Cancellation • other expenses incurred to protect the lender’s interest in your house • where — or to whom — you must send your payment to be properly credited against your account Check your loan documents to find out whether your deed of trust or mortgage specifies a specific deadline for reinstatement. The applicable section might have a heading such as, “Borrower’s Right to Reinstate.” The state in which you live also might require you to reinstate by a specific deadline, such as close of business on the day prior to the sale. If all else fails, you can appeal to the lender directly to allow you to reinstate. If the lender is motivated to get you back on track with your payments, they might be accommodating on the timeline. As always, consult your attorney — possibly one who specializes in foreclosure — if anything is unclear. If possible, get your funds to the designated contact person well in advance of the deadline. Send your payment check by overnight courier so that you can track it all the way to its destination — or wire it to the recipient — instead of just dropping it in the mail. It may cost you a few dollars more, but your peace of mind is worth it. Don’t risk waiting until the last minute to reinstate your loan. You must deliver the funds you have promised the lender on time — no excuses! Otherwise, the foreclosure process will proceed as planned and your work on reinstatement will be for nothing. Many unexpected occurrences can cause delays. The bank can make a processing error. You can overlook business closure for a holiday. The courier service might fail to deliver funds on time.
AVOIDING FORECLOSURE THROUGH PAYOFF
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