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Reinstatement involves making a single payment to catch up with everything due on a loan. By contrast, payoff involves paying the lender the total remaining balance of the loan.

Reinstating a loan means the borrower brings the loan current by paying all past due payments and late fees, along with all the lender's repossession costs. Once the loan is reinstated, the borrower takes the car back and resumes payments again just as before.

The act of giving someone back their job or making something exist again: The union demanded the immediate reinstatement of all the workers who'd been sacked. Reinstatement of the tax would be a disaster.

A "reinstatement" occurs when the borrower brings the delinquent loan current in one lump sum. Reinstating a loan stops a foreclosure because the borrower catches up on the defaulted payments. The borrower also has to pay any overdue fees and expenses incurred because of the default.

Unless you specify otherwise, generally the agent's authority will continue until you die or revoke the power of attorney or the agent resigns or is unable to act for you. Your agent is entitled to reasonable compensation unless you state otherwise in the special instructions.

The term ?durable? means the designation can last for the lifetime of the principal unless revoked. Even if the principal should become incapacitated, a durable power of attorney remains valid. For this reason, it's recommended to only choose someone who can be trusted for the agent designation.