Foreclosures Book

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 riskwaiting until the lastminute 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 If you’re in a financial position to do so, you can stop a foreclosure by “redeeming” your home — paying off the full balance of your loan. As with reinstatement, above, the first step is to determine exactly how much you owe. If possible, begin 30–60 days before you expect your final payment by requesting a payoff statement from whoever services your loan. (You’ll find their contact information on your monthly statement.) The servicer will set an expiration date for the quote, after which interest will again accrue. In addition to the final month’s principal and interest, you’ll have to pay a small amount for the county to release the mortgage lien from your title. Depending on the terms of your loan, you might also pay a prepayment