Stacy has gone into default on her mortgage. her lender is demanding that the entire loan balance be paid in full. which mortgage clause permits her lender to do this?

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16-08-2022
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Stacy has gone into default on her mortgage. her lender is demanding that the entire loan balance be paid in full. which mortgage clause permits her lender to do this?

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Tutorconsortium361 Tutorconsortium361 · Answer 1 · 2022-08-20T03:46:33+02:00

Acceleration mortgage clause permits her lender to do this

What is Acceleration mortgage?

Mortgage acceleration is the practice of repaying a mortgage debt quicker than the conditions of the loan require. Because mortgage interest is compounded, early payments reduce the time required to pay off the mortgage and avoid a portion of compounded interest.

Under certain conditions, an accelerated clause in a loan agreement forces the borrower to pay off the debt immediately. When a borrower materially breaches the loan agreement, an accelerated clause is often triggered.

If you have a mortgage, you almost certainly have an acceleration clause in your contract. It basically implies that if you violate any of the terms of your loan, your lender has the right to demand "accelerated" payment.

To know more about Acceleration mortgage follow the link:

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