![]() ![]() specify that failure to pay the loan and cure the default, may result in the full balance being owed at once (acceleration).specify the date, not less than 30 days from the date of the letter, by which the default must be cured and,.specify the action required to fix or cure the default.specify that the borrower is in default. ![]() The specific requirements of the acceleration notice are spelled out in Paragraph 22 of the mortgage. It also alerts or puts the homeowner that has defaulted on their mortgage, that the lender bank can take their home away in order to satisfy the debt that is owed under the Note and Mortgage. The reason this is important is that the law affords the homeowner a chance to reinstate the loan, and bring it current before the foreclosure is started. ![]() ![]() However, depending on who was your lender and the type of loan, the language may be found elsewhere. Standard Fannie Mae and Freddie Mac mortgages contain this language in paragraph 22 of the mortgage instrument. Language in almost every single Mortgage requires that your lender send an “Acceleration Letter” or “ Notice of Intent to Accelerate” or more commonly known as the “Default Letter” with very specific language before they can foreclose or initiate foreclosure against you in court for non-payment or default of a mortgage. ![]()
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