But it also tells you that you have the right to cure the default and avoid acceleration and foreclosure by reinstating your loan by paying them for all your missed payments, plus fees. The Notice of Intent to Accelerate is warning you that's what will happen if you don't “cure the default” within a certain amount of time. In contract law, an acceleration clause is a “term that fully matures the performance due from a party upon a breach of the contract.”įor mortgages that have an acceleration clause (most do), that means that, after breaching your contract by missing payments, your lender can demand that you either pay off the entire balance of your mortgage or be foreclosed upon. It could also be called a Notice of Intent to Accelerate, Acceleration Notice, Demand Letter, Default Letter, Notice of Default or even Notice of Default and Acceleration. Have you recieved a Notice of Acceleration from your lender?
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