Mortgage Reinstatement Support
Are you behind on mortgage payments, facing foreclosure and ready to just pay the bank what you owe?
Paying back what you owe to get current on your mortgage is called reinstating your mortgage and you would think it would be easy!
Ideally banks would have a simple process to take your money and get you caught up. The reality is that reinstating a mortgage once you’re facing foreclosure can be a difficult process to navigate.
My guess is – you’re also feeling scared about sending an untrustworthy bank a large check.
Get the reinstatement quote in writing before you send any money anywhere
If you are in foreclosure, you should have a reinstatement quote in writing before you send any money to the bank. Do not rely on any verbal reinstatement number given to you by a bank representative.
The reinstatement quote will tell you:
- The FULL amount you owe to reinstate the loan
- The name of the Trustee or Foreclosure Attorney’s office handling the reinstatement
- The breakdown of the full amount including your arrears, months missed, foreclosure fees added and late fees added
- Payment instructions with detailed information about how the bank wants you to make your payment
- The date that the reinstatement quote expires
How I can help you with your reinstatement
- Full reinstatement quote support: I order your reinstatement quote and keep the number updated so when you’re ready to reinstate, we have a non-expired amount.
- Advise on best payment option: Explain the payment options to you and advise on which one is the safest way to reinstate
- Confirm the funds were received and applied correctly: Once you reinstate, I inform the Trustee and the lender. Then, I track the payment until the funds have been pulled from your account and correctly applied to your balance.
- Confirm all foreclosure activity has been stopped: After the funds are applied, I confirm that all foreclosure activity attached to your file has been stopped and the Trustee has issued their Notice of Discontinuance (the notice that states your foreclosure activity has been stopped).
- Confirm the payment amount and the due date of your regular payment: If needed, I stay with you until you’re clear on what your obligations are moving forward with your monthly payment. I confirm the amount owed each month, the due date of the first payment and ensure that your mortgage statement correctly reflects the reinstatement.
Reinstating by yourself can feel scary. It can feel like you’re up against multiple big, bureaucratic parties. It can be nerve wracking to wire a large amount of money without much assurance about where it’s going and whether you’re doing it correctly.
It can be comforting to have someone else responsible for ensuring the funds make it to the correct place and it can be helpful to have someone familiar in the industry working with the Trustee and lender to ensure no mistakes are made when you’re sending such large sums of money.
If you’re feeling like you’re ready to reinstate your mortgage and want help, please give me a call at (425) 654-1674.
How Can I Help?
Practice Areas
