Posted by JT-IN on December 23, 2003 at 22:00:47:
Leon:
Some states do have laws that require the lender to allow you to reinstate up until x number of days prior to a Sheriff Sale, fromt he date of the Judgment. Others do not…
The terms of the contract, (Note & Mtg) can be more liberal than state law, but not more restricting. Obviously state law will dictate not less than x days, but if the Lender will allow you to reinstate up to the minute of the sale, so be it… the state wouldn’t care. Bottom line is check the contract, know your state law… and even then verbally check with the Loss Mitigation Dept. Just keep them honest, through knowing the state law, in case they attempt to restrict you beyond the minimum time window.
Good luck…
JT-IN