Reinstatement:
For temporary financial problems, you and your loan servicer can agree upon a date when the entire past - due amount, plus any late fees or penalties is to be paid.
HELOC also are usually set up as interest - only loans during the «draw» period when you can borrow money before starting to pay it back, often 10 years - which can be helpful if you're
experiencing temporary financial problems.
Everything we talked about in the previous section applies to
temporary financial problems.
The crisis can include fire, flooding or storms, hospital confinement or
temporary financial problems.