Definitions for "REINSTATEMENT PERIOD"
this is the interval from the date the notice of default is recorded until five business days prior to the date of sale during which time a default may be reinstated/cured.
One of the phases of foreclosure, during which the homeowner has the opportunity to stop the foreclosure process by paying the money that is owed to the lender or servicer.
The time period between the time that the Notice of Default records and ends 5 business days before the trustee´s sale. The lender must allow reinstatement during this period of time. A lender may elect to allow reinstatement after the 5-day period ends, but before the trustee´s sale.