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Under a second mortgage who has put your home in

Customer Question
foreclosure, does a bank have...
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: 2 years ago.Category: Real Estate Law
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1/19/2016
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 32,892
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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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

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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago

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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years 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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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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