed to reinstate. You do this by requesting a reinstatement quote or reinstatement letter from the servicer. The reinstatement quote will show the exact amount required to cure the default, as well as a good-through date for the amount. The quote will ordinarily include:

  • All of the back and current payments now due
  • Any applicable late fees
  • The cost of any property inspections
  • The attorney/trustee a fees and charges for the foreclosure procedure
  • Other expenses incurred to preserve and protect the lender’s interest in the property, and
  • Often a recording fee for the notice of cancellation of the sale.

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