In most States the homeowner has the option of bringing the loan current
at any time prior to the entry of a Final Judgment
If you have the ability to write a check for the full amount due (in which case you won’t require any assistance from us, just write the check and you’ll be in good standing with your lender almost immediately). Most mortgages allow for borrower reinstatement up until the time a Final Judgment is entered. Each State if different. (Please consult a qualified attorney for more specific information regarding loan reinstatement.)
If you havn't the ability to reinstate your loan in full, most lenders offer payment plans that allow for the systematic reduction of the delinquency. Borowers reduce a portion of the delinquency with an immediate cash payment and agree to make additional payments monthly until current. This will usually require some lender qualifying and a signed agreement. If the foreclosure action has be filed then the agreement is called a forbearance agreement. This agreement will keep the foreclosure action in abayence and will not require the bank (plaintiff) to re-file the action or re-serve the parties upon any default.
