A reinstatement quote provides the amount necessary to bring your loan current and cure your default. It includes all missed payments, late fees, interest, lender advances and the fees and costs of the foreclosure. This is what most borrowers need. A payoff quote provides the amount necessary to pay off the loan in full, such as when selling the property or refinancing the loan with a different lender. In addition to the reinstatement amounts, it includes the remaining principal balance owed on the loan.
Typically, the foreclosure process does not begin until a borrower has missed at least four monthly payments. Frequently, a borrower has many more missed payments. To determine your reinstatement or payoff amount, you must submit a reinstatement request utilizing the Reinstatement/Payoff Request form. We then contact your lender to obtain the amount of all missed payments, late fees, interest, lender advances and future monthly payments coming due through the good through date. Once we have the information from your lender, we will prepare a reinstatement quote that includes the fees and costs of the foreclosure as of the good through date and email it to you.
That is the deadline for us to receive your reinstatement/payoff funds. Funds must be received by 4:00 p.m.
Please allow 2-3 business days to receive your quote. If not received, please check your email spam/junk folder before calling us.
Call us to request rush service and also fill out the Reinstatement/Payoff Request form.
The foreclosure fee is the amount charged for conducting the foreclosure process. The costs may include court filings, certified mail, a title examination and the newspaper advertisement.
Yes, if there are amounts owed on any additional loans with the same lender.
Either a cashier’s check or a bank wire for the full amount.
No. We can only accept the total amount.
You have three options. First, you may have your financial institution wire the funds to our bank account. The reinstatement/payoff quote will include the wiring instructions. Second, you may mail the funds to our office. We do not recommend using regular postal service delivery. The delivery time is unpredictable, and the postal service frequently loses mail or experiences delivery delays. Instead, we recommend using an overnight delivery option. This allows you to track the delivery and it is more likely to be delivered on time. Third, you may bring the funds to our office.
12610 Patrick Henry Drive, Suite D, Newport News, Virginia.
We are open 8:30 a.m. – 5:00 p.m. Monday through Friday, excluding holidays.
Not usually, but if you are delivering the funds yourself it is best to call and confirm the same day.
It is your responsibility to ensure that we receive your funds by the good through date. Sending the funds is insufficient. Funds received after the good through date are untimely, insufficient, do not stop the foreclosure process/sale, and will be returned to you.
Possibly, but we are not involved in that process. You will need to contact your lender directly to find out.
Yes, provided that the new good through date is still prior to the foreclosure sale date.
If you reinstate by the good through date, we will stop the foreclosure process, cancel the sale, notify your lender that you have reinstated and send your lender the amount due the lender. You then resume making your regular monthly payment to your lender.