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.
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