DOES THE BANK HAVE TO ACCEPT MONEY I OFFER THEM TO CURE THE DEFAULT (REINSTATE THE LOAN)?

STATUTORY RIGHT TO REINSTATE LOAN BY PAYING DEFAULT

A lender/bank cannot refuse to accept your payment for the full amount of default at any point prior to 5 days before the sale (Cal. Civ. Code § 2924c(a)(1)).  Up until then, you have a statutory right to “reinstate” the loan by paying the default amount (plus other fees, such as interest, penalties, and costs), and they are required to file a Notice of Rescission of the Notice of Default.

The lender (or its servicer) is also required to provide the borrower with a “beneficiary statement,” which contains information on how much must be paid in order to reinstate the loan. Cal. Civ. Code § 2943.

Read further: WHAT DOES THE BANK HAVE TO DO BEFORE THEY CAN SELL MY HOME?

THE BEST OPTION FOR YOU

If you are facing a foreclosure sale, the attorneys at ANAND LAW can evaluate your situation to determine the best solution for you. Oftentimes, we are successful in preventing foreclosure sales altogether. We have helped homeowners in Los Angeles, Orange, San Bernardino, Riverside, San Diego, San Luis Obispo and Santa Barbara counties.  Where homeowners can’t afford to remain in their property, but the lender has still committed wrongdoings, we are often able to secure monetary settlements.

We can also evaluate your situation to determine if a CHAPTER 13 or CHAPTER 11 bankruptcy is in your best interest.

ANAND LAW will take a detailed look at your situation in order to determine what can be done.  You may be able to:

  • Stop foreclosure sales by obtaining a temporary restraining order (TRO);

  • Retain Residence and Rental Properties through Litigation & Negotiation

  • Stop foreclosure sales and retain Residence and Rental Properties Through Chapter 11 or Chapter 13 Bankruptcy

  • Re-structure mortgage debt so that outstanding balances are equal to the market value of real properties;

  • Re-structure mortgage debts by lowering interest rates;

  • Remove unsecured & cram down undersecured real property mortgage liens;

  • Remove unsecured & cram down undersecured HOA liens;

  • Remove certain tax liens;

  • Eliminate unsecured debt.

Click below for a free case evaluation.

CALL US
CONTACT US ONLINE

The information on this site is provided for informational purposes only and does not constitute legal advice. The information contained is not intended to be a complete recitation of the law, and is provided only as general information in an area—it may not contain all nuances of the law, and is not guaranteed to be correct or complete.  ANAND LAW PC (“ALPC”) expressly disclaims all liability in respect to actions taken or not taken based on the information contained in the FAQ.

We invite you to contact us for more information by calling 323-325-3389, or submitting our contact form here. However, contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until an attorney-client relationship has been established by a signed legal services agreement. Unless and until you and ALPC formally establish an attorney-client relationship, ALPC does not represent you in any manner, and has no duty to you.  Further, any email or other correspondence sent prior to a formal relationship being established, and without request from ALPC, will not be privileged or confidential, and subject to disclosure to other parties. Please review our complete Terms of Use.