Cure Period

In depth

A cure period gives a borrower the right to bring payments current, stop foreclosure or forfeiture, and continue under the original contract. Cure rights can come from state statute, the contract itself, or both. Misconception: cure rights are not unlimited; missing the cure period typically extinguishes the right to reinstate, though redemption rights may continue post-foreclosure. Practically, in contract for deed states, cure periods range from 15 to 90 days depending on state law and the buyer's equity. The seller's notice of default must clearly state the cure amount, deadline, and consequences. Buyers should always cure if financially possible, and sellers should accept tendered cures even if late, when consistent with state law, to avoid wrongful forfeiture claims.