Our home is bound for a Trustee Sale in a California Court on Monday, August 8, 2011.
We have been pursuing a modification with the lender, but it is not complete yet, they say it might take "another 7 days" from today, 7/28/11. On a parallel path, we are trying to raise some money from our friends and family to reinstate the loan, but it is taking a bit of time... (Our financial picture has improved lately, we would have no problem making the mortgage payment, at this time, but we do not have the funds to clear the backlog...)
We would like to know which date would be the last date that we could still reinstate the loan by paying the backlog? Does the lender have to agree to reinstatment? (We are assuming that if the mod comes at the last moment, is the same as lender canceling sale...)May I ask for a bit of clarification? The sale date is 8/8/11-five “calendar” days would mean that the backlog must be cleared on or before 8/3/11. If the law refers to “business” days, the cut off appears to be on or before 8/1/11. (The distinction might appear trivial, but with the last moment scrambling for $, it could make all the difference in the world.) After the 5 day cut-off, is it still possible to reinstate by paying the backlog, if the lender agrees? Thank you.