What is Mortgage Acceleration?
When you miss a mortgage payment on your home, your bank or lending institution may decide to “accelerate” the mortgage. This means that they demand payment in full, immediately, on the entire value of the mortgage. Of course, paying a mortgage in full is generally impossible for borrowers. Banks choose to accelerate mortgages in order to hasten the process of foreclosure and recoup the property.
If your bank has accelerated your mortgage, time is of the essence. Contact Eric N. Klein & Associates, P.A., as soon as possible to discuss your legal options. Our West Palm Beach foreclosure acceleration defense attorneys are committed to helping clients who are facing foreclosure. We may be able to put this commitment to work for your family, so call us today at 561-353-2800.
The Costs of Acceleration
One missed payment is sometimes enough to cause a bank to pursue mortgage acceleration. When a lending institution decides to accelerate a mortgage, they generally demand the entire value of the loan. This includes:
- The full amount of the loan
- Interest
- Late fees
- Property taxes
The full amount of a mortgage can easily reach into the hundreds of thousands of dollars. Some mortgage contracts do not include an acceleration clause, which means banks may not have the option of acceleration. Fortunately, there may be ways to resist mortgage acceleration. Many banks are willing to negotiate with borrowers even after a missed payment.
Contact Us
Contact Eric N. Klein & Associates, P.A., if you have questions about how to respond to mortgage acceleration. To speak with our West Palm Beach foreclosure acceleration defense lawyers about your experience and find out if we can help, call us at 561-353-2800 today.
