What is reinstating the loan? – This is when a borrower can “cure” the loan before the date of sale. Many states permit this. This requires the borrower to pay the amount in arrears, plus attorney’s fees and interest. This is a better proposition for the borrower, since the amount in arrears is usually much less than the entire principle balance, which occurs when the lender accelerates the debt. Most states have laws requiring a reasonable notice to the borrower before the acceleration takes place.
[tubepress mode=’tag’, tagValue=’Boulder Colorado foreclosure’]