Final answer:
The mortgagor's ability to reestablish ownership after delinquency is known as reinstatement. They may seek the help of a cosigner to assist in the process.
Step-by-step explanation:
The mortgagor's ability to reestablish ownership after delinquency is known as reinstatement. When a homeowner falls behind on mortgage payments, they have the right to reinstate the loan by paying the past-due amount, including any additional fees and interest. This allows them to resume ownership of the property and prevent foreclosure.
In some cases, the mortgagor may seek the help of a cosigner to assist in reinstating the loan. A cosigner is another person or firm who legally pledges to repay some or all of the money on a loan if the original borrower does not. This can provide additional reassurance to the lender and increase the chances of approving the reinstatement.
It's important to note that the specific process and requirements for reinstatement may vary depending on the terms of the mortgage agreement and applicable laws.