options for keeping your home
Reinstatement - Easy But Hard
If you’re already in foreclosure, reinstatement is the easiest way to restore your mortgage. This option may be possible until five days before your home goes to auction, but it is often easier said than done. Why is that?
- For your mortgage to be reinstated, you must refinance your loan.
- For your mortgage to be reinstated, you must make extra payments.
- For your mortgage to be reinstated, you must pay everything you owe.
“C” is correct. To earn reinstatement, you have to pay the lender all you owe. This includes missed payments, late charges, and any related fees. Coming up with this amount of money when you’re already short on cash may not be feasible. But if you use a bonus, tax refund, or inheritance or you’re able to sell other assets, such as jewelry or a second car, this may make it possible to keep your home.