What does the statutory right of reinstatement allow a property owner to do?

The statutory right of reinstatement specifically allows a property owner who has defaulted on their loan to bring the mortgage current by paying the past due amount, including any late fees, and any other additional costs incurred due to the default. This right aims to help borrowers avoid foreclosure by giving them the opportunity to "reinstate" their loan by remedying the missed payments within a specific time frame provided by state laws.

This concept is critical in mortgage regulation, as it protects property owners facing financial difficulties, allowing them to retain their ownership and avoid the severe consequences of foreclosure.