Foreclosure has been on the rise in Los Angeles, California due to the COVID-19 pandemic but what really is foreclosure? The Foreclosure proceedings are a legal process, which the lender attempts to recover an outstanding balance loan from a borrower. Foreclosure to your dwelling is a horrifying nightmare that everyone should avoid. And if the sale of your home doesn’t cover your loan balance, you may end up paying more money than you have.
1. Pay Back Your Fees and Debt in Large Lumps Sum
Reinstatement lets you pay back the amount as a lump sum payment that could include interest and penalty charges. This must be paid before a specific date. You can reinstate your installments if you fall back on your mortgage payments.
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