Re: Reinstatement question
Posted by NJD on October 17, 2006 at 10:22:43:
In Reply to: Reinstatement question posted by HT on October 16, 2006 at 23:08:08:
: Is it legal for a lender to refuse a reinstatement in New York?
My resources indicate prior to the 'acceleration' of the debt, meaning calling the entire debt due and payable, the mortgagor (you) can reinstate by payment of all arrears. Following acceleration of debt, the mortgagor (you) lose the right to reinstate, unless your mortgage and nore specifically include a provision permitting reinstatement after acceleration.
So, the question is whether or not the debt was accelerated. Read the summons and complaint.
The mortgagor (you) has the right to redeem, meaning to pay all sums needed to satisfy the mortgage, at any point up to the foreclosure sale.
Once the sale has occured, the mortgagor (you) may no longer redeem.