Two of the most confused terms in Florida foreclosure are "reinstatement" and "redemption." Both can stop a foreclosure and let you keep your home -- but they are fundamentally different rights, apply at different stages of the process, and cost very different amounts. Understanding the distinction can mean the difference between saving your home and losing it unnecessarily.
Side-by-Side Comparison
| Factor | Reinstatement | Redemption |
|---|---|---|
| What you pay | Missed payments + fees + costs | FULL judgment amount (entire debt) |
| Effect | Loan continues; default cured | Loan paid off in full; case dismissed |
| When it is available | Before final judgment (typically) | Before Certificate of Sale issued |
| Deadline | Final judgment date (check mortgage terms) | Auction ends (Certificate of Sale issued) |
| Florida statute | F.S. 702.01 + mortgage contract | F.S. 45.0315 |
| How to exercise | Pay servicer directly; get written confirmation | Pay full judgment to clerk of court before sale ends |
| Post-sale version? | Not available after judgment | NO post-sale redemption in Florida |
What Is Reinstatement?
Reinstatement is the right to cure a mortgage default by paying everything you are behind -- missed payments, late charges, escrow advances, and fees the servicer has charged. After reinstatement, the loan continues exactly as before, with the same interest rate, term, and monthly payment. The default is erased.
In Florida, the reinstatement right is primarily contractual -- it exists in your mortgage agreement. Most standard Fannie Mae and Freddie Mac mortgage documents allow reinstatement up to 5 days before the foreclosure sale. Non-standard loan agreements may have shorter or longer reinstatement windows. Florida Statute 702.01 does not independently provide a statutory reinstatement right, so your specific mortgage terms control.
To exercise reinstatement: contact your servicer's loss mitigation department and request a written reinstatement quote (also called a reinstatement statement). The quote is typically good for 30 days. Pay by cashier's check or wire transfer and get written confirmation that the default has been cured.
What Is the Right of Redemption?
Florida's right of redemption (F.S. 45.0315) is the right to stop a foreclosure sale by paying the full judgment amount -- the entire outstanding debt, all accrued interest through the redemption date, attorney fees awarded in the judgment, and court costs. This is not just catching up on missed payments -- it is paying off the entire mortgage.
The redemption right exists until the moment the clerk issues the Certificate of Sale. This happens at the conclusion of the foreclosure auction. Payment must be delivered to the clerk of court before the sale ends. If you arrive one minute after the Certificate of Sale is signed, your redemption right is permanently gone.
Important: Florida has no post-sale redemption period. Some homeowners mistakenly believe they can buy the property back within a month or year after the sale, as allowed in some other states. This is not Florida law. Once the auction ends, the right of redemption is extinguished.
The Gap: After Judgment But Before Sale
The most critical -- and often misunderstood -- window is the period after a final judgment of foreclosure is entered but before the auction occurs. During this period:
- Reinstatement: typically no longer available (the loan has been accelerated and fully due under the judgment) unless your mortgage documents specifically extend the reinstatement right
- Redemption: still available -- you can pay the full judgment amount up until the auction ends
If you receive a Notice of Sale and realize reinstatement is no longer available, do not assume there is nothing to do. Redemption, bankruptcy filing, a fast cash sale, or a loss mitigation application may still stop or delay the auction.
When Neither Option Is Financially Feasible
Most homeowners in foreclosure cannot afford either reinstatement or redemption -- that is often why they are in foreclosure. In that situation, other options include:
- Loan modification -- restructures the loan into affordable monthly payments
- Forbearance and repayment plan -- temporarily suspends payments, then repays arrears over time
- Pre-foreclosure sale -- sell the home before the auction if you have equity
- Short sale -- sell with lender approval for less than what is owed if you are underwater
- Deed in lieu -- voluntarily transfer the property to the lender in exchange for debt release
- Chapter 13 bankruptcy -- repay arrears over 3 to 5 years under court protection, keeping the home
Use our equity estimator to quickly check whether a sale option is viable. Our complete foreclosure checklist walks through every deadline and action step.
Getting a Reinstatement Quote
To get a reinstatement quote, call your servicer's loss mitigation department (not general customer service) and ask for a written reinstatement statement. Under RESPA (12 U.S.C. 2605), the servicer must respond to a Qualified Written Request within 7 business days. The statement will show the exact amount needed to cure the default as of a specific date.
Reinstatement amounts are time-sensitive -- additional interest and fees accrue daily. Get the quote in writing, confirm the deadline, and make payment before that date. An expired reinstatement quote requires a new request.
About Barrett Henry
Barrett Henry is a Broker Associate at REMAX Collective with 23+ years of real estate experience helping Florida homeowners evaluate all their options during foreclosure -- including whether reinstatement, redemption, or a pre-foreclosure sale makes the most financial sense. Barrett offers free, no-obligation consultations for homeowners in all 67 Florida counties.
Trying to figure out your options in a Florida foreclosure? Contact us today -- no cost, no obligation.
