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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Reinstatement right available to lienors and interest holders.. Posted by Ward-CA- on May 15, 2003 at 7:06 PM In Reply to: Reinstating as new owner posted by Greg on May 15, 2003 at 1:31 PM : Ward, : The fixed search function is great. I didn't realize you had so many messages still available. : My question: : If I purchase a property in foreclosure, subject to the defaulted loan, do I have a "right" as the new owner to reinstate? : In what circumstances can the lender refuse to take it from me? : Regards, : Greg : : The message that I'm refering to is: : http://www.foreclosureforum.com/mb/messages/3090.html ===================== Greg, The right of reinstatement applies to those parties or individuals who are adversely affected by the foreclosure of a senior lien. So that would include ALL JUNIOR lienholders and junior parties who hold an interest in the property. An owner of the property, whether an "old" one or a "new" one, holds an interest in the property and thus qualifies to reinstate the delinquency, regardless of how they acquired that interest, be it by sale, by gift, by option, by foreclosure auction, etc. The absolute right to reinstate the payment delinquency applies up to 5 business days before the scheduled foreclosure sale. During the 5 days the foreclosing beneficiary can insist on a total payoff of their loan. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : The fixed search function is great. I didn't realize you had so many messages still available. : : My question: : : If I purchase a property in foreclosure, subject to the defaulted loan, do I have a "right" as the new owner to reinstate? : : In what circumstances can the lender refuse to take it from me? : : Regards, : : Greg : : : : The message that I'm refering to is: : : http://www.foreclosureforum.com/mb/messages/3090.html : ===================== : Greg, : The right of reinstatement applies to those parties or individuals who are adversely affected by the foreclosure of a senior lien. So that would include ALL JUNIOR lienholders and junior parties who hold an interest in the property. : An owner of the property, whether an "old" one or a "new" one, holds an interest in the property and thus qualifies to reinstate the delinquency, regardless of how they acquired that interest, be it by sale, by gift, by option, by foreclosure auction, etc. The absolute right to reinstate the payment delinquency applies up to 5 business days before the scheduled foreclosure sale. During the 5 days the foreclosing beneficiary can insist on a total payoff of their loan. : Hope this helps. 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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