Acceleration Notice means a written notice given after the occurrence and continuation of an Event of Default to the Issuer by the Senior Trustee pursuant to Section 4.2 of the Indenture declaring all Outstanding principal of and accrued and unpaid interest on the Notes to be immediately due and payable.
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Acceleration Notice Template. You can print an Acceleration Notice which can be sent to the borrower demanding the borrower payoff the mortgage in full. View sample acceleration notice pdf.
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However the common reasons for sending acceleration notice include: borrower defaults the loan or when a transfers of title to another individual without informing the lender. I think in your case you have received a acceleration of the note because you have defaulted on the mortgage payments.
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The letter must specify: the default, the action required to cure the default, a date (usually not less than 30 days from the date the notice is given to the borrower) by which the default must be cured, and that failure to cure the default on or before the date specified in the notice may result in acceleration of the debt and sale of the property.
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Yes. A Notice of Default is a an official notice filed with the county recorder’s office. It begins the foreclosure process and a foreclosure cannot take place unless it has both been recorded and served upon the borrower. An acceleration warning is just that–a letter warning your that they intend to accelerate the terms of your loan.
Sometimes called a Default Letter, the Notice of Intent to Accelerate usually states that a mortgage loan is in default. The letter will also state how much time you have to cure the default. For most mortgages, this time period is 30 days. In addition, the notice may tell you the exact amount needed to reinstate the loan.