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RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
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Experience:  9+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Under a second mortgage who has put your home in

Customer Question

under a second mortgage who has put your home in foreclosure, does a bank have to reinstate the loan if you bring it up to date plus fees
the first mortgage is up to date
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 10 months ago.

Good morning. A party who is in foreclosure can ask the lender for the reinstatement amount, to bring the loan current. They will include all fees and other costs as well and if it is paid, then the second loan should be reinstated and the foreclosure action dismissed. When an unmatured installment note goes into default, virtually all promissory notes or loan agreements allow the lender to “accelerate” the note, at which point the installment feature of the note goes away and the entire loan becomes immediately due and payable. Minnesota’s “reinstatement” statute, which is designed to protect borrowers, permits borrowers to stop the foreclosure of the mortgage by “curing” defaults any time before the Sheriff’s sale

Expert:  RealEstateAnswer replied 10 months ago.

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Expert:  RealEstateAnswer replied 10 months ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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