Reinstatement Quote
The document that states how much is needed to cure the default and reinstate the loan — distinct from a full payoff.
A Reinstatement Quote is a statement from the servicer specifying the EXACT amount needed to cure the default and reinstate the loan — bring it current. It is DIFFERENT from a Payoff Statement: a Reinstatement Quote gives the amount to catch up on missed payments (arrears + fees + costs), while a Payoff Statement gives the amount to pay off the entire loan. The reinstatement amount includes: past-due principal and interest, late fees, foreclosure costs and attorney fees (that the servicer is entitled to recover), inspection fees, property preservation costs, and other allowable charges. The quote is valid through a specific date. The homeowner has a statutory right to reinstate (cure and bring current) up to a deadline set by state law — typically 5 days before the sale in non-judicial states, or up to entry of judgment in judicial states.
Purpose
- 1State the amount required to cure the default and bring the loan current
- 2Allow the homeowner to exercise the statutory right of reinstatement
- 3Itemize all arrears: missed payments, fees, foreclosure costs, and allowable charges
- 4Provide a deadline by which the reinstatement amount must be paid
Who Prepares It
The servicer prepares the reinstatement quote in response to a borrower request. The quote must be in writing and include a breakdown of all charges.
When It Is Used
Requested when the homeowner wants to cure the default and reinstate (rather than pay off entirely). Used during: non-judicial foreclosure (to cure before the sale), judicial foreclosure (to cure before judgment), and loss mitigation (to calculate the amount needed for a cure/reinstatement option).
Legal Effect
The Reinstatement Quote is the amount the borrower must pay to cure. If the borrower pays this amount by the reinstatement deadline, the loan is reinstated (brought current), foreclosure stops, and the installment contract resumes. The servicer must accept a valid reinstatement from a borrower who has the right to reinstate under state law. Challenges to the reinstatement amount can be raised through a Notice of Error, a motion to determine the correct amount, or a RESPA claim.
Common Mistakes
Homeowner Rights
Other Servicing & Payments Documents
Financial Worksheet
The detailed income and expense statement used by the servicer to calculate your debt-to-income ratio and determine modification eligibility.
Payoff Statement
The document that states exactly how much is needed to pay off the mortgage in full — essential for refinances, sales, and calculating surplus funds.
Escrow Analysis Statement
The annual statement showing your escrow account activity — required by RESPA and often the source of payment shock.
Payment History / Loan Ledger
The complete record of every transaction on your mortgage — the single most important document for challenging improper fees, payment misapplication, and accounting errors.
Frequently Asked Questions
What's the difference between a Reinstatement Quote and a Payoff Statement?▼
A Reinstatement Quote = amount to CATCH UP (arrears + fees only). A Payoff Statement = amount to PAY OFF the entire loan (principal + interest + fees). If you want to keep your home and cure the default, request a Reinstatement Quote. If you want to sell/refinance and pay off the loan entirely, request a Payoff Statement. The reinstatement amount is always less than the payoff amount (typically much less).
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