What is a REINSTATEMENT amount?
Brad Woodall (BW): Hey everyone, I’m Brad with sellhousefastga.com, here with my attorney and business partner, Josh Rand. Today, we’re discussing foreclosures and a term you might encounter on a foreclosure notice: the reinstatement amount. Josh, can you explain what a reinstatement amount is?
Josh Rand (JR): Absolutely, Brad. If you’re facing foreclosure due to missed mortgage payments, the reinstatement amount is the total sum you need to pay to bring your loan current and halt the foreclosure process.
What’s Included in the Reinstatement Amount?
JR: The reinstatement amount includes all missed mortgage payments, plus any additional costs the lender has incurred since the foreclosure process began. This can include attorney’s fees if the lender has involved legal counsel, escrow advances for property taxes and insurance, and any late fees.
BW: So, to stop the foreclosure, you’d need to pay the entire reinstatement amount?
JR: That’s correct. By paying this amount, you essentially reset the clock on your mortgage and bring it back to a current status.
The Right to Reinstate
JR: It’s important to remember that you have the right to redeem your mortgage – bring it current – before the foreclosure is finalized. However, you need to act promptly. Once the foreclosure occurs, you lose the right to reinstate in Georgia.
BW: Exactly. Time is of the essence in these situations.
Need Help? We’re Here for You
BW: We hope this video has clarified what a reinstatement amount is. At sellhousefastga.com, we offer various solutions for homeowners facing foreclosure. We buy properties for cash, as-is, and close quickly. If you prefer to sell on the market, I’m a licensed real estate agent and can assist you with that as well.
Even if you just need information or have questions about your specific situation, please don’t hesitate to reach out. You can click on the link in the description to visit our website or fill out the form there. We’ll contact you as soon as possible to discuss how we can help.
Thanks for watching, and remember, we’re here to help you navigate through this challenging time.