What is a notice of Acceleration?
If you are a homeowner and are behind on your payments, how do you know when the lender will attempt to foreclose? Usually, the lender will send what is called a "notice of acceleration" even though they may not label it in that particular manner.
This notice provides the homeowner/borrower that the lender has accelerated the loan and or the total arrears. Now, the lender considers you to be in default and the only to reinstate the loan is to pay the full amount in arrears or pay the full value of the loan.
Most people cannot afford this type of payment and are forced into foreclosure. The foreclosure process can drag out and take months even years to complete. Meanwhile, the borrower/homeowner is able to save for a downpayment on a new place. If the bank never sent you a notice of acceleration and your house is being foreclosed on, you have at least one defense in your case.
If you are having trouble making your mortgage payments you should contact a Jacksonville Foreclosure Defense Attorney to get an idea of what your options are.
Greg Gilbert
Keith Maynard
