What is a reinstatement clause?

A reinstatement clause is a provision in a foreclosure law within Wisconsin that allows a homeowner to avoid a foreclosure on their home. This is done by allowing the homeowner to pay off their overdue debt and reinstate their home loan. The homeowner must pay off their overdue debt and all associated court costs or fees that are associated with the foreclosure process. The reinstatement clause typically requires the homeowner to pay the amount due within a set period of time, such as 30 or 45 days. If the homeowner successfully pays off the overdue debt within the designated time period, the foreclosure process is stopped and the home loan is reinstated. This allows the homeowner to keep their home and avoid a foreclosure. If the homeowner fails to pay off the overdue debt within the designated time period, the foreclosure will go through and the home loan will be terminated. The reinstatement clause helps protect homeowners in Wisconsin from losing their home due to foreclosure.

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