What is the Right of Reinstatement?

The Illinois Mortgage Foreclosure Law provides for a specific right of reinstatement. In order to reinstate your loan, you must repay any missed payments and any costs and expenses required by the mortgage. You cannot be required to repay the amount of principal due as a result of the lender accelerating your loan. This right expires 90 days from the day you were served or from the date you voluntarily submitted to the court's jurisdiction (filing an appearance before being served).

If you reinstate your loan within the 90 day period, the case against you must be dismissed because you are no longer in default. Although this option is available to every homeowner, not many people are able to take advantage of it. Homeowners who receive large periodic bonuses at work or who have a family member willing to help can use this remedy to end their foreclosure and move on with their lives. Reinstatement is one of your rights under the law, but it can only be exercised once every 5 years. If you reinstate your loan in 2013, you cannot exercise the right again until 2018.

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