Iowa homeowners who are facing foreclosure may consider taking measures to reinstate their defaulted mortgage as a way to halt the foreclosure process.
Homeowners who fall behind on loan payments are allowed to halt the foreclosure process if they are able to make one payment that covers all of what is currently owed on the loan. This includes back payments, late fees, attorney fees, and any other expenses that may have accrued in the process. If a homeowner is able to make this lump payment, he or she will be allowed to resume normal payments.
To make a reinstatement payment, a homeowner will have to request a quote from the lender in order to ensure that all money and fees owed are included in the sum. Homeowners should avoid putting reinstatement payments off to the last minute in the foreclosure process, as this can lead to more complications.
If you are considering having your loan reinstated to avoid foreclosure in Cedar Rapids, a lawyer at Hong Law, PLC may offer you legal assistance. Call our office today at (319) 294-5853 to find out how we may help you defend your home.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office