What is a reinstatement clause?

A reinstatement clause is part of foreclosure law in Oklahoma that allows a borrower to stop a foreclosure of their home by paying off their debt within certain timelines. The reinstatement clause gives the borrower the right to pay their debt to the lender, including all interest, fees, and other charges, by a specific date. The reinstatement clause also gives the borrower the right to be reinstated back into their home with all their rights, which they would have had before the foreclosure began. This reinstatement clause also contains the date and time of the foreclosure sale, which is the date when the foreclosure must be stopped. The reinstatement clause is a way for a borrower in Oklahoma to keep their home from going through foreclosure, by paying off their debt to the lender in a timely manner.

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