REINSTATEMENT: WHAT IS A REINSTATEMENT?

SERVICE: The Law Offices of Sulaiman & Associates will conduct an in-depth study of all the documents and the specific narrative of the Client/Borrower to discover what is the best course of action to be taken in regards to a Reinstatement Strategy for the Client/Borrower. A Reinstatement is a powerful tool provided for under the Illinois Mortgage Foreclosure Act. The Firm’s goal is to educate our Clients and with our advice and counsel guide our Clients. We are committed to researching, formulating and finally executing the best strategy for our Clients. This is our Commitment to all our Clients.

QUESTION: What is Reinstatement of the loan?

ANSWER: REINSTATEMENT: Reinstatement of the loan is a right given by the Illinois Mortgage Foreclosure Act which allows the Mortgagor (the Borrower) to cure the default by making the lump sum payment of everything owed in back payments also known as the mortgage arrearage, past payments, penalties, cost of collection and Foreclosure and legal fees to date if said fees are approved by the court. You do not need to come up with the entire principal. The amount to Reinstate will be provided by the Attorney for the Lender. The amount for the Reinstatement provided by the Bank or their Attorneys is often incorrect. Please beware when reviewing the Reinstatement amount. The right to Reinstate belongs to the parties on the mortgage and the right is valid for 90 days after the parties have been served by legal process, which is measured from the date the Summons and Foreclosure Complaint is delivered to the Borrower (served) or the first day of publication. After 90 days the Lender does not have to allow the Borrower to Reinstate under the Illinois Mortgage Foreclosure Act. The right is only available once every five years. If you Reinstated this loan less than five years ago and are now again in Foreclosure, your Lender does not have to accept your payment and Reinstate the loan. When you Reinstate the loan you start making payments as before and the Foreclosure case that was pending against you is fully dismissed.

Please hire competent counselors to properly conduct a proper Reinstatement. With proper negotiation our Firm has been successful to allow the party to bring the loan current without actually having to use this special right, keeping it for the Client just in case they were to fall behind again in the future. Whomsoever you hire to assist you with a Reinstatement, please check their credentials. Please take the time to find and speak to the most qualified people in this Specialized Field of Law. Contact us today at (630) 575 – 8181 for an initial consultation with an Illinois Licensed Attorney.

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YOUR GREATEST ENEMY IS FEAR AND IGNORANCE OF THE LAW.
YOUR GREATEST DEFENSE IS THE LAW.

THE LAW OFFICES OF SULAIMAN & ASSOCIATES, L.L.C. PROVIDES CONSUMER INFORMATION ABOUT THE LAW DESIGNED TO HELP CONSUMERS SAFELY INFORM THEMSELVES OF THEIR OWN LEGAL NEEDS. BUT LEGAL INFORMATION IS NOT THE SAME AS LEGAL ADVICE, WHICH IS THE APPLICATION OF LAW TO AN INDIVIDUAL\'S SPECIFIC CIRCUMSTANCES. ALTHOUGH WE GO TO GREAT LENGTHS TO MAKE SURE OUR INFORMATION IS ACCURATE AND USEFUL, WE RECOMMEND YOU CONSULT A LAWYER TO ADDRESS THE NEEDS OF YOUR PARTICULAR SITUATION. PLEASE CONTACT OUR OFFICE AT (630) 575-8181 OR EMAIL US AT INQUIRY@SULAIMANLAW.COM FOR COPIES OF THE INFORMATION FOUND HEREIN OR TO SCHEDULE A CONSULTATION WITH A LICENSED ILLINOIS ATTORNEY. THANK YOU FOR YOUR KIND COOPERATION AND UNDERSTANDING.