What is the difference between a reinstatement quote and a payoff quote?

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.