Real Estate Law
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No, there is no "immediate relinquishment" of your property.......and in order for the lender to take the property back, it would require a foreclosure proceeding. However, if you are able to catch the note up and bring it current, that should stop any such foreclosure action.
Because of the advances made by the lender, you may want to consult a local lawyer to respond and inform the lender of the law related to your situation, the fact that you will be bringing things current and the fact that there is no immediate relinquishment of the property.