Can I negotiate a mortgage reinstatement?

The smartest thing to do if you are behind on your mortgage payments is to contact your lender immediately and try and negotiate a mutually agreeable plan that works for both of you so you can avoid foreclosure.

There are two ways that you can prevent foreclosure. This includes reinstatement and payoff. A reinstatement involves a homeowner making singe payment to catch up with everything due on loan. On the other hand, a payoff consists of the homeowner paying the lender the total remaining balance. A mortgage reinstatement helps homeowners get your financial feet back on the ground after experiencing a temporary hardship, such as loss of your work.

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In most states, homeowners defaulting on mortgages are allowed to reinstate their loans and avoid threatened foreclosure. Homeowners are also allowed to negotiate the reinstatement of their mortgages loans with the lenders. Negotiating a reinstatement of a defaulted mortgage with the lender is a bit more involved than simply paying all missed payments and late fees, though. When you’re negotiating with your lender, the lender will agree to a “workout,” which includes a repayment plan that allows the defaulting borrower to catch up missed payments and any fees gradually.

You have the right to contest what you believe to be an incorrect amount in a reinstatement or payoff quote.

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