Stopping Foreclosure by Reinstating the Mortgage

Question: We were served with foreclosure papers last week, is there any way to stop the foreclosure? We have a way to obtain the past due amount. We thought the payments were getting automatically withdrawn and did not receive the notifications due to the wrong email address the bank had for us. We tried to call the mortgage company, but instead were told to contact the attorney that filed the papers.

Response: Request the reinstatement amount from the bank’s attorneys, reinstate the loan, and they will discontinue the foreclosure action. Foreclosure is a lengthy process and before the bank can even proceed with a residential foreclosure, you will attend a mandatory settlement conference, where you too will have an opportunity to try to work out an option to save your home, i.e., loan modification, reinstatement, short sale, etc.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.

Copyright © 2015 Law Office of Svetlana Kaplun, P.C.

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