- This topic has 8 replies, 3 voices, and was last updated 10 years ago by Anonymous.
- February 7, 2011 at 3:20 am #411231AnonymousInactive
That means that they will “call” the note early. Instead of it going to 2020 the will make it do in full now.
- February 7, 2011 at 3:57 am #411232AnonymousInactive
That means the total amout you owe will be due.
- February 7, 2011 at 4:39 am #411233AnonymousInactive
The acceleration clause in a mortgage is also called a due on sale clause. It means there is a balloon payment due or you will be found in default. The balloon could be a recast, or the entire remaining principal balance.
- February 7, 2011 at 5:22 am #411234AnonymousInactive
i wish i knew if you must pay a baloon payment on a part of your mortgage or all of it; or if you are in arrears on your mortgage payments…
acceleration only means that a valid demand for all of the money that the bank now wants must be paid by the date you specify, or else the bank will begin foreclosure, if it’s the total amount of the mortgage. you should have known about this when you closed on your real estate: your real estate attorney should have explained everything to you about the acceleration, and certainly, your real estate professional sales agent (Realtor) and/or your mortgage lender, should have told you up front what the acceleration meant and what was going to happen in the future.
read the documents you signed at your closing. read your sales contract. they should all be in your safety deposit box.
you only have yourself to blame if you went on the cheap and didn’t hire a real estate agent or attorney, doing it all on your own. if you must read your papers then, kick yourself and do it. do it now.
- February 7, 2011 at 5:32 am #411235AnonymousInactive
Your mortgage company is begining the foreclosure process. Each state varies on how it handles foreclosure (I am very familiar with Georgia as I run a foreclosure business here). They have sent you a “catch-up” payment and you will need to pay it in full or negotiate with them. In most cases, they cannot accept a partial payment. Accelerating your mortgage simply means that you must now pay the remaining balance (typically an impossible situation). There is a clause in your contract allowing them to do this. Understand that the mortgage company DOES NOT want to foreclose on your property. It is very costly and time consuming. I strongly recommend that you open a dialogue with the company to see if you can work something out. Best of luck.
- February 7, 2011 at 6:29 am #411236AnonymousInactive
By accelerating the mortgage, the lender is calling all debts (Principal, interest, late payments, late fees…) due immediately. I would ask if you could get into a forbearance agreement with them, but if you’re having a tough time paying right now, the increased payment of this agreement is going to be a kick in the butt.
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- February 7, 2011 at 6:37 am #411237AnonymousInactive
This means that if you don’t pay the amount past due, it will call the entire note due. You’ll need to either sell the home or refinance with another company (which may be difficult if you’re already late on this mortgage)
- April 16, 2011 at 1:38 am #198793AnonymousInactive
though I am current on my loan? I am current on my mortgage and I have never missed a payment. I have read that If I am behind the lender is more willing to work with me. Are those loan modification companies offering to assit with your loan modification legit?
- April 16, 2011 at 12:16 pm #257397AnonymousInactive
most loan mods are based on NEED! You must have a HARDSHIP that is the reason for your Payment Distress! ie Job Loss, health catastrophe, Divorce etc…
They can smell a scammer who just wants to get a free ride off the taxpayer so be legit!
Edit: speaking of scammers….???? I bet it originated in Nigeria!!
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