How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barrister Your Own Question
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33798
Experience:  15 years real estate, Realtor. Landlord 26 years
19958803
Type Your Real Estate Law Question Here...
Barrister is online now
A new question is answered every 9 seconds

My home is in foreclosure. it was 7200 in arrears, to

Customer Question

my home is in foreclosure. it was 7200 in arrears, to reinstate...i had to wait for my income tax to come in and when i was ready to send it in, there was a "notice of trustee sale" and my home is due to auction July 8. as directed by my mortgage company,ditech, i spoke to the attorney/trustee and then requested reinstatement and they gave me a number much higher, 10220. to reinstate. i dont have the additional thousands tacked on by this trustee. if i send the money i have via certified mail, cashier's check, to the mortgage company, does that reinstate my mortgage? i have the 7200 plus another 800.-1000. i dont know what to do. please help
Submitted: 6 months ago.
Category: Real Estate Law
Expert:  Barrister replied 6 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

.

Expert:  Barrister replied 6 months ago.

if i send the money i have via certified mail, cashier's check, to the mortgage company, does that reinstate my mortgage?

.

When a mortgage goes into default, and it moves forward down the foreclosure sale track, then the attorney fees, late fees, and other charges start to add up quickly over and above what the actual delinquent payments are.

.

So it isn't unusual for a few thousand extra to be added into the total once the attorneys get involved.

.

But if they have sent you an amount to reinstate the loan, then that is normally the only amount that they will accept to cure the default and reinstate it. If you send anything less, they will usually reject it and send it back to you.

.

If that amount to cure is good until July 8, then you still have some time to try and get that additional money together to send in. If you can sell something or borrow the money from friends or family, then that would allow you to save the house.

.

I would still go ahead and contact the attorney/trustee and let them know that you can come up with $XXXX and see if they would work with you on the rest of the amount over the next couple months. They just want their money and aren't really looking forward to selling the house as that normally results in a much bigger loss to the lender.

.

A last alternative would be to go ahead and file bankruptcy as that will put an automatic stay to any creditor actions, including any foreclosure. That will buy you a few months before the house would be released by the BK judge to continue on with the foreclosure. If you can get the money together during that couple months, then you can dismiss the bankruptcy, pay the amount to cure the default, and then reinstate the loan.

.

.

thanks

Barrister

Related Real Estate Law Questions