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What is a
Notice of Acceleration?
A legal document that often appears as a formal business letter. This document "accelerates" the outstanding balance of the loan, which means the total amount owed is being called due. This is usually triggered by a specific condition in the mortgage -
most commonly from missing payments.
What does this mean?
Loan acceleration is often the bank's first step to filing a foreclosure lawsuit, which is why the acceleration notice must be made strictly in accordance with lending guidelines. If the contract language of the acceleration clause is not followed to the 'T', for example, if the dollar amount is incorrect - there could be legal defenses.
So how do you know if you received a Valid acceleration notice?
Is it from the correct lender?
Scammers hope to create fear and confusion to exploit their victim's emotional judgment.
Did the bank properly calculate the prior payments?
Verify the payment history, improper collection
action is prohibited by State and Federal Law.
Is the acceleration letter right?
The bank must comply with specific contract conditions of the mortgage which may require exact legal language.
SCHEDULE YOUR FREE
CONSULTATION TODAY!
KNOW YOUR RIGHTS
EXPLORE YOUR OPTIONS
PROTECT YOUR HOME
Robert W. Borr
Attorney at Law
407-649-9959 Offices: Orlando
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