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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Chapter 13 and right of reinstatment. Posted by Ward-CA- on May 20, 2002 at 8:02 AM In Reply to: chapter 13 and redemption period posted by greg CA on May 19, 2002 at 9:07 PM : Some preforeclosure people don't seem to get motiviated until the night before. I have a feeling I'll need to know how to do the bankruptcy "power play". : Anyway, my question is , does the right of redemption get restored if they file bankruptcy just before the sale? Or do they still have to payoff the enitre loan because we're now inside the 5 day window. : Greg =========== Greg, The rule is that you don't have the right to reinstate the loan when in the 5 day zone just before the truste's sale. At that time the lender can require that you pay off the entire loan. However, when the trustee's sale is moved ahead 30 days, it has the effect of rejuvenating the right of reinstatement another 25 days. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Some preforeclosure people don't seem to get motiviated until the night before. I have a feeling I'll need to know how to do the bankruptcy "power play". : : Anyway, my question is , does the right of redemption get restored if they file bankruptcy just before the sale? Or do they still have to payoff the enitre loan because we're now inside the 5 day window. : : Greg : =========== : Greg, : The rule is that you don't have the right to reinstate the loan when in the 5 day zone just before the truste's sale. At that time the lender can require that you pay off the entire loan. : However, when the trustee's sale is moved ahead 30 days, it has the effect of rejuvenating the right of reinstatement another 25 days. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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